"09 June 2010" Archive

RBI circular on Exposure to Real Estate and Commercial Real Estate sector – UCBs

RBI/2009-10/487, UBD. (PCB) BPD. Cir.No. 69/09.22.010/2009-10 (09/06/2010)

Please refer to paragraph 2.3.1 of our Master circular UBD. PCB. MC. No.1/13.05.000 / 2009-10 dated July 1, 2009 on Exposure Norms and Statutory / Other restrictions. In terms of the circular, the total exposure of UCBs to real estate including individual housing loans and commercial real estate is restricted to 15% of the total deposit ...

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Download ITR-4- Online Return Filing Excel Utility for A.Y. 2010-11

ITR-4:This form is applicable, both, to Individuals and HUFs who carry out any business or professional activity in addition to having sources of income applicable to ITR-3.Income Tax department on Wednesday releases the online return filing software utility in respect of ITR-4for A.Y. 2010-11 which can be downloaded from the link given...

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Posted Under: Fema / RBI |

Tax benefits from under construction flat

If you avail of a home loan for buying an under-construction apartment, the tax law provides for a deferred deduction on interest payable during the pre-construction period. The total amount can be availed of as deduction in equal installments over five years starting from the financial year in which the construction is completed. ...

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Posted Under: Fema / RBI |

Post Amendment all you want to know about taxability of gratuity payment

Meaning of Gratuity :-Gratuity refers to the emoluments received by an employee from his employer in gratitude for the services rendered. Such sum can be paid on retirement, resignation, superannuation, death or disablement. Under the Gratuity Act, the sum can be paid only after an employee has rendered continuous service of not less than...

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Posted Under: Fema / RBI |

Mumbai ITAT rules offshore services taxable in India

In a recent ruling Mumbai Income Tax Appellate Tribunal in the case of Ashapura Minichem Ltd. (ITAT) [[2010] 5 taxmann 57 (Mum.-ITAT)] on the issue of taxability of payments made by the Taxpayer for services rendered outside India, under the provisions of the Indian Tax Laws (ITL) as well as the India-China Tax Treaty (Tax Treaty) held ...

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Posted Under: Fema / RBI |

Maintenance of stock by customer does not constitute a PE of the foreign enterprise in India

Airlines Rotables Ltd. UK (Taxpayer) (ITAT Mumbai)

under the India UK Tax Treaty (UK Treaty) reaffirmed some general principles relating to PE, the Tribunal further ruled that the Taxpayer does not have a PE under the basic rule or the agency rule. The Tribunal remanded the matter to the first appellate authority to determine if any part of the consideration could be taxed as royalty for...

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Posted Under: Fema / RBI |

Govt proposes windfall tax on iron ore miners

On the heels of Australia announcing 40 per cent tax on bumper profits of miners, India said it proposes a similar windfall tax on iron ore. "We have already moved the Finance Ministry...we are for it (windfall tax). We have sent the letter," Mines Minister B K Handique told PTI in an interview....

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Posted Under: Fema / RBI |

Transfer Pricing: If foreign AE pays more tax, motive to shift profit unlikely: ITAT Mumbai

DCIT Vs. Indo American Jewellery (ITAT Mumbai)

DCIT vs. Indo American Jewellery (ITAT Mumbai) :- Assessee’s TP study cannot be rejected lightly, “comparables” have to be comparable on all parameters, no incentive to shift profits offshore if tax rates there are higher....

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Nilkeni will head IT committee which will recommend measures for effective tax administration and financial governance system

Former Infosys co-chair Nandan Nilekani will head a committee that will recommend to the finance ministry on how best to tap information technology for an effective tax administration and financial governance system. Called the technical advisory group for unique projects, the panel has been given a time frame of six months to make its su...

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Posted Under: Fema / RBI |

Section 4 of the Special Economic Zones Act, 2005 – Establishment of Special Economic Zone and approval and authorization to operate to, Developer –Setting up of a Sector Specific SEZ by Navi Mumbai SEZ Pvt. Ltd. for IT & IT enabled services at Raigad District in the State of Maharashtra – Amendment in Notification No. S.O. 666(E), dated 12-3-2009

Notification No. S.O. 1357(E) (09/06/2010)

approval committee for the sector specific Special Economic Zone for information technology and information technology enabled services-C at Village Ulwe, Taluka Panvel, District Raigad in the State of Maharashtra by M/s. Navi Mumbai SEZ Private Limited...

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