"29 March 2011" Archive

Transfer Pricing – If Arms Length Price determined by arithmetical mean, 5 percent deduction allowable

Cummins India Limited Vs. Dy.CIT (ITAT Pune)

Assessee has an option when there is arithmetical mean involved while computing the ‘arm’s length price’ and it happens only if more than one price is determined by the most appropriate method. The First Proviso becomes operational where more than one comparable price is determined. The assessee at his option can make claim of deduc...

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Coins of 25 Paise and below – Withdrawal from Circulation- RBI Circular No. UBD.CO.BPD(PCB) Cir.No.42 /09.73.000/2010-11

RBI/2010-11/458 UBD.CO.BPD(PCB) Cir.No.42 /09.73.000/2010-11 29/03/2011

UBD.CO.BPD(PCB) Cir.No.42 /09.73.000/2010-11- In partial modification of the above circular, we advise that the coins of 25 Paise and below will be exchanged at the branches of the specified banks as also the offices of the Reserve Bank of India till the close of business on June 29, 2011 (instead of June 30, 2011 as advised earlier). Th...

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Swan and Loop used as front companies to get spectrum – CBI to SC

The CBI today informed the Supreme Court that telecom companies - Swan Telecom and Loop Telecom - were used as front companies by established telecom players to get 2G spectrum illegally during the tenure of former Telecom Minister A Raja. The agency, which filed a status report in a sealed envelope before a bench of Justices G S Singhvi ...

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Posted Under: Income Tax |

Govt suggests telcos employ only Indians in sensitive posts

With the telecom sector becoming a potential security threat due to use of imported equipment, the government has proposed that service providers employ only Indian nationals in sensitive positions like Chief Technical Officer and Chief Information Security Officer....

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Posted Under: Income Tax |

Final decision on 2G spectrum pricing within 3 months

The Telecom Ministry will take a final decision on 2G spectrum pricing and on those holding airwaves beyond contracted limit of 6.2 Mhz, based on recommendations of TRAI, within next three months before seeking Telecom Commission's approval. "Decision on 2G spectrum pricing is expected in next 3 months. DoT internal committee is finalisin...

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Posted Under: Income Tax |

Collection of account payee cheques – Prohibition on crediting proceeds to third party accounts

RBI/2010-11/452 UBD. BPD. No. 41/12.05.001/2010-11 29/03/2011

It has been brought to our notice that since co-operative credit societies are not even sub-members of clearing houses, members of such co-operative credit societies who do not have bank accounts face difficulties in collection of account payee cheques drawn in their name. With a view to mitigating the difficulties faced by the members o...

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Section 23 of Banking Regulation Act, 1949- Relaxations in Branch Licensing Policy

RPCD.CO.RRB.BC No. 56/ 03.05.90-A/2010-11 29/03/2011

we further advise that the RRBs eligible to open branches in Tier 3 to Tier 6 centres may do so without prior approval of RBI and approach the Regional Office of RBI for, post-facto automatic, issue of the licence/s. The licence should be displayed in the premise of the branch so opened for information of its customers/ public to instill ...

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Security Issues and Risk mitigation measures – Online alerts to the cardholder for usage of credit/debit cards

RBI/2010-11/449 DPSS. CO. PD 2224/02.14.003/2010-2011 29/03/2011

Recently, incidents of unauthorized /fraudulent withdrawals at ATMs have come to the notice of RBI. It is important to arrest the incidents of such frauds in order to further encourage card based transactions in the country where the use of credit/debit cards plays an important role. It is therefore decided that banks make take steps to p...

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Meeting of Committee on Investor Education and Protection Fund

RPCD.CO.RCB.BC.No.57/07.02.03/2010-11 29/03/2011

RPCD.CO.RCB.BC.No.57/07.02.03/2010-11- We advise that in a meeting of 'Committee on Investors Education and Protection Fund' held by the Government of India, Ministry of Corporate Affairs, New Delhi, it has, inter-alia, been decided that banks should make 'investor awareness' as one of the agenda items in their periodical meetings with th...

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Cooperatives seek exemption from direct tax code

Major national cooperatives today demanded that they should be kept out of the proposed direct tax code and continued to be given income tax exemption. They sought early approval to the Constitutional Amendment Bill on cooperative that was tabled in Parliament two years back. "Cooperatives should be kept out of the direct tax code that is...

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Posted Under: Income Tax |

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