"07 July 2016" Archive

SC explains Tonnage Tax Scheme in context of slot charters

CIT Vs. Trans Asian Shipping Services (P) Ltd. (Supreme Court)

To recapitulate briefly, the assessee is a company as defined under Section 2(17) of the Act and is also in the business of operating qualifying ship(s). It is also not in dispute that it owns a qualifying ship and fulfillment of this condition permits the assessee to exercise its option for computation of income from the business of oper...

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Long Term (Subordinated) Deposits (LTDs) – Review of guidelines

RBI/2016-17/7 DCBR.BPD.Cir No. 21/09.18.201/2016-17 (07/07/2016)

Co-operative banks which are fulfilling the following criteria as per their latest audited financial statements may raise LTDs without prior approval of the Reserve Bank of India subject to the condition that the outstanding amount of LTD...

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Discontinuation of Reporting of Bank Guarantee on behalf of service importers

RBI/2016-17/8 A.P. (DIR Series) Circular No. 1 (07/07/2016)

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to para no. 5 of the Master Direction No.8 dated January 01, 2016 on ‘Other Remittance Facilities’ in terms of which, AD Category-I banks...

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Revision of interest rates for Small Savings Schemes

RBI/2016-17/6 DGBA. GAD.13/15.02.005/2016-17 (07/07/2016)

Please refer to our circular DGBA.GAD.3175/15.02.005/2015-16 dated April 7, 2016 on the above subject. The Government of India, have vide their Office Memorandum (OM) No.F.No. 1/04/2016 –NS.II dated June 20, 2016, advised the revised rate of interest on various small savings schemes for the second quarter of the financial year 2016-17...

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Master Direction on Money Market Instruments

RBI/FMRD/2016-17/32 FMRD.Master Direction No. 2/2016-17 (07/07/2016)

The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions/directives to the eligible market participants in regard to call/notice money market, Commercial Paper (CP), Certificates of Deposit (CD) and Non-Convertible Debentures (NCDs) of original or initial maturity up to one year....

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Master Direction- Regional Rural Banks- Priority Sector Lending– Targets and Classification

RBI/FIDD/2016-17/34 Master Direction FIDD.CO.Plan.2/04.09.01/2016-17 (07/07/2016)

The guidelines for priority sector lending by Regional Rural Banks were revised by the Reserve Bank of India vide circular dated December 3, 2015. The Master Direction enclosed incorporates the updated guidelines/ instructions/ circulars on the subject. The list of circulars consolidated in this Master Direction is indicated in the Append...

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Master Direction – Priority Sector Lending – Targets and Classification

RBI/FIDD/2016-17/33 Master Direction FIDD.CO.Plan.1/04.09.01/2016-17 (07/07/2016)

The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions/directives to banks on Priority Sector Lending. The Master Direction enclosed incorporates the updated guidelines/ instructions/ circulars on the subject....

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Patent Box Regime : A special tax regime for Intellectual Property

A Patent Box is a special tax regime for Intellectual Property (IP) revenues. It is also known as IP-Box or Innovation-Box. The concept of Patent Box was first introduced by Irish and French Tax Authorities. In a Patent Box Tax Regime, a lower rate of tax is applicable for the income generated from licensing or transfer of intellectual pr...

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Posted Under: Income Tax |

GST and its effect on E-Commerce transactions

The Model GST Law provides a basic infrastructure for indirect tax regime for E Commerce under ‘Chapter XIB’ titled ‘Electronic Commerce’. In simple words, it implies TCS on online sales of goods or service i.e., Every E-commerce operator engaged in facilitating the supply of any goods and/or services (like Amazon, Flipkart, etc.)...

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Posted Under: Income Tax |

Analysis of SEBI Circular on transition of Ind-AS for Listed Entities

As far as listed companies are concerned and as per the notification dated 16th February, 2015 issued by Ministry Of Corporate Affairs (‘MCA’), the Companies whose EQUITY or DEBT securities are LISTED OR in the PROCESS OF BEING LISTED on any Stock Exchanges in India OR outside India...

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Posted Under: Income Tax |

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