"08 October 2015" Archive

Booking of Forward Contracts – Liberalisation

RBI/2015-16/201 A. P. (DIR Series) Circular No. 20 (08/10/2015)

A. P. (DIR Series) Circular No. 20 As announced in the Fourth Bi-monthly Monetary Policy Statement (para. no. 39) on September 29, 2015, with a view to further liberalising the existing hedging facilities, it has been decided to allow all resident individuals, firms and companies, who have actual or anticipated foreign exchange exposures,...

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Delhi Govt announces award Scheme named as Bill Banvao, Inaam Pao'

No.F.3(15)/Fin.(Rev-0/2015-16/ds VI/843 (08/10/2015)

No.F.3(15)/Fin.(Rev-I)/2015-16, whereas the Government of National Capital Territory of Delhi is of opinion that it is expedient in the interest of Revenue to introduce an award Scheme named as Bill Banvao, Inaam Pao'. The Department of Trade & Taxes, Government of National Capital Territory of Delhi is introducing an award scheme for the...

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SEBI : Review of capacity planning framework of stock exchanges and clearing corporations

CIR/MRD/DP/17/2015 (08/10/2015)

take necessary steps and put in place necessary systems for implementation of the circular, including necessary amendments to the relevant bye-laws, rules and regulations, within three months from the date of this circular....

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Why GST imperative for India and How it will work?

One of the biggest and the much awaited tax reforms of the country. A move to grease the wheels of the ‘ease of doing business’ initiative in India. The Goods and Service Tax is all set to integrate the states and uplift the strapped Indian Economy....

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Posted Under: Fema / RBI |

Department cannot change its stand taken in one case in other case on identical facts: HC

Commissioner of Income Tax Vs Smt. Datta Mahendra Shah, (Bombay High Court)

In the case of CIT vs. Smt.Datta Mahendra Shah, Bombay High court held that once department has accepted decision of ITAT given in case of assessee’s son then decision given by ITAT on identical fact in assessee case has also to be accepted by department, since department works as a single unit ...

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Company with very high operating margin can be included in list of comparable after proper justification/investigation

Allscripts (India) Private Ltd.Vs Dy. Commissioner of Income Tax (ITAT Ahmedabad)

In the case of Allscripts (India) Private Ltd.vs. Dy. Commissioner of Income Tax, ITAT Ahemdabad held that for the purpose of find our comparable companies for transfer pricing, companies with very high operating margin can’t be selected as comparable companies without justification/investigation by AO ...

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Curious case of Indrani Mukherjee and Permanent Account Number

Permanent account number means a number which the Assessing Officer may allot to any person for the purpose of identification and includes a permanent account number having ten alphanumeric characters and issued in the form of a laminated card. [Form 49A]....

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Posted Under: Fema / RBI |

No Capital Gain on sale of asset acquired by way of Adverse Possession

No Capital Gain Chargeable to Tax on Sale of Asset acquired by way of Adverse Possession for any Cost of Acquisition u/s 55(2) despite Amendment in the Income Tax act in the year 1995 covering those assets which are having a NIL cost of acquisition. However the amendments still don’t cover the transactions on account of proceeds from re...

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Posted Under: Fema / RBI |

Buy Back (Unlisted Company)Under Section 68,69 & 70 of Companies Act, 2013

Terms and Conditions Authorized by AOA Buy Back should not exceed 25% of the aggregate of (PUS + FR) in a F.Y Debt Equity Ratio shall not be exceed more than 2:1 after buy back Share should be fully paid up Buy Back shall be completed within period of one Year from the Date of […]...

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Posted Under: Fema / RBI |

Need for Increasing Cooperation Between Customs & Tax Authorities of Different Countries-CBEC

Chairman CBEC: In Order to have Smooth Flow of Goods Across Border , There is Need for Increasing Cooperation Betrween Customs and Tax Authorities of Different Countries; Inaugurates Two Day 11th Asia Europe Meeting (Asem) Of the Customs' Directors General - Commissioners at Goa; Representatives from 44 Countries Along with European Union...

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Posted Under: Fema / RBI |