"06 May 2011" Archive - Page 2

Foreign Tourist Arrivals and Foreign Exchange Earnings in April 2011

Foreign Tourist Arrivals (FTAs) during the Month of April 2011 was 4.17 lakh as compared to FTAs of 3.54 lakh during the month of April 2010 and 3.48 lakh in April 2009. There has been a growth of 17.7 % in April 2011 over April 2010 as compared to a growth of 2 % registered in April 2010 over April 2009. FTAs during the period January-Ap...

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Posted Under: Finance |

India seeks pressure on tax havens to share information

Grappling with the problem of blackmoney, India on Wednesday asked the international community to impress upon non-cooperative jurisdictions to share information about funds stashed there. The governments of those countries should share tax information through regular instruments, finance minister Pranab Mukherjee said at the Governors’...

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Posted Under: Finance |

November 2011 examination- List of ICAI’s Publications relevant for CA Final, PCC, IPCC and Professional Competence Examination

Download the list of Institute’s Publications relevant for November 2011 examination. ICAI Publications relevant for November 2011 examination...

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Posted Under: Finance |

Nature of payments attracting TDS and rates thereon for the Financial Year 2010-11

Salary DDOs must calculate the tax payable by an employee for the year and start deducting tax at average rate. The term salary includes wages, any annuity or pension, gratuity, any fees, commission, perquisites or profits in lieu of or in addition to any salary or wages. (These payments are covered under sec. 192 of […]...

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Posted Under: Finance | ,

Foreign Exchange Management Act, 1999 – Import of rough, cut and polished diamonds

RBI/2010-11/514 A.P. (DIR Series) Circular No. 59 (06/05/2011)

In the context of recent developments, it has been decided that Suppliers’ and Buyers’ credit (trade credit) including the usance period of Letters of Credit opened for import of rough, cut and polished diamonds should not exceed 90 days from the date of shipment. The revised directions will come into force with immediate effect. RBI...

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Consultancy in Turnkey contract attracts service tax liability

Commissioner of Central Excise Vs BSBK Pvt. Ltd. (CESTAT Delhi)

Turnkey contracts can be vivisected and discernible service elements involved therein can be segregated and classifiable as well as valued for levy of service tax under Finance Act, 1994 provided such services are taxable services as defined by that Act and depending on the facts and circumstance of each case, services by way of advice, c...

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Grant of redevelopment rights on a property amounts to transfer of property, and gives rise to capital gains, liable to tax and provisions of Sec 50C are invokable in such a case

Chiranjeev Lal Khanna Vs. ITO (ITAT Mumbai)

Recently ITAT Mumbai held that in the case of Chiranjeev Lal Khanna v. ITO held that considering the facts of the case and clauses in the agreement, the taxpayer has transferred land and building to the developer would be chargeable to tax as capital gains. Accordingly, Section 50C of the Income-tax Act, 196 1(the Act) would be applicable...

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Gift of property by a Muslim need not be registered – SC

Hafeeza Bibi & Ors. Versus Shaikh Farid (Dead) by LRs. & Ors. (Supreme Court of India)

A gift of immovable property made by a Muslim is valid even if it is not registered under the Transfer of Property Act or the Stamps and Registration Act, the Supreme Court today ruled. The apex court said though the TP Act mandates registration of a gift, the same would not apply to a Muslim donor as the community has been exempted from ...

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Lies Vs Truth Regarding Recovery of ‘Industrial Loan’

The ‘Industrial Loan’ is required for an industry which is a social activity generating employment for the masses (direct as well as indirect), generation of public revenue by way of taxation for meeting public expenses through the government, making available goods indigenously and thus saving valuable foreign exchange, creating poss...

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Posted Under: Finance |

ICWAI President's Message May 2011

Indian economic success is being looked at with awe in Emerging markets like Latin America which are integral to India's strategy for inclusive growth. To reduce dependence on traditional markets like the US and Europe, Indian exporters have started exploring new markets like Latin America, Asia and Africa. The government has introduced i...

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Posted Under: Finance |

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