Shantanu eMinds Legal Consulting Pvt Ltd
eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 15 years.
RBI to issue Non-Sequential Numbered Banknotes in Denomination of Rs. 500
Press Release : 2010-2011/1810 With a view to enhancing operational efficiency and cost effectiveness in banknote printing at banknote presses, it has been decided to issue, to begin with, fresh banknotes of Rs. 500 denomination in packets, which may not necessarily all be sequentially numbered. This is consistent with international best practices. Packets of Banknotes… Read More
SEBI : Pre- funded instruments / Electronic fund transfers
CIR/MIRSD/03/2011 To All Recognized Stock Exchanges Dear Sir/Madam, Sub: Pre- funded instruments / Electronic fund transfers 1. SEBI vide Circular No. SEBI / MRD / SE / Cir-33 / 2003 / 27 / 08 dated August 27, 2003, while specifying the mode of receipt and payment of funds, has permitted the stock brokers to accept Demand Drafts… Read More
Video Conferencing will be mandatory for Listed Companies
The Ministry of Corporate Affairs said that From the Next Fiscal Year, every listed companies must provide the option of video conferencing for all the shareholders to participate in the annual general meeting and its connectivity during such meetings will have at least five place in India. In respect of shareholders' meetings to be held during 2011-12,… Read More
List of Terrorist Individuals /Organisations notified by RBI
RBI/2010-11/523 UBD.CO.BPD (PCB) Cir.No.48/14.01.062/2010-11 May 11, 2011 The Chief Executive Officer of All Primary (Urban) Co-operative Banks Dear Sir, List of Terrorist Individuals /Organisations under UNSCR 1267 (1999) and 1822 (2008) on Taliban/Al-Qaida Organisation Please refer to our circular UBD.CO. BPD (PCB).Cir.No.44/14.01.062/2010-11 dated May 2, 2011. We have since received from Government of India (Ministry of… Read More
RBI and 926 branches of Banks to accept Advance Income Tax
As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches… 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
RBI – Auction of Government of India Dated Securities
Government of India Offered for sell of Dated Securities Ref.No.IDMD / 4860 /08.02.033/2010-11 May 9, 2011 All Scheduled Commercial Banks / All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers Dear Sirs, Auction of Government of India Dated Securities Government of India have offered to sell (re-issue) of (a)… Read More
RBI announces Marginal Standing Facility (MSF) Scheme w.e.f. 9th May
RBI- Marginal Standing Facility Scheme w.e.f. 9/05/2011 RBI/2010-11/515 FMD. No.59/01.18.001/2010-11 May 9, 2011 All Scheduled Commercial Banks Dear Sir, Marginal Standing Facility Scheme As announced in the Monetary Policy for the year 2011-12, a new Marginal Standing Facility (MSF) is being introduced with effect from May 9, 2011. The Scheme will be operationalized on the lines… Read More
Maintenance of Statutory Liquidity Ratio (SLR)
CLR Note:- Some assets and securities were announced for the purpose of valuation of Statutory Liquidity Ration(SLR). However, The securities (including margin) shall not be treated as an eligible asset ,if acquired under the Reserve Bank- Liquidity Adjustment Facility (LAF). RBI/2010-11/516 Ref. DBOD No. Ret. BC. 92 /12.02.001/2010-11 May 09, 2011 All Scheduled Commercial Banks (Excluding… Read More
Transfer Pricing: Loss-making & Super-Profit companies are not comparable
Sapient Corporation Pvt Ltd vs. DCIT (ITAT Delhi) Brief History of the Case:- The assessee is a subsidiary company of M/s Sapient Corporation, USA and was set up under the Software Technology Park Scheme of the Government of India. The assessee renders customized software development services to associated enterprises and also renders post sales support services. The assessee in the… Read More
Interest on Tax refund not Effectively Connected with Permanent Establishment (PE)
ACIT vs. Clough Engineering Ltd (ITAT Delhi Special Bench) Brief Facts:- The assessee, an Australian company, had a PE in India from which it carried on business in India. The assessee filed the return on 28/11/2003 declaring total income of Rs.1,49,15,800/-. The assessee claimed refund of Rs. 2,64,71,450/-. The return was processed u/s 143(1) of the Income-tax… Read More
Fixed Charges for Hire of Vehicles not Rent for Section 194-I (TDS)
Ahmedabad Urban Development Authority vs. ACIT (ITAT Ahmedabad) Brief Facts:- The assessee is a local authority and is engaged in development of areas in and aroundAhmedabad outside municipal limits. It was seen that the assessee had hired cars on fixed rent payments but TDS was deducted @ 2% treating the same as contract. Since the… Read More
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