"September, 2011" Archive

Disallowance u/s. 14A cannot exceed exempt income, No S. 14A Disallowance in the absence of nexus between exempt Income and Interest Cost

A.C.I.T. Vs. Punjab State Coop & Marketing Fed. Ltd. (ITAT Chandigarh)

ACIT Vs. Punjab State Coop & Marketing (ITAT Chandigarh)- The assessee has placed on record the details of investment along with the amount of investment in shares in five companies made by the assessee. On perusal of the said details reveal that majority of the investments were made prior to 1994 and on the said investments ...

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FDI Circular 2 of 2011 – Consolidated FDI Policy

Circular No. 2 of 211 30/09/2011

DI into construction development activities in the education sector and in respect of old-age homes has been exempted from the conditionalities imposed on FDI in the construction development sector in general i.e. minimum area and built-up area requirement; minimum capitalization requirement; and lock-in period. These conditionalities per...

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SEBI – Revisions in FII investments in corporate debt long term infra category

Circular No. IMD/FIIC/18/2011 30/09/2011

CIRCULAR NO. IMD/FIIC/18/2011, DATED 30-9-2011 USD 5 billion is earmarked for FII investments in those bonds that have an initial maturity of 5 years or more at the time of issue and a residual maturity of 1 year at the time of first purchase by an FII. These investments are subject to a lock-in period of 1 year wherein FIIs can trade amo...

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SEBI – 100% promoter holding in demat form – Extension of date for complying with provisions of dematerializing promoters holding

Circular No. ISD/05/2001 30/09/2011

On review of the promoters hooding in demat form it has been observed that there has been improved compliance to the above circular and the companies/promoters have started the process of converting their physical holdings in dematerialized form. At the same time representations have been received from large number of companies as well as...

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Advances to State Co-operative Banks under Section I7 (4) (a) of the RBI Act, 1934 for general banking business

RBI/2011-12/209 RPCD.CO RCB. BC No.20/03.03.02/2011-12 30/09/2011

As you are aware, the interest on loans and advances granted by the Reserve Bank to State Co-operative Banks under Section 17 (4) (a) of the RBI Act, 1934 for the purpose of general banking business such as clearing adjustments, liquidity etc. is provided at Bank Rate in terms of our circular RPCD No. NB. BC.93/03.03.02/98-99 dated April ...

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Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 – Notification No. 71/2011-CUSTOMS (N. T.)

Notification No. 71/2011-Customs (N.T.) 30/09/2011

Notification No. 71/2011-CUSTOMS (N. T.) the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: -...

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Police arrests CA for his alleged role in Speak Asia Scam

A chartered accountant was arrested here on Thursday in connection with his alleged role in the Singapore-based online survey company SpeakAsia's multi-level marketing scam taking the total number of arrests in the case to six, police said. ...

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Posted Under: Income Tax |

Notification No. 53/2011 – Income Tax Dated 30/9/2011

Notification No. 53/2011 - Income Tax 30/09/2011

Notification No. 53/2011 - Income Tax It is hereby notified for general information that the organization Council of Scientific & Industrial Research (CSIR), New Delhi has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5...

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Non Taxable Services – Proposed Negative List

With Government thinking on the lines of having a negative list of taxable services on which there may be no levy of service tax in future, we have now a list of services which may become a base for the next budget or the new proposed tax . Presently, in India, there is a selective approach to tax services through a selective approach in ...

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Posted Under: Income Tax |

ICAI accuses multinational CA Companies of violation of rules

Apex chartered accountants body ICAI has accused multinational accounting companies of violating the CA Act and asked for joint action by agencies, including the RBI and the Corporate Affairs Ministry, to enforce compliance....

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Posted Under: Income Tax |

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