Finance Ministry may take up 42 FDI Proposals during next week

The Finance Ministry will take up 42 foreign direct investment (FDI) proposals, including that of BNP Paribas, Tata Steel and PTC India Financial Services, next week. The Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary R Gopalan is scheduled to meet on May 20 here. As per the Finance Ministry, 15 proposals are… Read More

CAG may review Transfer Pricing Cases

"Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India," Director General of Income Tax (DGIT) R N Dash said while addressing a seminar organised by Assocham. The Income Tax department today said that transfer pricing cases, which have revenue implications for the exchequer, will be scrutinised… Read More

Clarification of applicability of XBRL for FY 2009-10 – MCA

The MCA has excluded the banking companies, insurance companies, power companies, NBFCs and overseas subsidiaries of these companies from the applicability of reporting of Balance sheet and Profit & Loss A/c for the year 2009-10 in XBRL language.   General Circular No.25/2011, dated 12.5.2011 All Regional Directors; All Registrar of Companies Subject: Filling of Balance Sheet and Profit… Read More

Clarifications regarding Prosecution Provisions – Service Tax

    F. No.  354/45/2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Tax Research Unit) New Delhi dated the 12th May, 2011. To Chief Commissioners of Central Excise and Service Tax (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director General (Audit), Commissioners of Service Tax… Read More

Refund of Excise Duty – Not an income if first paid and claimed back

In this case Assessee is a firm engaged in the business of manufacture of aluminum wire rods at IGP,SIDCO, Phase-II Samba, Jammu & Kashmir. During the assessment proceedings, the assessee had filed computation of taxable income wherein deduction u/s 80IB amounting to Rs 5,85,84,089/- was claimed. The A.Owent through the details and found that the assessee had… Read More

Monthly Technical Reports under Customs, Excise and Service Tax

Circular No.944/05/2011-CX F.No.390/Misc/108/2010-JC Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs --- New Delhi, the 10th May, 2011 To. 1.     All Chief Commissioners and Director Generals under the Central Board of Excise and Customs. 2.     CDR, Customs, Excise & Service Tax Appellate Tribunal. 3.     All Commissioners of Customs/Central Excise, Service Tax/… Read More

Tags: Monthly Technical ReportsMTR

Govt. redrafting Rules for Appointment of Merchant Bankers

The Government is in the process of redrafting the proposal document format for appointment of merchant bankers to avoid the conflict of interest between public and private share sale issues. There was an issue in SAIL... That part (appointment of merchant bankers) of the document was drafted way back in 2001, we are trying to… Read More

RBI sets up Committee for streamlining Foreign Exchange

The Reserve Bank today set up a committee for streamlining foreign exchange transactions and also invited comments from public and other stakeholders for improving facilities pertaining to investments and repatriation of funds. The Reserve Bank, while referring to the Monetary Policy Statement for 2011-12, said in a statement that the Committee chaired by former RBI… Read More

27th Annual Conference of Chief Commissioners and Directors General of Income Tax

Govt. of India, Ministry of Finance,Department of Revenue, Office of Chief Commissioner of Income Tax, Room No.365, 3rd Floor, Central Revenue Building, I.P.Estate, New DelhI-110002 No. CC/Delhi /Coord/ 2011.12 Date 09.05.2011 All Chief Commissioners / Director Generals Dear Sir / Madam Sub: 27th Annual Conference of ChiefCommissioners & Directors General of income Tax, 2011 1. The 27t… Read More

Workshop on Draft Draft National Voluntary Guidelines on Social Responsibilities

Multi-Stakeholder Consultations Draft National Voluntary Guidelines on Social,  Environmental and Economic Responsibilities of Business (NVGs) & Global Reporting Initiative (GRI) Sustainability Reporting Guidelines A Half-Day multi Stakeholder consultation is being organized by the Indian Institute of Corporate Affairs (IICA) and  Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ)under a bilateral cooperation,  the IICA-GIZ CSR Initiative,Global Reporting Initiative… Read More

Tags: CSRNational Voluntary Guidelines on Social Responsibility

FAQ’s on Special Provisions for International Workers under Provident Fund

1) Who is an International Worker? An International worker may be an Indian worker or a foreign national. - Any Indian employee working or having worked abroad in a country with which India has entered into a Social Security Agreement (SSA); OR - Any foreigner working in India in an establishment where the Employees Provident… Read More

Tags: EPFOPF for International Workers

Rules reg. Exemption from Liability for Hosting Third Party Information

Exemption from Liability for Hosting Third Party Information: Diligence to be Observed under Intermediary Guidelines Rules The attention of Government has been drawn to news items in a section of media on certain aspects of the Rules notified under Section 79 pertaining to liability of intermediaries under the Information Technology Act, 2000. These items have… Read More

Tags: Information Technology ActIntermediary GuidelinesIT Act

CCI Releases Regulation of Combinations for Corporate Sector

The Competition Commission of India (CCI) today released the regulation of Combinations related with the implementation of provisions of Section 5 & 6 of Competition Act (the Combination Provisions, which have  been envisaged to prevent creation of anti competitive environment in Indian economy),are coming into effect from 1st June, 2011. Elaborating the modalities of new rules  to the media… Read More

Tags: cciCombination RegulationsCompetition Commission

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