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Archive: 19 December 2011

Posts in 19 December 2011

Credit under dairy segment of Agriculture and Allied Activities-Treatment under Indirect Finance to Agriculture

December 19, 2011 634 Views 0 comment Print

A doubt has been expressed on the financial activities which promote dairy development in the districts. As credit under the dairy segment (including procurement, storage, processing, collection, transportation, etc.) primarily benefits small/marginal farmers and tiny units, it has been decided that bank credit to all activities which contribute to the development of dairy business would be treated as indirect finance to agriculture under priority sector. However, due care may be exercised by banks to ensure that the ultimate beneficiaries are farmers engaged in dairy farming, who will benefit from such investment.

Regional Rural Banks – Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts

December 19, 2011 424 Views 0 comment Print

With a view to providing greater flexibility to RRBs in mobilising non-resident deposits and also in view of the prevailing market conditions, it has been decided to deregulate interest rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts (the interest rates on term deposits under Ordinary Non-Resident (NRO) Accounts are already deregulated). Accordingly, RRBs are free to determine their interest rates on both savings deposits and term deposits of maturity of one year and above under Non-Resident (External) Rupee (NRE) Deposit accounts and savings deposits under Ordinary Non-Resident (NRO) Accounts with immediate effect. However, interest rates offered by RRBs on NRE and NRO deposits cannot be higher than those offered by them on comparable domestic rupee deposits.

SEBI – Review of Regulatory Compliance, Periodic Reporting and Contents of Trust Deed

December 19, 2011 982 Views 0 comment Print

SEBI (Debenture Trustee) Regulations, 1993, allow DTs to incorporate additional clauses in the trust deed provided that these clauses do not dilute or contravene the provisions of the clauses specified in the Schedule-IV of the said Regulations. However, it has been observed during inspections that certain clauses are included in the trust deed that limit or extinguish the obligations of DTs in relation to any rights or interests of investors or are in conflict with the provisions of the Regulations. It may be noted that such clauses in the existing or new trust deeds shall not be applicable and shall stand null and void.

Notification No. 199/2011 – Income Tax Dated 19/12/2011

December 19, 2011 1636 Views 0 comment Print

NC Notification No. 199/2011 – Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below, and approves the eligible projects or schemes specified to be carried on by the said institutions and the estimated cost thereof as mentioned in column (3) of the said Table, and also specifies in the column (4) of the Table the maximum amount of such cost which may be allowed as deduction under the said section 35AC for the period of approval, namely:-

Services rendered to Indian Insurance Company in the process of re-insurance of risk cannot be treated as ‘Fees for Technical Services’ under India-UK tax treaty

December 19, 2011 1726 Views 0 comment Print

Guy Carpenter & Co. Ltd., Vs. ADIT (ITAT Delhi) – In the present case, the New India Insurance Co. or other Insurance Company in India, who avails the services of the assessee as a broker in the process of the re-insurance of the risk is left with no technical knowledge, experience, skill, know-how or processes so as to bring the services rendered by the assessee within the ambit of Article 13(4)(c) of the Treaty.

No depreciation allowable on BSE membership card post corporatization of BSE

December 19, 2011 3120 Views 0 comment Print

ITO Vs Sino Securities Pvt. Ltd. (ITAT Mumbai) – After hearing both the parties, we find that the issue is covered against the Revenue and in favour of the assessee by the decision of Mumbai “C” Bench of the Tribunal in ITA no.5538/Mum./2009, for assessment year 2006- 07, in ACIT v/s M/s. Omniscient Securities P. Ltd., order dated 16thMarch 2011, wherein the Tribunal, vide Para-10, dismissed the ground raised by the Revenue, which reads as follows:-

E-filing of tax returns – Court cannot order that rule should be applied retrospectively, though E-filing should be encouraged

December 19, 2011 1697 Views 0 comment Print

Hindustan Zinc Ltd. Vs. State of Rajasthan and anr. (Jodhpur High Court) – Court is of the opinion that even though in the era of E-filing of the returns under the various laws, such a practice deserves to be encouraged and is acceptable form of filing of returns to the various Tax Department, it is admitted position before this Court that relevant Rules for filing of soft copies of these returns viz. VAT-07, VAT-08 and VAT-9, particularly assessment year 2007-2008 and 2008-2009 were not available on the statue book on the date when they were filed. In the present case, as aforesaid, the relevant amendments in Rule 19 and 1 9A reproduced above were brought w.e.f. 20.11.2007 and 29.8.2008 respectively. The notification Annex.10 placed on record also permits only a particular class of dealers to file such returns electronically. The notification dtd.27.2.2009 was given immediate effect and the date admittedly fell after relevant dates of filing of soft copy in the present case viz. On 16.10.2006, 30.11.2006, 28.2.2007 and 31.5.2007 respectively.

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