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Archive: September, 2011

Posts in September, 2011

38 foreign banks functioning with 321 branches in India

September 4, 2011 598 Views 0 comment Print

Branch Expansion of Foreign Banks in India -As on 29.8.2011, 38 foreign banks are functioning with 321 branches in India. Reserve Bank of India has given following approvals for opening maiden branch/branch expansion in India during 2010 and 2100.

SEBI puts in place mechanisms to monitor and assess foreign institutional investments

September 4, 2011 222 Views 0 comment Print

The Government and the Securities and Exchange Board of India (SEBI) have put in place mechanisms to monitor and assess foreign institutional investments. These mechanisms help to promote safe, transparent and efficient markets and protect market integrity. The systems established include advanced risk management mechanisms comprising of on-line monitoring and surveillance, circuit filters, prescription of limits on positions etc.

National Manufacturing Policy within September – Anand Sharma

September 4, 2011 252 Views 0 comment Print

The Union Minister for Commerce, Industry and Textiles, Shri Anand Sharma has expressed confidence that India will have its first National Manufacturing Policy in the month of September 2011. Speaking at the National Council Meeting of Confederation of India Industry (CII), Shri Sharma said that among the various policies set for roll out ‘National Manufacturing Policy has reached the final stage and hopefully within this month of September it will become a reality.

Post Offices to Provide Visa Related Services In Remote Areas

September 3, 2011 793 Views 0 comment Print

India Post has signed a Memorandum of Understanding (MOU) with M/s VFS Global to provide visa related services for different countries through Post Offices. Memorandum of Understanding between India Post and M/s VFS Global was signed here on 30.08.2011 in the presence of Secretary, Department of Posts and senior officers from Department of Posts and VFS Global. The MOU sets out broad understandings and intentions of both the parties to provide visa related services at places where they are not currently available.

Approval of e-forms 1, 18 and 32 on the basis of certification and declarations given by the practicing professional not going to be implemented yet

September 3, 2011 1024 Views 0 comment Print

It is decided that since now companies are being incorporated with in 24-48 hours, on-line approval of incorporation forms i.e. STP mode of approval of e-forms 1, 18 and 32 on the basis of certification and declarations given by the practicing professional is not going to be implemented yet.

Last Chance Mr. Obama……

September 3, 2011 607 Views 0 comment Print

For the world US unemployment stands at 9.1%-a simple number but for the US economy its stands out 14million people sitting at home. In fact the number is more reduced so that the world can sleep peacefully and speculators could carry on the show. Mr. Obama stayed silent after the job numbers came up.

India enters DTAA with Taipei u/s 90A of the Income Tax Act, 1961

September 2, 2011 3514 Views 0 comment Print

Notification No. 48/2011 – Income Tax Section 90A of The Income-Tax Act, 1961- Double Taxation Agreement – Adoption by Central Government of agreement between specified associations for double taxation relief – Specified territory and specified association – Taipei

Even if ‘Representative Assessee’, no liability for unconnected income – Delhi HC

September 2, 2011 4468 Views 0 comment Print

General Electric Company Vs Deputy Director Of Income Tax (Delhi High Court)- Section 163 really provides only the machinery for giving effect to Sections 160 and 161, and the mere appointment of an agent under Section 163 would be of no consequence unless there is income in respect of which the agent can be held to be a representative- assessee under Section 160 and can be assessed as such under Section 161 of the Act.

Circular On Monetary Limits For Filing Appeals Applicable Prospectively not for earlier Appeals- CBDT

September 2, 2011 2260 Views 0 comment Print

As per Instruction No 3/2011 the revised monetary limit was applicable only for the appeals filed on or after 09/02/11 ie the date of issue of Instruction. As per para 11 of the Instruction, it was clarified that the appeals filed earlier would be governed by the old instructions operative at the time of filing.

IT notice to Arvind Kejriwal a routine affair – Govt ; Team Anna crticises move

September 2, 2011 1719 Views 0 comment Print

Under attack from Team Anna and the Opposition for Income Tax office slapping a notice on activist Arvind Kejriwal to pay dues, government on Friday said it has no intention of being ‘revengeful’ and described the development as a ‘routine affair’. ‘It is unfair that allegations are made against government departments about their routine duties.

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