"09 May 2012" Archive

Assessee can exclude freight and instance from turn over while computing deduction u/s 10B

M/s. World Wide Safety Pvt. Ltd. Vs. Commissioner of Income Tax- III, Kolkata (ITAT Kolkata)

Tribunal in assessee’s own case for A.Y.2003-04 and 2004-05 exactly on the issue of incidental expenses such as freight, octroi and sales tax whether to be included in the total turnover for the purpose of computation of deduction u/s 10B of the Act, respectfully following the same and in view of the above discussion carried out, we all...

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FCNR(B) funds representing deposit liabilities may be utilised for making loans to resident constituents

RBI/2011-12/545 A. P. (DIR Series) Circular No. 122 (09/05/2012)

Funds representing deposit liabilities may be utilised for making loans to resident constituents for meeting - their foreign exchange requirements or for the rupee working capital/capital expenditure needs of exporters /corporates who have a natural hedge or a risk management policy for managing the exchange risk subject to the prud...

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Detection and Reporting Mechanism of Counterfeit Notes – Monetary Policy Statement 2012-13

RBI/2011-12/544 DCM (FNV) No. 5063/16.02.22/2011-12 (09/05/2012)

In light of Para 127 of the Monetary Policy Statement 2012-13 announced by RBI Governor on April 17, 2012 (copy enclosed), banks should now re-align their cash management in such a manner so as to ensure that cash receipts in the denominations of Rs. 100 and above should not be put into re-circulation without the notes being machine proc...

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Transfer Pricing – In Realm of evolution – Part II

In the part II of this series we have analyzed the proposed enactment relating Advance Pricing Agreement bringing out its benefits and issues. Also to add a broader perspective we have put forward a study of the integral features of APAs prevalent across the globe. ...

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