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SEBI : Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement

September 24, 2013 277 Views 0 comment Print

The Stock Exchanges are advised to report to SEBI, the action taken in this regard in the Monthly/Quarterly Development Report

Revised Form for obtaining advance ruling U/s. 245Q(1)

September 24, 2013 1447 Views 0 comment Print

Notification No. 76/2013 – Income Tax Dated- 24th September, 2013 – In exercise of the powers conferred by section 245Q read with section 295 of the Income-tax Act, 1961 (43 of 1961), CBDT hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

OFCDs cannot be equated with ‘loan’ or ‘deposit’ U/s. 269SS

September 24, 2013 12198 Views 0 comment Print

Optionally Fully Convertible Debentures (OFCDs) do not fall under and cannot be equated with receipt of ‘loan’ or ‘deposit’ under the provisions of Section 269SS of the IT Act, evidently, no violation of the said Section can be said to have been committed by the assessee to attract penalty u/s 271D.

TDS Return – Challan Deposit date can pertain to immediate previous Financial Year

September 24, 2013 5515 Views 0 comment Print

Release of File Validation Utility (FVU) version 4.0 and 2.136 for e-TDS/TCS Statements. 1. FVU version 4.0 – For Statements pertaining to FY 2010-11 onwards. 2. FVU version 2.136 – For Statements pertaining to FY 2007-08 to FY 2009-10.

Procedure to Track Non-Filers of Income-tax Returns

September 24, 2013 11498 Views 0 comment Print

The existing procedure for monitoring cases of ‘Non-Filers of IT Returns’ as identified by Director General of Income, Tax (System) has been examined by the Board.

Interest for delay in buy back process is part of Sale consideration

September 24, 2013 2998 Views 0 comment Print

In the case in hand the interest is received in pursuance to the directions of the SEBI and due to delay in completion of the process of buy back of shares as prescribed under the SEBI regulations.

CBDT Notifies Rules For General Anti Avoidance Rules (GAAR)

September 23, 2013 4946 Views 0 comment Print

Notification No. 75/2013 – Income Tax Vide Notification dated 23.09.2013 issued by the CBDT, Rules 10U to 10UC have been inserted in the Income-tax Rules, 1962 to provide for the entire procedure for monitoring the General Anti Avoidance Rules (GAAR). The relevant forms have also been notified. The said Rules will come into effect on 1st April 2016.

Arrest for Drinking cutting tea suspiciously not lawful – HC

September 23, 2013 5817 Views 0 comment Print

– We were unaware that the law required anyone to give an explanation for having tea, whether in the morning, noon or night. One might take tea in a variety of ways, not all of them always elegant or delicate, some of them perhaps even noisy.

BSE to Develop India’s First CSR Index

September 23, 2013 792 Views 0 comment Print

Indian Institution of Corporate Affairs (IICA) and BSE Ltd. today signed an MoU in Mumbai to work collaboratively to develop a Corporate Social Responsibility (CSR) index, take up capacity building on CSR,

US Rules in Favour of India in Countervailing Duty Investigation on Frozen Shrimp exports from India

September 23, 2013 414 Views 0 comment Print

The United States International Trade Commission (USITC) determined that the US industry is neither materially injured nor threatened with material injury by reason of imports of frozen warm water shrimp from India, China, Ecuador, Malaysia, and Vietnam. USITC voted 4-2 against imposition of countervailing duty (CVD) against India and other six countries. As a result […]

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