"August, 2011" Archive - Page 40

Tax arrear increases to Rs. 3.90 lakh crore in financial Year 2010-11

Both direct and indirect tax arrears increased by about 33% to Rs 3.9 lakh crore in 2010-11. Minister of State for Finance SS Palanimanickam, while replying to different questions in Rajya Sabha, informed that direct tax arrears worth Rs 3,33,077 crore were not realised, while it was Rs 56,889.62 crores in the case of indirect taxes....

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Posted Under: Income Tax |

India to Partner with Africa for Buying Minerals and Providing Technology for Mining & Exploration- PTA by December 2011 – Anand Sharma

Shri Anand Sharma, Union Minister of Commerce & Industry and Textiles delivered an inaugural address at the launch of “Africa manual 2011- opportunities unlimited”, here today. Speaking on the occasion the Minister said, “India is keen to partner with countries in Africa not only for buying minerals but also providing technology for...

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Posted Under: Income Tax |

Foreign Contribution (Regulation) Act, 2010 and foreign Contribution (Regulation) Rules 2011 comes into effect from 01.05.2011

The Union Government has framed new rules, viz., the Foreign Contribution (Regulation) Rules, 2011 under the Foreign Contribution (Regulation) Act, 2010 for monitoring receipt and utilization of foreign contributions by any person in the Country. Both the Foreign Contribution (Regulation) Act, 2010 and foreign Contribution (Regulation) R...

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Posted Under: Income Tax |

Custom Duty Notification Regarding reports of illegal imports of pesticides by some traders

Circular No. 35/2011-Custom Duty 09/08/2011

It has come to the notice of the Board that some unscrupulous importers are illegally importing pesticides under various headings of harmonised tariff by declaring their chemical names instead of both common and chemical names....

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No Transfer pricing adjustment is necessary when period and basis of computation of royalty is different from comparable transactions

M/s. Transstory (India) Ltd. Vs ITO (ITAT Visakhapatnam)

Transstory (India) Ltd. Vs. ITO (ITAT Visakhapatnam)- The taxpayer was to pay royalty for only seven years and in respect of certain specified product, the royalty payable by the two group companies in China was for 20 years and it was based on sales of all the products. The only basis of adjustment made by the TPO is variation in rates o...

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Deduction u/s 10A allowable where HR Services were provided in the process of providing customized electronic data was exported to USA

M.L. Outsourcing Services Pvt. Ltd. Vs. ITO (ITAT Delhi)

M.L. Outsourcing Services Pvt. Ltd. Vs. ITO (ITAT Delhi)- The notification issued by the CBDT at Serial No. 8, mentions "human resource services" as a notified service eligible for deduction u/s 10A. It was also observed that the Assessee is just processing the potentiality of candidates employable by any software development company and ...

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Gross NPAs of Public Sector Banks Stood at Rs.71,047 Crore as on 31st March,2011

The Gross Non-performing Assets (NPA) of Public Sector Banks (PSBs) for the period ending March, 2011 stood at Rs. 71,047 crore. ...

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Posted Under: Income Tax |

Qualified Foreign Investors (QFIS) Allowed to Access Mutual Funds’ Equity Schemes and Debt Schemes in the Infrastructure Sector

In order to further liberalize the portfolio investment route, the Union Finance Minister Shri Pranab Mukherjee had announced in the 2011-12 Budget to permit SEBI registered Mutual Funds (MFs) to accept subscriptions for equity schemes from foreign investors who meet the Know Your Customer/client(KYC) requirements. After due consultations...

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Posted Under: Income Tax |

Switch over to base rate from PLR system

Following the announcement in the Annual Policy Statement for the year 2009-10, Reserve Bank of India (RBI) constituted a Working Group on Benchmark Prime Lending Rate (BPLR) to review the present BPLR system and suggest changes to make credit pricing more transparent. Based on the recommendations of the Group and the suggestions from var...

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Posted Under: Income Tax |

Ombudsman for Legal Sector

Government is working on a Bill that envisages an Ombudsman to look into the complaints against lawyers and a Legal Services Board that would regulate law practices in the country. Giving this information in written reply to a question in Rajya Sabha, Shri Salman Khurshid, Minister of Law & Justice informed the House that a draft Bill tit...

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Posted Under: Income Tax |

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