"10 June 2013" Archive

Conditions to be complied by Scheduled Urban Co-operative Banks to undertake Ready Forward Contracts in Corporate Debt Securities

RBI/2012-2013/525 UBD.BPD. (SCB). Cir.No. 4/16.20.000/2012-13 (10/06/2013)

It has been decided to permit Scheduled Urban Co-operative Banks with strong financials and sound risk management practices as eligible participants to undertake ready forward contracts in corporate debt securities. Accordingly, Scheduled Urban Co-operative Banks, fulfilling the following conditions only would be permitted to undertake su...

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Cenvat Credit On Services Of Commission Agents – A Common Issue With Contrary Decisions

Cenvat Credit has been a highly sensitive issue since its inception. The assessees always attempt to avail credit of every possible input / capital goods / input service which has suffered the incidence of duty/tax by liberally interpreting their definitions. ...

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Posted Under: Fema / RBI |

Taxability of Software Payments under Income-Tax Act, 1961

There have been multiple views about the taxability of software payments. The Finance Act, 2012 has brought a consensus to it by amending section 9(1) (vi) of Income-tax Act, 1961 by inserting Explanation 4 with retrospective effect from 01.06.1976....

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Posted Under: Fema / RBI | ,

Implication of Advance Pricing Agreement (APA)

The Finance Act’ 2012 has introduced Section – 92 CD relating to the Advance Pricing Agreement (APA) which came into force w.e.f. 1st July’ 2012. An Advance Pricing Agreement is an agreement between the taxpayer and the tax authority on the pricing of future related party transactions. The Taxpayer and the tax authority agrees on [&...

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Posted Under: Fema / RBI |

E-Filling of Audit Report for A/Y 2013-2014

CBDT has notified Income-tax (3rd Amendment) Rules, 2013 vide NOTIFICATION NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013.Under these rules ,various rules regarding Income tax return for assessment year has been amended. It is mandatory to file audit reports u/s 44AB, 92E, 115JB through online facility .once the information ...

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Posted Under: Fema / RBI |

Iran notified as country eligible to avail benefits of Para 2.35 (b) of FTP, 2009-2014

Notification No. 17 (Re 2013)/2009-2014 (10/06/2013)

Central Government hereby notifies Iran under paragraph 2.35 (b) of Foreign Trade Policy, 2009-2014. Accordingly, exports of such goods to Iran which have been imported against payment in freely convertible currency would be permitted against payment in Indian Rupees also, subject to at least 15% value addition....

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Transfer Pricing – Audit Report Format for international & specified domestic transactions with additional disclosures

Notification No. 41/2013 - Income Tax (10/06/2013)

Notification No. 41/2013 - Income Tax The CBDT has notified vide Notification No. 41 dated 10 June 2013, new Form 3CEB which includes reporting on specified domestic transactions. The said notification also amends Rule 10A, 10AB, 10B, 10C, 10D and 10E. Following are the additional international transactions required to be reported in n...

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RBI penalises Axis Bank, HDFC Bank and ICICI Bank

Press Release : 2012-2013/2071 (10/06/2013)

Based on the findings of the scrutiny, the Reserve Bank issued a show cause notice to each of these banks, in response to which the individual banks submitted written replies. After considering the facts of each case and individual bank’s reply, as also, personal submissions, information submitted and documents furnished, the Reserve Ba...

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Contracts in Which Directors are Interested Under Companies Act 1956

A company normally enters into transactions with other companies or firms which are known as related party transactions. Section 297 is in respect of Board’s sanction to be required for certain contracts in which particular directors are interested. Section 299 relates to disclosure of interest by directors. Under Companies Act complian...

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Posted Under: Fema / RBI |

Clarification on queries of prospective investors/ stakeholders on FDI policy for Multi Brand Retail Trade

CLARIFICATION ON QUERIES OF PROSPECTIVE INVESTORS/ STAKEHOLDERS ON FDI POLICY FOR MULTI-BRAND RETAIL TRADING (Paragraph 6.2.16.5 of ‘Circular 1 of 2013-Consolidated FDI Policy’) Following issues are under consideration: i. Sourcing restriction amongst ‘group companies’. ii. Requirement of 50% investment in ‘backend infrastru...

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Posted Under: Fema / RBI |
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