"03 June 2010" Archive

All India Qualifying Examination for Law Graduates – A Broader View?

I am very happy to know the news that the Bar Council of India has already taken a decision to conduct an All India Qualifying Examination for law graduates for entering into profession. I don't think that there will be an illogical uproar in legal circles in India on the proposed Examination to be conducted by the Bar Council of India. E...

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Posted Under: Corporate Law |

Securitisation Transactions by NBFCs – Draft Guidelines on Minimum Holding Period and Minimum Retention Requirement

Press Release No. 2009-2010/1637 03/06/2010

The Reserve Bank of India today posted on its website the draft guidelines on minimum holding period and minimum retention requirement for securitisation transactions undertaken by NBFCs. The draft guidelines contain modification of the extant guidelines issued on February 01, 2006 and also introduce two new aspects, namely, defining a mi...

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Shifting of the Office of Services Export Promotion Council (SEPC)

Policy Notice No. 72/2009-14 03/06/2010

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendment at column 3 of S. No. 22 in the List of Export Promotion Councils/ Commodity Boards/ Export Development Authorities given under Appenidx-2 of Handbook of Procedures( Vol....

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Custom-Clarification regarding determination of value under Section 14 of the Customs Act, 1962 in respect of sale of warehoused goods

Circular No. 11/2010-Custom Duty 03/06/2010

The prevalence of divergent practices in field formations with respect to the determination of assessable value of imported goods that are warehoused under Section 58/59 of the Customs Act, 1962 and sold before being cleared for home consumption has been brought to the notice of the Board....

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Explanatory notes to the provisions of the Finance (No. 2) Act, 2009 – Circular No. 5/2010 [F.No. 142/13/2010-SO(TPL)], dated 3-6-2010

Circular No. 5/2010-Income Tax 03/06/2010

Download the Circular No. 5/2010 issued by CBDT dated 03rd June 2010 having 63 Pages which explains the provisions of the Finance (No. 2) Act, 2009. The file is in PDF format and explains all the provision in simple and understandable language....

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DGFT Public Notice 71/2009-14- Change of Office address of Regional Authority, Nagpur

Public Notice No. 71/2009-14 03/06/2010

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendment/ addition in the List of Regional Authorities given under Appendix 1 of Handbook of Procedure (Vol. I) 2009-2014:...

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Taxability of Standard Chartered PLCs Indian Depository Receipts (IDRs)

Question is that whether IDR is a derivative product, shares or security. Derivative means future and options. If it can be listed as future and options then IDR may be derivative product in addition to other type of asset. It is not shares as shares are not allotted by the bank to the applicants. As you say ten IDR representing one shar...

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Posted Under: Corporate Law |

761 Page Income Tax order concludes Vodafone-Hutch deal taxable in India

The Income Tax Department has, in a 761-page order, asserted its jurisdiction to tax Vodafone Group Plc’s $11.2 billion deal with Hutchison Telecommunications International in 2007, saying the deal was designed to hoodwink tax authorities by showing it had taken place abroad....

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Posted Under: Corporate Law |

Vodafone tax case: Income Tax Department files caveat in HC

The Income Tax Department has filed a caveat in the Bombay High Court in the Vodafone tax case. The caveat was filed to avoid ex-parte proceedings. Vodafone is likely to move the Bombay High Court next week. It is learnt that theIncome Tax Department has issued a seven-page showcause with its final order. The showcause represents new pro...

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Posted Under: Corporate Law |

Proposed EET regime under Direct Tax Code (DTC)

Investors in the Employee Provident Fund (EPF), Public Provident Fund (PPF) and insurance plans for retirement have a reason to worry. The Direct Tax Code (DTC), meant to replace the existing Income Tax Act, proposes to introduce the exempt-exempt-taxation (EET) regime for all retirement corpuses....

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Posted Under: Corporate Law |

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