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Archive: 16 November 2010

Posts in 16 November 2010

Processing and Settlement of Export related receipts facilitated by Online Payment Gateways

November 16, 2010 634 Views 0 comment Print

Accordingly, it has been decided to allow the Authorised Dealer Category- l (AD Category-l) banks to offer the facility of repatriation of export related remittances by entering into standing arrangements with OPGSPs, subject to the following conditions.

UCBs – Norms for Opening of branches and extension counters

November 16, 2010 697 Views 0 comment Print

UCBs satisfying the above mentioned norms may prepare ABP for opening of branches/ ECs/ up gradation of ECs into full-fledged branches, in their existing area of operation, for the next 12 months, with the approval of their Board of Directors, and submit the ABP in duplicate to the Regional Office concerned. The Annexes accompanying the ABP should be as per the formats prescribed vide our circular dated June 16, 2008.

UCBs – Extension of Area of Operation- Liberalisation

November 16, 2010 358 Views 0 comment Print

In modification of our instructions dated May 06, 2009, well managed and financially sound Uni-state Tier II UCBs satisfying the norms at a) to f) above, will be permitted to extend their area of operations to the entire State of registration.

Reporting Mechanism – Data of Authorised Dealer Category-I Branches

November 16, 2010 483 Views 0 comment Print

Further, the path to access the directory of the scheduled commercial banks given in Annex-I of the above mentioned circular is changed and therefore, the revised access path to generate the report on the Directory of AD Category branches is given in the Annex-II. The path to access the Application Software package is given in Annex I. In case of any assistance / clarification, AD banks may communicate by e-mail.

Opening of Current Account and Subsidiary General Ledger Account with Reserve Bank and Membership of Indian Financial Network (INFINET) and Real Time Gross Settlement (RTGS) System

November 16, 2010 417 Views 0 comment Print

In the Second Quarter Review of Monetary Policy of the Reserve Bank of India for the Year 2010-11, it was announced that Urban Co-operative Banks (UCBs) would be allowed current account and SGL account with the Reserve Bank as also membership of INFINET and RTGS. The relevant paragraph of the Review is reproduced below.

5 lakh demat accounts frozen by CDSL and NSDL

November 16, 2010 2994 Views 0 comment Print

Close to five lakh demat accounts have been frozen by the Central Depository Services Ltd (CDSL) and the National Securities Depository Ltd (NSDL) for want of PAN details. This makes up for about three per cent of the total number of demat accounts i

Solutions for reducing the delay in courts in India are availlable from 1958?

November 16, 2010 237 Views 0 comment Print

Whenever we talk about the delay in Courts and the solution, many will be in dilemma as to how to deal with this issue comprehensively. The issues highlighted by many, including public, professionals and the eminent judges, in my opinion, on legal reforms are as follows:

Downloadable e-forms made available on LLP Portal

November 16, 2010 565 Views 0 comment Print

The new feature of downloadable e-forms has been made available on the LLP Portal. Users may now download the e-forms required to be filed and upload the same once filled at their end.

For an asset intensive industry, the appropriate Profit Level Indicator

November 16, 2010 1066 Views 0 comment Print

In a recent ruling in the case of ACIT v. Fiat India Pvt. Ltd. [2010-TII-30-ITAT–MUM-TP], the Mumbai Bench of the Income-tax Appellate Tribunal, while deciding the case in favour of the assessee, accepted various adjustments made while determining arm’s length price, as they had been sufficiently explained and evidenced by the assessee. The Tribunal also ruled that for an asset intensive industry, the appropriate Profit Level Indicator (“PLI”) shall be Profit Before Interest and Tax and not Profit before Depreciation Interest and Tax

Arm’s length price should be based on the functional and asset profile of the company

November 16, 2010 447 Views 0 comment Print

The Mumbai Bench of the Income Tax Appellate Tribunal (‘the Tribunal’), in the case of ITO v. Zydus Altana Healthcare Pvt. Ltd. [2010-TI I-29-ITAT–MUM-TP], while deciding the case in favour of the assessee, ruled that the determination of arm’s length price should be based on the functional and asset profile of a company and profit margins earned by comparable companies should be adjusted for functional differences between the tested party and the comparables. The Tribunal also ruled that in case an assessee’s income is exempt from tax (and taxable in the overseas jurisdiction), this factor should be considered by the revenue authorities while undertaking a tax assessment since in such a situation, there is no benefit to the assessee in charging its associated enterprise a lower mark-up.

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