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Archive: November, 2010

Posts in November, 2010

Check online Articleship Status with ICAI

November 26, 2010 227561 Views 208 comments Print

If you want to check Your details regarding articleship (completion of articleship and information relation to transfer during period of articleship) as per ICAI records then you can check the same by clicking on the following link and replacing the text- NRO123456 at the end of link with your own student Registration Number :-

Foreign income-taxes not eligible for deduction u/s 37(1). Despite bar in DTAA, credit for State taxes to be given u/s 91 in addition to Federal taxes

November 26, 2010 1266 Views 0 comment Print

The argument that section 90 & 91 are confined to USA Federal taxes and not to USA State taxes and that therefore the bar in s. 40(a)(ii) does not apply to USA State taxes is not acceptable because any payment of income-tax is an application of income as held in Inder Singh Gill 47 ITR 284. Further, the scheme of ss. 90 & 91 does not discriminate between Federal taxes and State taxes and though the India-USA DTAA confines the credit only to Federal taxes, the assessee will be entitled to relief u/s 91 in respect of both taxes as that will be more beneficial to the assessee vis-à-vis tax credit under DTAA. Consequently, the bar against deduction in s. 40(a)(ii) will apply to USA State taxes as well though the assessee will be entitled to credit in respect of USA State taxes.

DGFT-Amendment/modification of SION S.No.C-739 under Engineering Product Group

November 26, 2010 265 Views 0 comment Print

Wires are also permitted as an admissible input to be imported under the condition that such wire must be of larger diameter than the exported end product. There is no change in quantity of input permitted per tonne of export item.

Sebi committee suggests substantial increase in the net worth requirement for stock exchanges

November 26, 2010 159 Views 0 comment Print

Learning from the recent financial crisis, a Sebi committee, which was set up to look into different aspects of stock exchanges and related intermediaries like depositories and clearing corporations, has suggested a substantial increase in the net worth requirement for such entities.

Loans bribery case limited to individuals – minister

November 26, 2010 357 Views 0 comment Print

India’s income tax department will look into tax issues in a loans bribery case, a finance ministry official said on Thursday. The IT (income tax) department will certainly look into any tax angle involved in the matter, the Central Board of

Budget 2010-11 to look into problems on Cenvat credit

November 26, 2010 495 Views 0 comment Print

The government today said the Union Budget for next fiscal would look into the various problems being faced by companies under their Central Value Added Tax (Cenvat) credit claims. Cenvat rate is currently fixed at 10 per cent and companies get credi

Open Account outside India through Agent may invite trouble

November 26, 2010 399 Views 0 comment Print

Seeking the help of a friendly official or agent of a foreign bank to open a bank account overseas may not be a good idea as tax sleuths have their eyes on them and could soon be knocking at your doors.Income tax sleuths are keeping a close watch on

SEBI – Submission of report of the Committee for Review of Ownership and Governance of Market Infrastructure Institutions

November 25, 2010 366 Views 0 comment Print

SEBI – Submission of report of the Committee for Review of Ownership and Governance of Market Infrastructure Institutions PRESS RELEASE NO. 254/2010, DATED 23-11-2010 The Securities and Exchange Board of India constituted a Committee under the Chairmanship of Dr. Bimal Jalan, (Former Governor, Reserve Bank of India) to examine issues arising from the ownership and governance […]

Union Budget- Suggestions from the Industry and Trade Associations for Budget 2011-12 regarding changes in direct and indirect taxe

November 25, 2010 968 Views 0 comment Print

Union Budget- Suggestions from the Industry and Trade Associations for Budget 2011-12 regarding changes in direct and indirect taxes PRESS NOTE [F.NO.334/5/2010-TRU], DATED 22-11-2010 In the context of formulating the proposals for the Union Budget of 2011-12, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may […]

Insurance – Guidelines on Variable Insurance Products (VIP)

November 25, 2010 2403 Views 0 comment Print

CIRCULAR NO. IRDA/ACT/CIR/VIP/187/11/2010, DATED 23-11-2010 The structure of insurance policies evolves over time to provide policy holders, a stream of long term benefits. Generally these changes are in response to changes in the overall financial sector as also to be in line with current consumer expectations. Over the past decade, non-linked life insurance products have […]

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