"20 November 2014" Archive

Acquisition/Transfer of Immovable property in India – Payment of taxes

RBI/2014-15/307 A.P. (DIR Series) Circular No. 38 (20/11/2014)

A.P. (DIR Series) Circular No. 38 Dated- November 20, 2014 Attention of Authorised Dealers in Foreign Exchange is invited to Foreign Exchange Management (Acquisition and Transfer of immovable property in India) Regulations, 2000 notified vide Notification No. FEMA 21 /2000-RB dated 3rd May 2000 as amended from time to time....

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Rate of exchange of conversion of each of foreign currency wef 21.11.2014

Notification No. 111/2014-Customs (N.T.) (20/11/2014)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance ...

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Time Period of Realisation & Repatriation of Export Proceeds

RBI/2014-15/306 A.P. (DIR Series) Circular No. 37 (20/11/2014)

A.P. (DIR Series) Circular No. 37 Dated- November 20, 2014Export of Goods / Software / Services – Period of Realisation and Repatriation of Export Proceeds – For exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs...

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Banks should not take undue advantage of customer difficulty or inattention – RBI

RBI/2014-15/308 DBR.Dir.BC.No.47/13.03.00/2014-15 (20/11/2014)

Instead of levying penal charges for non-maintenance of minimum balance in ordinary savings bank accounts, banks should limit services available on such accounts to those available to Basic Savings Bank Deposit Accounts and restore the services when the balances improve to the minimum required level....

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Availment of Cenvat credit on Inputs/ Input Services after six months

CBEC clarification regarding availment of Cenvat credit on Inputs/ Input Services after six months Background: The CBEC vide Notification No. 21/2014-CE (NT), dated July 11, 2014 (Applicable w.e.f September 1, 2014) [Notification No. 21], has amended Rule 4(1) and Rule 4(7) of the Cenvat Credit Rules, 2004 (the Credit Rules) to fix a time...

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Posted Under: Fema / RBI | ,

ICAI clarifies on Proposed increase in Fees for supply of Answer Sheet and Re-verification

ANNOUNCEMENT Dated- 19.11.2014 Draft amendments in the Chartered Accountants Regulations, 1988 notified in the Gazette of India vide Notification No. 1-CA(7)/167/2014 dated 10th September, 2014 The Council at its 337th meeting held on 29th, 30th and 31st October, 2014 in the office of the Institute at A-29, Sector 62, Noida considered the...

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Posted Under: Fema / RBI |

Gifts by SEBI to Stakeholders

SEBI in its Board Meeting held on November 17, 2014 and vide Press Release dated November 19, 2014 brought about the following decisions in respect of the following Regulations. (I)  SEBI (Prohibition of Insider Trading) Regulations, 2014 The Board has approved a new regulation in place of the existing regulations. The new regulations st...

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Posted Under: Fema / RBI |

List of Services fully exempt from service tax

List of Services fully exempt from service tax under Notification No. 25/2012 dated 20.06.2012 100% EXEMPTION AS PER NOTIFICATION NO. 25/2012- SERVICE TAX DATED 20.06.2012 S. No Service Service Provider Service Receiver 1 Any service Any person 1. United Nations 2. Specified International Organization e.g. WTO 2 Health care Service  i.e....

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Posted Under: Fema / RBI |

SEBI withdraws recognition granted to Delhi Stock Exchange

Vide order no. WTM/PS/45/MRD/DSA/NOV/2014 dated 19th November 2014 passed Under Section 12A of the Securities Contracts (Regulation) Act, 1956 read with Section 11 of the Securities and Exchange Board of India Act, 1992 in the matter of Delhi Stock Exchange Limited SEBI...

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Posted Under: Fema / RBI |

Section 28 – Loss incidental to illegal business is allowable

Bipinchandra K. Bhatia Vs DCIT (Gujarat High Court)

On Appeal Honourable high court has held that in view of the decision of the Hon'ble Apex Court in the case of Dr. T.A. Quereshi Vs. Commissioner of Income-tax, Bhopal reported in 287 Income Tax Reports 547, the loss which was incurred during the course of business even if the same is illegal is required to be compensated and for the lo...

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Policy for issue of import licenses of Rough Marble and Travertine Blocks for Financial year 2014-15.

Notification No. 99 (RE-2013)/2009-2014 (20/11/2013)

The sale against Form H and other relevant Forms, job work income earned by any unit sawing marble blocks of third parties into slabs/tiles and the amount of excise duty, service tax and sales tax/VAT paid on such indigenous sales turnover of marble slabs/tiles may also be included for calculating indigenous sales turnover of the applican...

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Notification No. 72/2014-Income Tax Dated: 20/11/2014

Notification No. 72/2014-Income Tax (29/09/2014)

Notification No. 72/2014-Income Tax In the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, number S.O.2915(E), dated the 13th November, 2014, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 13th November, 2014, in Schedule...

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TP – Rate for benchmarking in respect of loan given to AE’s outside India?

In the Judgment of Aurionpro Solutions Ltd. vs. ACIT, Range – 4(3), Mumbai, ITA No. 7872 (Mum.) of 2011, ITAT Mumbai has held that for purpose of determination of Arm's Length Price, tested party is always assessee and not its Associate Enterprise (AE), LIBOR is acceptable for benchmarking loans given by Indian company to its foreign AE...

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Posted Under: Fema / RBI |

Modification of SION A-1475 and SIONs A-1839, A-1841 and A-1842

Public Notice No. 75 (RE-2013)2009-2014 (29/09/2015)

In exercise of the powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and paragraph 1.1 of Handbook of Procedure (Vol. I) the Directorate General of Foreign Trade hereby notifies modification in SION A-1475 and SIONs A-1839, A-1841 and A-1842 as under....

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