As per the referred instruction, the Board had taken a serious note of the possibility of misuse of the facility of manual filing and processing of import/export documents, which was being allowed by the field formations. Accordingly, it had been instructed that this should not be allowed except in exceptional and genuine cases where the electronic filing and processing of import/export documents is not feasible
Vide circular CIR/MRD/DP/22/2013 dated July 08, 2013, SEBI in consultation with RBI had increased the initial margins and extreme loss margins by 100% for USD-INR contracts in the currency derivatives segment.
With the amendments to Prevention of Money Laundering (PML) Rules, notified by the Government of India vide Notification No. 12 of 2013 dated August 27, 2013 and in terms of amended Rule 3, every reporting entity is required to maintain a record of all transactions including the record of all cross border wire transfers of more than Rs. 5 lakh or its equivalent in foreign currency, where the place of either origin or destination of the fund is in India.
Minutes of the meeting with MCA held on 3rd April 2014 A delegation of the following council members, Secretary of the Institute and four representatives of other member company secretaries had a very detailed deliberation at 3 p.m. on 3rd April 2014 with Mr. M. J. Joseph, Additional Secretary and Ms. Renuka Kumar, Joint Secretary […]
With a view to further liberalising the existing facilities, it has now been decided to allow all resident individuals, firms and companies, who have actual or anticipated foreign exchange exposures to book foreign exchange forward contracts up to US$ 250,000 on the basis of a simple declaration without any requirement of further documentation.
Kaushal Agrawal As soon as you read the title the first thought which will come in mind. Is it possible? Yes it is possible and I have tried it. Awaiting your valuable comments. You will find following topics 1. Types of Heads 2. Sections associated with each heads of Income.
As per news report, out of 190 recommendations made by Committee, the Finance Minister accepted 153 either wholly or with partial modification. The new tax code is meant to create an efficient direct tax system by replacing the archaic Income Tax Act.
CA Himanshu Sharma Introduction – By Introduction of Companies Act,2013, Ministry of company affair has brought massive changes i.e. maximum of exemptions which were available to private companies under companies act,1956 have been withdrawn, lot of changes in acceptance of deposit rules through which private companies were not allowed to accept loan from relative and […]
The Gujrat HC in CIT v Siddhartha J. Desai 139 ITR 628 (Guj) (1983) has laid down the following tests for determining whether the land is agricultural or not: a) Whether, the land was classified in the revenue records as agricultural and whether it was subject to payment of land revenue? [ CIT vs. Smt. […]
A transaction of purchase and sale of land cannot be assumed,without more, to be a venture in the nature of a trade. [CIT vs. Jawahar Development Association 127 ITR 431 (MP)(1 981)] The activity of an assessee in dividing the land in to plots andnot selling it as a single unit as he purchased, goes […]
