This is good news for Multi-national companies (MNCs) operating in India. Over 1,600 such companies, who were asked to pay additional corporate taxes on account of their overseas transactions, now, have the option to appeal before the conventional forum of Commissioner (Appeal) as well as Dispute Resolution Panel (DRP) for redressal of their grievances. An appeal before the commissioner (Appeal) may take a year or two for a decision.
RPCD.CO.RF.BC.No.51/07.02.01/2009-10- On the basis of the current macroeconomic assessment, as set out in the Third Quarter Review of Monetary Policy 2009-10 issued on January 29, 2010, it has been decided to increase the Cash Reserve Ratio (CRR) for Scheduled State Co-operative Banks by 75 basis points from 5.00 per cent to 5.75 per cent of their net demand and time liabilities (NDTL) in two stages, effective the fortnights as indicated below:
On the basis of the current macroeconomic assessment, as set out in the Third Quarter Review of the Monetary Policy 2009-10 issued on January 29, 2010, ithas been decided to increase the Cash Reserve Ratio (CRR) for Scheduled Primary (Urban) Co-operative Banks by 75 basis points from 5.00 per cent to 5.75 per cent of their net demand and time liabilities (NDTL), in two stages, effective from the fortnights as indicated below.
RPCD.CO.RRB.BC.No.53/03.05.28 (B)/2009-10- On the basis of the current macroeconomic assessment, as set out in the Third Quarter Review of Monetary Policy 2009-10 issued on January 29, 2010, it has been decided to increase the Cash Reserve Ratio (CRR) for Regional Rural Banks by 75 basis points from 5.00 per cent to 5.75 per cent of their net demand and time liabilities (NDTL) in two stages, effective the fortnights as indicated below:
Banks/Financial Institutions are required to update the consolidated list of individuals/entities as circulated by Reserve Bank and before opening any new account, it should be ensured that the name/s of the proposed customer does not appear in the list. Further, banks should scan all existing accounts to ensure that no account is held by or linked to any of the entities or individuals included in the list.
In partial modification thereof, we advise that Jammu & Kashmir State has since been included in the list of underbanked States and consequently the following underbanked districts of Jammu & Kashmir State – Anantnag, Doda, Kupwara and Poonch – have been included in the list of underbanked districts in underbanked States under Annex III of the above circular.
Attention of Authorised Persons is invited to clauses (a) and (c) of sub-regulation (1) of Regulation 3 of Foreign Exchange Management (Export and Import of Currency) Regulations, 2000, notified vide Notification No. FEMA 6 /RB-2000 dated May 3, 2000, in terms of which, any person resident in India may take outside India or having gone out of India on a temporary visit, may bring into India (other than to and from Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.5,000 per person.
CIT vs Reliance Petro Products (P) Ltd. (322 ITR 158) Supreme Court- It was held that a mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee and if the contention of the Revenue to this effect is accepted then in case
The Delhi High Court in the Home Solution Retail India case had held that renting of immovable property is not a taxable service. The Government as usual filed an appeal in the Supreme Court and the whole Department is under the impression that by mere filing an appeal in the Supreme Court, the High Court order has become inoperative. So demands, threats, Show Cause Notices are playing wild games in the field. Even the TRU, by a letter dated 15.07.2009 directed the Departmental officers to either pursue the tax payers to pay up the service tax due or take necessary action to safeguard revenue as the dispute has not reached finality and the department has filed an appeal against the order of the Delhi High Court.
The Department of Telecommunication (DoT) has given an ultimatum to the auditors of three telecom majors — Vodafone Essar, Idea Cellular and Bharti Airtel — to submit their final reports to the government by February 7. They are conducting a special audit into allegations of tax evasion.
