"September, 2010" Archive - Page 10

Parliamentary panel not satisfied with RBI reply on FEMA Violations in IPL series

Parliamentary Standing Committee on Finance today lashed out at the Reserve Bank of India (RBI) for “not filing an FIR against the BCCI when it found out that the society has violated several provisions of the Foreign Exchange Management Act (FEMA) i...

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Posted Under: Fema / RBI |

State governments present modified version of the proposed GST regime

With no consensus in sight for a model to implement the goods and services tax (GST), state governments have presented a modified version of the proposed regime that would enable states to enjoy discretionary fiscal powers without requiring Constitu...

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Posted Under: Fema / RBI |

Approvals for setting up units in SEZs will be done electronically from October'

Getting approvals for setting up units in SEZs will be done electronically from next month - a move which will help entrepreneurs reduce transaction costs, a senior Commerce Ministry official said today. "Special Economic Zones (SEZs) online means al...

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Posted Under: Fema / RBI |

ICAI to Organize Round Table Conference on Commerce & Accountancy Education in India

The Institute of Chartered Accountants of India (ICAI), which is one of the Institutes functioning under the aegis of the Ministry of Corporate Affairs, will be organizing a one- day Round Table Conference on the theme ‘Commerce & Accountancy Educati...

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Posted Under: Fema / RBI | ,

CENVAT Credit (Fifth Amendment) Rules, 2010

Notification No. 29/2010-Central Excise (N. T.) (24/09/2010)

(1) These rules may be called the CENVAT Credit (Fifth Amendment) Rules, 2010. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the CENVAT Credit Rules, 2004, in rule 2, in clause (a), after sub-clause (C), the following sub-clause shall be inserted, namely:- (D) components, spar...

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DEPB sale proceeds cannot be broken down into “profits” and “face value”.

CIT Vs. Kalpataru Colours and Chemicals (Bombay High Court)

CIT Vs. Kalpataru Colours and Chemicals - section 28(iiid) covers only the “profit” (difference between sale consideration and face value of the DEPB credit) and that the “face value” is assessable u/s 28(iiib) is not correct. The entire amount received on transfer of the DEPB credit is “profits” and falls under s. 28(iiid). T...

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Foreign company’s transfer of shares to wholly owned Indian subsidiary not taxable in India

In re M/s. Praxair Pacific Limited (Authority for Advance Ruling)

Authority for Advance Rulings (AAR) concluded that gains derived from the transfer of shares by a Mauritius company to its wholly owned subsidiary in India would not be taxable in India under the Indian Income Tax Act (ITA), nor would such gains be subject to the Minimum Alternate Tax (MAT) (Praxair Pacific Limited (A.A.R. No. 855/2009))....

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Transfer Pricing- Applicability of Arm’s Length Standard to Marketing of Intangibles

Maruti Suzuki India Ltd. Vs. Addl. CIT Transfer Pricing Officer (Delhi High Court)

Delhi High Court Ruling: Transfer Pricing - Sec 92 – An important ruling by the Hon’ble High Court wherein it has been held that the methodology to be adopted by the Revenue Authorities for making an adjustment should be equitable and fair, and has ruled on the payment for the use of intangible assets and attributing arm’s length co...

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Jammu & Kashmir -Due date for filing ITR extended to 30/11/2010

The Central Board of Direct Taxes (CBDT) has extended the due date of filing of returns of income for the Assessment Year 2010-11 for all categories of cases in the State of Jammu & Kashmir to 30th November 2010. The decision was taken by the CBDT in exercise of powers conferred under section 119 of […]...

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Posted Under: Fema / RBI |

I-T Returns Filing Date Extended to 30th November in J&K

Press Information Bureau Government of India Ministry of Finance 23-September-2010 The Central Board of Direct Taxes (CBDT) has extended the due date of filing of returns of income for the Assessment Year 2010-11 for all categories of cases in the State of Jammu & Kashmir to 30th November 2010. The decision was taken by the […]...

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