It has also been argued that retrospectivity was not permissible because this amendment to the definition of “taxable service” is not merely clarificatory but brings about a substantive liability of taxation upon the service providers. It has also been contended that by giving a retrospective effect to this amendment to the definition of taxable service, the service provider is also saddled with liability to pay interest as well as penalty on the default in payment of service tax for the past period.
On a review, it has been decided to enhance the ECB limit for NBFC-IFCs under the automatic route from 50 % of their owned funds to 75 % of their owned funds, including the outstanding ECBs. NBFC-IFCs desirous of availing ECBs beyond 75 % of their owned funds would require the approval of the Reserve Bank and will, therefore, be considered under the approval route.
In addition to listed corporate bonds, CDS shall also be permitted on unlisted but rated corporate bonds even for issues other than infrastructure companies. Users shall be allowed to unwind their CDS bought position with original protection seller at mutually agreeable or FIMMDA price. If no agreement is reached, then unwinding has to be done with the original protection seller at FIMMDA price.
Repo in corporate debt shall also be permitted on Commercial Papers, Certificates of Deposit and Non Convertible Debentures of less than one year of original maturity. The minimum haircut, applicable on the market value of the corporate debt securities prevailing on the date of trade of 1st leg, has been revised as under:
Under the existing provisions of the Companies Act, 1956, the appointment or re-appointment of a statutory auditor of a Company is an annual exercise except in cases of the appointment of first auditor or appointments to fill up casual vacancies. Sub-section (1) of section 139 of the Companies Bill, 2012 proposes to make it mandatory to appoint an auditor for five years at a time (subject to annual ratification).
Notification No. 1/2013 – Income Tax Director General of Income Tax (System) hereby extends the time limit for filing ITR-V forms relating to Income Tax Returns filed electronically (without digital signature Certificate) for A.Y. 2010-11 [Filed during F.Y. 2011-12] and for ITRs of A.Y. 2011-12 [filed on or after 1-4-2011] till 28th February, 2013.
The bunch of correspondence relied upon by the petitioner has been collectively annexed as annexure “C” to the petition and referred to at paragraph 8 of the petition. The affidavit-in-opposition deals with paragraph 8 of the petition at paragraph 9 thereof and does not question the authenticity of the copy documents appended as annexure C to the petition.
The contention of the assessee that return of income in electronic form was not to accompany the report in Form 3 CEB is not correct. The assessee was required to file the report under section 92E, read with rule 10E, before the specified date i.e., the due date for filing of the return.
No appeal is required to be filed when tax effect is less than Rs. 2 lakhs. The conditions mentioned in Clause-3 of the Circular dated 27.3.2000, are not attracted in this appeal. The circular has been issued by the Central Board of Direct Taxes and is binding upon the Department.
As per internal Sources Reserve Bank of India has decided to stick to 6 crores limit for March 2013 Statutory Branch Bank Audits. As per the reliable source, in spite of clearance for 20 crores limit, RBI is going ahead with last year agreed limit of 6 crores. RBI shall finalize its Empanelment by the end of last week of January 2013/ First week of February 2013.
