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The Reserve Bank of India (RBI) has advised banks to exercise due caution and to be extra vigilant while opening or allowing transactions in remittances.“It is clarified that any person resident in India collecting and effecting or remitting such payments directly or indirectly outside India
A clutch of banks in both public and private sector have sought deferral of the Reserve Bank of India’s exit from quantitative expansion on mounting liquidity concerns.
Life Insurance Corporation of India, the market leader in insurance sector, cannot charge any fee for transfer or assignment of its policies, the Bombay High Court has held.
In a landmark decision, the UPA government has resolved to amend the Constitution to enable states to have the same powers as the Centre in administering the proposed Goods and Services Tax (GST).
Income Tax department on Friday releases the online return filing software utility in respect of ITR-3 for A.Y. 2010-11 which can be downloaded from the link given below:-Download ITR-3 E-filing Return Preparation Software For A.Y. 2010-11
Intimations of refunds and demands undelivered by the postal authorities, thanks to incomplete address, and those unclaimed for were returned to the income tax department’s centralized processing centre. The undelivered intimations are available with the public relations office at CR Buildings, ground floor, Queen’s Roa. They can be obtained by producing identity proof on any working day between 2.30 pm and 6 pm. The list of such relevant PANs is available on www.incometaxbangalore.org.
The Ministry of Corporate Affairs (MCA) has decided to relax the norms for companies to maintain minimum paid-up capital. According to the Companies Act 1956, the minimum paid-up capital for a private company is Rs 1 lakh and for a listed company Rs 5 lakh. According to official sources, while a company can be set up with any amount, but within a time-frame of two years it should raise the capital to Rs 1 lakh and Rs 5 lakh for unlisted and listed companies, respectively.
WITH computerisation gaining pace in the Income Tax Department, and the policy makers’ reliance on machine increasingly growing, the CBDT has finally decided to switch over computer-generated certificates and do away with the manual exercise for issuing withholding tax certificates under Sec 197. In its latest direction to the field formations, the CBDT topbrass has issued Instruction No 04/2010, directing Assessing Officers (AOs) to mandatorily issue Sec 197 Certificates only through the system.
The Income-tax department can tax even a payment made to a foreign entity outside India, if the transaction has a business connection within the country, according to a verdict passed last week by the Income Tax Appellate Tribunal, Mumbai.
Sweeping changes to tax laws not only cause problems but also complicate business matters. Senior citizens or foreign entities that do not have a fixed place of business in India must be exempt from the requirement of having a PAN. All countries want a share of the tax pie, but the law should not be complex.
