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"June, 2010" Archive - Page 5

RBI/2009-10/511 DBOD.Dir.(Exp).BC.No. 115 /04.02.001/2009-10, dated: 29.06.2010

RBI/2009-10/511 DBOD.Dir.(Exp).BC.No. 115 /04.02.001/2009-10 29/06/2010

with the change over to the Base Rate System, the interest rates applicable for all tenors of rupee export credit advances with effect from July 1, 2010 will be at or above Base Rate in respect of all fresh/renewed advances as advised vide our circularDBOD.Dir.(Exp).BC.No.102/04.02.001/2009-10 dated May 6, 2010 . Accordingly, banks may r...

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Comparison of Revised Discussion Paper on Direct Taxes Code with Proposals in Direct Taxes Code

Revised Discussion Paper on the Direct Taxes Code: The draft Direct Taxes Code (DTC) along with a Discussion Paper was released in August 2009 for public comments. Based on the Feedback, the Revised Discussion Paper has now been released for public comments, before Finalizing the Bill for introduction in Parliament....

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Posted Under: Fema / RBI |

IFRS migration may provide huge business opportunity to Indian BPO firms

Come 2014, the US will align its accounting practices with the International Financial Reporting Standards (IFRS) – a system of harmonised standards recommended by the International Accounting Standards Board, an independent body of the International Accounting Standards Committee Foundation....

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Posted Under: Fema / RBI |

Taxation of Non Profit Organisations- Chapter VI under the Revised Direct Tax Code

The revised proposal differentiates between religious, mixed and wholly charitable institutions. The term “religious” is not defined in the code. It is suggested that the term “religious” be defined in the code itself for the purposes of the DTC....

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Posted Under: Fema / RBI |

Exchange of expensive gifts and jewellery items during wedding marriage ceremonies liable to taxmen scrutiny

Exchange of expensive gifts and jewellery items during wedding marriage ceremonies are liable to taxmen scrutiny, said a city court. It also said that immovable assets as gifts would require mandatory authentic registration....

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Posted Under: Fema / RBI |

Quick review by government needed in respect of Income Tax Concession to SEZ

The special economic zone (SEZ) scheme seems to be in trouble. The revised draft of the Direct Taxes Code does not envisage continuation of the income-tax concessions for units that may be set up after the end of the current financial year....

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Posted Under: Fema / RBI |

Gems, Jewellery industry bodies oppose proposed Direct Taxes Code

The national body for jewellery trade the All India Gems & Jewellery Trade Federation (GJF) and apex industry body Gems and Jewellery Industry (GJI) have opposed the proposed Direct Taxes Code. Both the industry bodies have also made representations to the Finance Ministry to seek modifications in the DTC....

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Posted Under: Fema / RBI |

ICSI Enters Memorandum of Understanding With CBEC

A Certified Facilitation Centre (CFC) is a facility, other than the physical front offices or Facilitation Centres of CBEC, which may be set-up and operated by a practicing Company Secretary (PCS) to whom a certificate is issued under the ACES project, where the assessees of Central Excise and Service Tax can avail the facility to file th...

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Posted Under: Fema / RBI |

IRS official suspended for leaking Income Tax papers

Mumbai: An income tax (I-T) raid on a high-profile businessman, reportedly tipped off by a family member, has resulted in the suspension of an additional commissioner. Indian Revenue Service (IRS) officer Shantam Bose was suspended last month after confidential IT documents were found at the residence of Dev Ahuja, promoter of Centurion B...

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Posted Under: Fema / RBI |

Will Every Act of Mis-Management Give A Right to Seek Relief U/s. 397/398 of Companies Act, 1956?

It is true that the Board of directors in a Company is supposed to act in the best interest of the Company as they are answerable to the Share-holders and submits a report in the Annual General Body Meeting (AGM). In every Company, normally, the majority in the Board consists of the representatives of the majority shareholders though it i...

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Posted Under: Fema / RBI |

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