"October, 2010" Archive - Page 33

SEBI circular on Monthly reporting by Portfolio Managers

Circular No. Cir/IMD/DF/14/2010 08/10/2010

This circular is issued in exercise of powers conferred by sub-section (1) of section 11 and section 11A of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market....

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Banks are not liable to pay Minimum Alternative Tax (MAT) on Book Profit – ITAT Mumbai

Krung Thai Bank PCL Vs. Joint Director of Income Tax (ITAT Mumbai)

S. 115 JB can only come into play when the assessee is required to prepare its profit and loss account in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act. The starting point of computation of minimum alternate tax u/s 115 JB is the result shown by such a profit and loss account....

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Furnishing remitter details in pass book / pass sheet / account statement for credits received by customers through NEFT / NECS / ECS

RBI/2010-11/230 DPSS (CO) EPPD No. 788/04.03.01/2010-11 08/10/2010

Destination banks may also explore the possibility of using the Unique Transaction Reference (UTR) number to link / retrieve the original message received by them, based on which additional information can be provided as a service initiative when customers make requests online or through call centres....

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Permissible period for remittance of e-payments into Government account by Public Sector Banks

RBI/2010-11/229 DGBA.GAD.No.H. 2444 /42.01.011/2010-11 08/10/2010

In this context, we advise that a Committee was constituted by the Controller General of Accounts, Ministry of Finance, Government of India, to review the permissible period for transfer of funds to Government account in case of e-payment and other related issues. The Committee recommended that the remittance norm of T+1 working day (incl...

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Do and don’ts in respect of TDS payment, TCS Payment, Advance tax payment and TDS/ TCS return filing

Use challan type 281 for deposit of TDS/TCS. Quote the correct 10-digit Tax Deduction Account Number (TAN), and name & address of the deductor on each challan used for depositing tax. You may verify your TAN details from Income Tax Department web-site (www.incometaxindia.gov.in) prior to depositing TDS/TCS....

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Posted Under: SEBI |

Commissioner of Central Excise and Customs Versus Genus Electrotech Limited (Gujrat High Court)

Commissioner of Central Excise and Customs Vs Genus Electrotech Limited (Gujarat High Court)

The respondent can reverse the CENVAT credit availed on capital goods treating it as undesirable credit to claim depreciation under Section 32 of the Income Tax Act, 1962, and pay duty from PLA otherwise payable after exhausting CENVAT Credit balance thereby claiming refund of the same under Notification No.39/2001-CE dated 31.07.2001....

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SEBI instructs Portfolio Managers to fix uniform fee

The fee charged by portfolio managers will soon be linked to the profits they have been able to make for their clients, with capital market regulator Sebi asking portfolio management service (PMS) providers to follow a uniform fee structure. ...

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Posted Under: SEBI |

E-stamping the easy and cost-effective way to pay stamp duty

Paying stamp duty while purchasing or transferring a property is often a long-drawn process. You need to go to the registrar's office and await your turn, or seek a broker's help to get the job done with minimum fuss. But there is yet another way -- ...

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Posted Under: SEBI |

Invest in Non Convertible debenture (NCD) for Higher Fixed Return and to lower tax burden

A non-convertible debenture is a fixed income instrument where the issuer agrees to pay a fixed rate of interest to the investor. The fixed-income instrument cannot be converted into equity of the issuing company and is very different from convertibl...

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Posted Under: SEBI |

LIC plans to seek IRDA approval to issue infrastructure bonds investment in which will be exempt u/s 80CCF

The country's largest insurer, Life Insurance Corporation, plans to approach sector regulator IRDA in the next 8-10 days to get approval for floating infrastructure bonds. ...

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Posted Under: SEBI |

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