Tax collection in Delhi grows by 23% over last year

 - Delhi The Delhi Government has collected a record tax revenue of Rs 16,478 crore in the year 2010-11, registering a growth of 23 per cent over 2009-10. "The collection has gone up from Rs 13,448 crore in 2009-10 to Rs 16,478 crore in 2010-11," Chief Minister Sheila Dikshit, who also holds the charge… Read More

ASSOCHAM – Seminar on Transfer Pricing

A seminar on Tranfer Pricing  will be held on the 17th June, 2011 in Mumbai at the Hilton Mumbai International Hotel. The Tax authorities globally have been increasing scrutiny of taxpayer's transfer pricing policies, challenging companies with reduced profitability and imposing transfer pricing adjustments to increase tax payables. While the recessionary environment is mainly to blame,… Read More

Tags: ASSOCHAMtransfer pricing

Enhancement in gratuity limits – Prudential Regulatory Treatment

RBI/2010-11/544; CIR No. 49/09.14.000/2010-11; Dated May 24, 2011 The Chief Executive Officers; All Primary (Urban) Co-operative Banks Please refer to para 10 of Memorandum attached to our Circular UBD.No.I&L.38/J.1-92/93 dated February 9, 1993 advising UCBs that it is necessary to estimate the liabilities on account of Provident Fund, Pension, Gratuity etc. on actuarial basis and full… Read More

CBEC- Provisional assessment of imports of vitrified porcelain tiles exported to India without anti-dumping duty being paid

GOI; Ministry of Finance (Department of Revenue); Notification No. 41/2011-Customs G.S.R.        (E). Whereas, in the matter of import of Vitrified Porcelain Tiles, (hereinafter referred to as the ˜subject goods™), falling under Chapter 69  of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the ˜Customs Tariff Act™) and originating… Read More

Tag: anti dumping duty

MCA clarifies on the applicability of provisions of sec 108A to 108I

GOI, MCA, Circular 30/2011, Dated- 23.5.2011 All the Regional Directors; All the Registrar of Companies/ Official Liquidators Sub: Clarification on applicability of provisions of section 108A to 108I of the Companies Act, 1956- regarding Sections 108A to 108I of the CVompanies Act, 1956 were inserted in the Companies Act, 1956 through Monopolies and Restrictive Trade… Read More

Sub-Committee of Financial Stability Development Council FSDC meets at Mumbai

The second meeting of the Sub-Committee of the Financial Stability Development Council (FSDC) was held today in the Reserve Bank of India, Mumbai. Dr. D. Subbarao, Governor, Reserve Bank of India, chaired the meeting. Shri R. Gopalan, Secretary, Department of Economic Affairs, Shri Shashi Kant Sharma, Secretary, Department of Financial Services, Dr. Kaushik Basu, Chief… Read More

Central Govt. specifies LLP a body corporate

GOI, MCA, Notification dated 23.5.2011 In exercise of the powers conferred by clause (c) of sub- section (7) of section 2 of the Companies Act, 1956 (1 of 1956), the Central Governement hereby specifies, for the purpose of the said clause, the Limited Liability Partnership, a body corporate, incorporated under clause (1) of section 3… Read More

Tag: LLP

DTAAs to be amended to check black money

Finance Minister Pranab Mukherjee Tuesday exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money. "Income Tax Department is engaged in ways to tackle with black money," he told reporters on the sidelines of an income tax conference here. He… Read More

Tag: DTAA

Government should not withdraw DEPB scheme :PHDCCI

The government should not withdraw tax refund DEPB scheme, which is ending in June, as it will make exports uncompetitive and would affect the growth momentum, industry body PHD Chamber said today. Exporters get refund of duties on import content of their export products. It costs the exchequer about Rs 8,000 crore per annum. "If… Read More

Tag: DEPB Scheme

Govt. cautious in allowing FDIs in LLP format

The government has taken a cautious approach towards allowing FDI in the hitherto untried LLP format of business, mostly preferred by professionals, experts said today. The government has allowed FDI in Limited Liability Partnership (LLPs) only in sectors where 100 per cent FDI is allowed under the automatic route. But still government approval is must… Read More

Tag: FDI in LLP

FIIs and MFs to hedge risk against default in corporate bonds

The Reserve Bank today came out with a credit default swap (CDS) guidelines that would allow corporate entities including insurers, FIIs and mutual funds to hedge risk against default in corporate bonds to which they subscribe. The guidelines, which were finalised by the RBI after receiving views from stakeholders, will come into effect from October… Read More

Tag: credit default swap guidelines

Guidelines on Credit Default Swaps (CDS) for Corporate Bonds

RBI/2010-11/542; No. 5053 /14.03.04/2010-11; May 23, 2011 All Market Participants Guidelines on Credit Default Swaps (CDS) for Corporate Bonds As indicated in paragraph 113 of the Second Quarter Review of Monetary Policy for year 2009-10, an Internal Group was constituted by the Reserve Bank to finalise the operational framework for the introduction of plain vanilla OTC single-name CDS… Read More

Income tax refunds takes a slow pace

Amid fears of slowdown in tax collection in the current fiscal, the Finance Ministry today indicated that it may go slow on disbursement of pending income tax refunds. The indication was given by Revenue Secretary Sunil Mitra at the annual conference of chief commissioners and directors general of income tax here. "The Board's (CBDT) proposal… Read More

Tag: Income Tax Refunds

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