"21 May 2012" Archive

RBI issues warning on phishing mail

It has come to the notice of the Reserve Bank of India that an email has been sent in its name from mail id: [email protected] 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 t...

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Posted Under: Fema / RBI |

SEBI (Alternative Investment Funds) Regulations, 2012

Notification No. LAD-NRO/GN/2012-13/04/11262 21/05/2012

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 n...

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Rate of exchange of conversion of each of the foreign currency with effect from 22nd May, 2012

Notification No. 44/2012-Customs (N.T.) 21/05/2012

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 A...

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Anti Dumping Duty on White Cement – Notification No. 28/2012-Customs (ADD)

Notification No. 28/2012-Customs (ADD) 21/05/2012

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), ...

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Taxability of income in hands of a non-resident not a relevant consideration for treating a resident to be an agent of a non-resident

ADIT(IT) Vs M/s. Jet Airways (India) Pvt. (ITAT Mumbai) ITA No. 2212/M/02

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 author...

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A.O can not estimate Higher G.P. ratio without Specific Reasons

Asstt. Commissioner of Income Tax Vs. M/s Moets Bar-B-Cue (ITAT Delhi)

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 lacuna...

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Revised criteria for declaring a Financial Institution as PFI U/s. 4A, of Companies Act, 1956

General Circular No. 10/2012 21/05/2012

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:...

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SEBI notifies SEBI (Alternative Investment Funds) Regulations 2012

PR No. 62/2012 21/05/2012

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: ...

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How to Convert partnership firm into company & Tax Effects

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 ...

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Posted Under: Fema / RBI | ,

Persons carrying on agency business or earning commission income should revise their return for A.Y 2011-12, if original return filed u/s 44AD

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 ag...

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Posted Under: Fema / RBI |

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