"20 December 2010" Archive

RBI Directions for opening and operation of Accounts and settlement of payment for electronic payment transactions involving intermediaries

DPSS.CO.OSD. No. 1381/06.08.001/2010-2011 20/12/2010

Please refer to our circular Ref no. 1102/02.14.08/2009-10 dated November 24, 2009 on the captioned subject. In this regard you are advised to forward us a complete list of intermediaries accounts maintained with your bank by 5th January 2011....

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I-T department to open 10 overseas tax units in countries with low tax

The Income Tax Department has begun opening overseas tax units in countries with low tax. Income Tax Department ha opened two offices so far in Singapore and Mauritius and by March we will open another eight overseas locations like cyprus. These offices are primarily targeted in tax havens to prevent tax evasion....

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Posted Under: Fema / RBI |

Govt may bring corporate lobbying under RTI

A day after stating that lobbying and public relations were part of a democratic set-up, corporate affairs minister Salman Khurshid said the government might explore whether corporate lobbying could be included under the Right to Information (RTI) Ac...

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Posted Under: Fema / RBI |

I-T officer held in Income Tax refund scam

Thane: An income tax officer from Thane has been arrested by the economic offences wing of the police for allegedly masterminding an I-T refund scam and siphoning off public funds close to Rs 4 crore from 2007 to 2009....

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Posted Under: Fema / RBI |

IOA auditors of Suresh Kalmadi to help CWG probe

The high-level V K Shunglu committee appointed by the prime minister to probe irregularities and alleged misappropriation of funds in the Commonwealth Games (CWG) 2010 has hired chartered accountants of Suresh Kalmadi-led Indian Olympic Association (...

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Posted Under: Fema / RBI |

Wiki Leaks PWC Auditors Pressured By Russian Officials

US officials were told the PwC auditors of Russian gas giant Yukos may have been pressured into revising their audit opinion, according to leaked diplomatic cables. The confidential cable, which forms part of the Wikileaks disclosures, detail the c...

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Posted Under: Fema / RBI |

Continuing fraud perpetrated by PwC in Malaysia for more than eight years

Global Leader for Ethics and Business Conduct in PwC finds himself in a tight spot because of ongoing PwC Malaysia fraud. Coenraad Van Beek, better known as Coenie Van Beek, is the Global Leader for Ethics and Business Conduct at PricewaterhouseCoope...

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Posted Under: Fema / RBI |

Classification under Tariff Items of the Customs Tariff Act, 1975 in the case of C.C.E.C and ST, Vishakhapatnam Versus Jocil Ltd.

C.C.E.C & ST, Vishakhapatnam Vs Jocil ltd. (Supreme Court of India)

The brief facts which give rise to the aforesaid issue are that the Respondent imported Crude Palm Stearin through Kakinada Port and filed Bills of Entry declaring the goods as industrial grade Crude Palm Stearin falling under Ch. Sub Heading No. 15 11 90 90 of the Customs Tariff Act, 1975...

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FAQ on Advance Ruling under Service Tax Act

What is meant by advance ruling? Advance ruling means the determination, by the Authority, of a question of law or fact specified in the application regarding the liability to pay service tax in relation to service proposed to be provided, by the a...

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Posted Under: Fema / RBI |

MVAT Notification for Change in Schedule Entry C-39

MVAT Notification No. VAT. 1510/CE-109/Taxation 20/12/2010

Import licences including special import licences, duty-free advance licences and any other scrips issued under the foreign trade policy , from time to time, under the Foreign Trade (Development and Regulation) Act, 1992....

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