The above modifications to the ECB guidelines will come into force with immediate effect. All other aspects of the ECB policy, such as eligible borrower, recognized lender, end-use, all-in-cost ceiling, average maturity period, prepayment, refinancing of existing ECB and reporting arrangements etc. shall remain unchanged.
On invocation of such credit enhancement, if the guarantor meets the liability and if the same is permissible to be repaid in foreign currency to the eligible non-resident entity, the all-in-cost ceilings, as applicable to the relevant maturity period of the Trade Credit / ECBs as per extant guidelines, would apply to the novated loan.
Under the provisions of the said section, AD Category I banks are required to verify on a periodical basis that the forward cover outstanding is supported by underlying exposures. In this context, it is clarified that in case an FII intends to hedge the exposure of one of its sub-account holders, (cf paragraph 4 of schedule 2 to Notification No. FEMA 20/2000-RB dated May 3, 2000) it will be required to produce a clear mandate from the sub-account holder in respect of the latter’s intention to enter into the derivative transaction. Further, the AD Category I banks shall have to verify the mandate as well as the eligibility of the contract vis-a-vis the market value of the securities held in the concerned sub-account.
Income Tax Department has released Income Tax Return (ITR ) 5 as Applicable for Partnership Firms, AOPs, LLPs and BOIs for e-filing of Returns for A.Y. 2013-14 of Financial Year 2012-13. ITR form can be downloaded from the website https://incometaxindiaefiling.gov.in/ .
The budget for the financial year 2013-14 took a hard hand by drastically amending the penal provisions relating to the offences under the Central Excise and Service Tax law. Though these provisions are harsh in the way making certain offences as cognizable and non-bailable, but, these amendments seems to restore the charm of Settlement Commission. How? To have an answer to this question, let’s have a close look on the relevant amendments and their implications.
The Prime Minister of India, Dr. Manmohan Singh, has appealed to all citizens of India to stand with our distressed countrymen affected by the extensive devastation due to cloud burst and floods in the state of Uttarakhand where a large number of people have died and property worth crores of rupees has been damaged. The Prime Minister has appealed to all fellow citizens to donate generously to the Prime Minister’s National Relief Fund. (PMNRF).
The assessee is a company incorporated in and tax resident of Japan engaged in manufacturing of heavy machinery, providing technology oriented products and services to industrial, private and public sectors.
If the assessee is able to keep the six months’ limit from the date of transfer of capital asset, but, still able to place investment of Rs. 50 lakhs each in two different financial years, we cannot say that the restrictive proviso will limit the claim to Rs. 50 lakhs only.
Sub:- Estt. Group ‘A’ – Transfer and posting of Deputy/Asstt. Commissioners of Income-tax – Reg. The following transfers and postings in the grade of Deputy/Assistont. Commissioners of Income-tax ore hereby ordered with immediate effect and until further orders:-
During the Conference of the Chief Commissioner / Directors Generals with the Hon’ble Finance Minister on 28.08.2012 in Delhi, the issue of high pendency of Adjudication cases raised by Mr. S.B. Singh, Chief Commissioner, Hyderabad and Shri Sushil Solanki, Commissioner (ST), Mumbai-I was discussed. It was proposed, therein, to grant powers to the jurisdictional Chief Commissioners to assign the Commissioners (Appeals), having less work under their respective charges, the powers of Adjudication. It was directed by the Hon’ble FM that CBEC should immediately delegate the powers to the CCs.
