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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
Vide SEBI circulars Cir/IMD/DF/14/2011 and Cir/IMD/FII&C/3/2012 dated August 09, 2011 and January 13, 2012 respectively, Qualified Foreign Investors (QFI) were allowed to invest in schemes of Indian mutual funds and Indian equity shares subject to terms and conditions mentioned therein, including opening a demat account with qualified Depository Participant. The eligibility criteria for a SEBI registered Depository Participant (DP) to act as qualified Depository Participant were provided in the aforementioned circulars.
As we are expecting the DTC be implemented from 1st April 2012, we have to be familiar with the DTC provisions. In general the DTC looks and be simple but it is complicated unless otherwise if we have studied the entire provisions of the act because, things are spread out here and there and which are disconnected with relevant provisions. One must search the entire DTC to find solution. Hence it is sure that we should have consolidated view about the DTC provision before we conclude any issue with respect to this Code. Let us go through the DTC provisions for Income from house property.
Without adjudicating on the issue whether the Advertisement, Marketing and Sales Promotion expenditure incurred by the taxpayer can be characterised as an international transaction as per Section 92B of the Act, the Tribunal held that the assumption of jurisdiction by the TPO in working out ALP is not justified and directed the AO to delete the adjustment made by the TPO.
The Reserve Bank in its Third Quarter Review of Monetary Policy 2011-12 issued on January 24, 2012, decided to reduce the Cash Reserve Ratio (CRR) of Scheduled State Co-operative Banks / Regional Rural Banks by 50 basis points from 6.00 per cent to 5.50 per cent of their Net Demand and Time Liabilities (NDTL) with effect from the fortnight beginning January 28, 2012.
If tax has been deducted at source in accordance with the provisions of Chapter XVII-B of Income Tax Act, 1961, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to the extent tax has been deducted(Sec.205). Moreover u/s.199 such tax deducted at source shall be treated as payment of tax on behalf of the payee (assessee).
Calling of Tender for Digitization of Manually filed Service – Tax Returns pertaining to Service Tax-I, Mumbai Commissionerate. The Service Tax-I, Mumbai Commissionerate is inviting quotations from experienced Service Providers/Contractors having vast experience in the field of data management for capturing below mentioned fields from the manually filed ST-3/ST-3A Returns in Excel format. The data will be submitted to the department in CD.
The Supreme Court judgement on Vodafone tax case seems to have opened a Pandora’s box with exporters too expressing reservation on tax deducted at source (TDS) for payment with regard to overseas transactions. Exporters’ body FIEO today questioned the applicability of Section 195 of the Income Tax Act, under which they are asked to pay TDS on payments made for foreign agency commissions, royalties and offshore professional services.
Muneesh Kapur1 This paper focuses on modelling and forecasting inflation in India using an augmented Phillips curve framework. Both demand and supply factors are seen as drivers of inflation. Demand conditions are found to have a stronger impact on non-food manufactured products inflation (NFMP) vis-a-vis headline WPI inflation; moreover, NFMP is found to be more […]
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000 and the A.P. (DIR Series) Circular No. 5 dated August 1, 2005 relating to the External Commercial Borrowings (ECB), as amended from time to time.
It has now been decided that the designated AD Category – I banks should certify the leverage ratio (i.e. outside liabilities/owned funds) of IFCs desirous of availing ECBs under the approval route while forwarding such proposals to the Reserve Bank of India.
