It has come to the notice of the Reserve Bank of India that an email has been sent in its name from mail id: alert@rbi.org and signed by RBI Online offering a ‘new online security platform’. According to the mail, the ‘new online security platform’ offers to ‘prevent online identity theft in internet banking by asking the customer to go through a two-way authentication factor before he/she properly logs into internet banking every time’. The email then asks the recipient to ‘download the attachment and update’.
Registration of Alternative Investment Funds. 3. (1) On and from the commencement of these regulations, no entity or person shall act as an Alternative Investment Fund unless it has obtained a certificate of registration from the Board: Provided that an existing fund falling within the definition of Alternative Investment Fund which is not registered with the Board may continue to operate for a period of six months from commencement of these regulations or if it has made an application for registration under sub-regulation (5) within the said period of six months, till the disposal of such application:
Notification No. 44/2012-Customs (N.T.) In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 38/2012-CUSTOMS (N.T.) dated the 26th April, 2012 published in the Gazette Of India, Part-II, Section 3, Sub-Section (ii), Extraordinary vide number S. O. 9024 (E) dated, the 26th April, 2012, namely:-
Notification No. 28/2012-Customs (ADD) In exercise of the powers conferred by sub-sections (1) and (5) of Section 9A of the said Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), 56/2007-Customs, dated the 12th April, 2007, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 288(E), dated the 12th April, 2007, namely: –
The provisions of section 163 of the Act do not require that, the liability of the non-resident to pay tax should be established before initiating proceedings under section 163 of the Act on a person to treat it as the agent or representative assessee of the non-resident. The purpose of section 163 of the Act was to enable revenue authorities to proceed and impose a vicarious liability on a person regarded as agent, in an event when income was found to be taxable in the hands of the non-resident.
In this case has not rejected the books results of the assessee, nor has given any specific reasoning why the GP rate adopted by the assessee should be disturbed. Assessee has shown GP rate 24.54%. 20.53% GP was accepted by the Tribunal in the assessee’s own case in earlier years. Thus, nothing has been brought on record to prove lacunae in the assessee’s books of accounts, neither any reason has been stated why the GP rate should be disturbed and GP should be estimated at 30%. We find that there is no cogent basis in the Assessing Officer’s decision in making the addition in this case. In our considered opinion, Ld. Commissioner of Income Tax (Appeals) has taken a right view in the matter which does not need any interference on our part. Accordingly, we uphold the same.
The Ministry had framed certain criteria for declaring a Financial Institution as PFI under section 4A, of the Companies Act, 1956 vide General Circular No. 34/2011 dated 2.6.2011. The issue has since been revisited and it has been decided that any Financial Institution applying for declaration as PFI shall fulfill the following criteria:-
AIFs Regulations endeavour to extend the perimeter of regulation to unregulated funds with a view to systemic stability, increasing market efficiency, encouraging formation of new capital and consumer protection. Salient features of the AIF Regulations, inter alia, include the following:
There are various ways of converting a firm to a company, viz; slump sale, itemized sale, admitting the company as a partner, dissolution thereof and on dissolution, business being taken over by the company etc.,. Being a topic with a very vast ambit an attempt has been made hereinabove to briefly discuss two alternatives. In view of the choices available. Conversion should be made in a manner appropriate to a particular situation and in a way which is most beneficial.
In the Finance Bill 2012 section 44AD has been amended retrospectively w.e.f A.Y. 2011-12 to the effect that presumptive scheme under the said section is not applicable to persons carrying on profession as referred to in section 44AA(1) or persons earning income in the nature of commission or brokerage income or persons carrying on any agency business.
