"November, 2010" Archive - Page 4

Assocham proposes to develop 14 industrial clusters in Bihar

Assocham General Secretary D S Rawat said today that the proposed clusters would provide jobs to 6 lakh people, directly and indirectly. Rawat, who was talking to reporters here after releasing the Assocham's study report on 'Cluster Development for ...

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Posted Under: Finance |

Exemption from disclosure norms can be given by SEBI only- SC

Companies seeking exemption from disclosure norms before tapping the capital market can only do so with the prior consent of market regulator Securities and Exchange Board of India (SEBI), the Supreme Court has ruled. The apex court's direction cam...

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Posted Under: Finance | ,

ICAI may ask members to track end use of loan

Auditors will be asked to track the end-use of loans given to corporates when they start annual bank audits in a couple of months. The Institute of Chartered Accountants of India (ICAI), the country’s accounting regulator, has decided to ask member ...

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Posted Under: Finance | ,

How to Become a Creative Genius

When we measure the creativity of young children, virtually all of them will record as being ‘highly creative’. However, only a small percentage of adults register as being ‘highly creative’. What happened? Schools have crushed creativity. We were ...

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Posted Under: Finance |

New study to estimate size of black money

After a gap of 25 years, the government has set the ball rolling again for estimating black money in India as well as the causes of its generation and has sought proposals from national institutes on the subject. Finance Minister Pranab Mukherjee has asked four institutes to send their suggestions for undertaking a study to estimate the ...

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Posted Under: Finance |

Export of Cotton Yarn not entitled to DEPB benefit under the DEPB Rate Schedule

Policy Circular No. 04 (RE-2010)/2009-14 (29/11/2010)

It was stated in the DGFT Public Notice No. 57 dated 21.4.2010, that Export of “Cotton yarn including Melange Yarn” appearing at DEPB entry Sl. No. 78 of the Product Group “Textiles” shall not be entitled for DEPB benefit from immediate effect. Thereafter references have been received from Trade and Industry and Regional Authoriti...

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How NRIs can apply for PAN card in India

Non-resident individuals and organisations need to have a Permanent Account Number (PAN) number if they receive an income and need to file returns in India. PAN is issued by the Income Tax (IT) Department to all assessees and quoting of PAN is compulsory in all returns filed with the IT department....

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Posted Under: Finance |

Payment of hire charges on bareboat charter basis is not taxable if the agreement for hire was executed outside India and vessel was delivered / situa

Seabird Exploration FZ, LLC, UAE (AAR) [2010-TII-27-ARA-INTL]

The AAR held that the ‘source of income’ for hire charges of a vessel is to be determined having regard to the place where the agreement for hire was executed and the place where the vessel was delivered/situated at the time of entering into the agreement. In the present case, since at the time of renewal of the agreements the vessels...

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Pendency, before a statutory forum, of a similar matter in respect to transaction with a different party is no bar to seek advance ruling

In Re. LS Cable Ltd. (AAR Delhi)

Recently, the Authority for Advanced Ruling held that pendency of a similar matter of the applicant in respect to transaction with a different party, before a statutory forum, is no bar to seek advance ruling in respect of another transaction....

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Construction PE clause determines Existence of PE in case of engineering, procurement, commissioning services provider in oil fields Construction

DDIT Vs. Clough Projects International Pvt. Ltd. (ITAT Mumbai)

The Tribunal while upholding the order of the CIT(A) and after relying on the decision of the AAR in the case of Brown and Root Inc. held that since an installation project was not carried on for more than six months, as per Article 5(2)(k) of the tax treaty the taxpayer did not create PE in India....

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