Corporate Law Reporter - The Daily Journal

CLR Snippets :: Call Rates of PSU Telecom Companies

As per the existing tariff framework, tariff for telecommunication access services is under forbearance except for national roaming and Rural Fixed Line Services. The service providers have the flexibility to offer different tariff schemes depending on the market conditions and other commercial considerations. Each service provider devices various schemes in such a manner as to… Read More

Income Tax notification in relation to Sec 138 of the IT Act – Disclosure of Information

NOTIFICATION NO. 32/2013 Dated: 18/04/2013 Whereas the Central Government is of the opinion that it is necessary to do so in the public interest; and, therefore, in pursuance of sub-clause (ii) of clause (a) Sub-Section (1) of 138 of the Income-tax Act, 1961, the Central Government hereby specifies officers of the rank of Joint Director and above serving… Read More

Income Tax Amendment Notification in relation to Deduction u/s 80IA

NOTIFICATION NO. 31/2013 Dated: 18/04/2013 In exercise of the powers conferred by clause (iii) of sub section (4) of section 80-IA of theIncome-tax Act, 1961 (43 of 1961), the Central Government hereby makes following amendment to the notification of the Government of India in the Ministry of Finance, Department of Revenue published in the Gazette of India, Part… Read More

Procedure for refund / revalidation of DEPBs/Reward Scrips for re-credit of 4% CVD (SAD)

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY (PART-I, SECTION-1) GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE PUBLIC NOTICE No. 06(RE 2013)/2009-2014 NEW DELHI: the 18th April, 2013 Subject: Procedure for refund / revalidation of DEPBs/Reward Scrips for re-credit of 4% CVD (SAD). In exercise of powers conferred under Para 2.4 of the Foreign… Read More

Increasing accuracy of data capturing by DGCI&S – Alignment of Chapter 3 schemes with ITC HS

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi Trade Notice No. 01 /2013 dated 18th April, 2013 To All RAs of DGFT Members of Trade Subject: Increasing accuracy of data capturing by DGCI&S- Alignment of Chapter 3 schemes with ITC HS Various items have… Read More

DTAA with Argentina

SECTION 90 OF THE INCOME-TAX ACT, 1961 DOUBLE TAXATION AGREEMENT AGREEMENT FOR EXCHANGE OF INFORMATION AND ASSISTANCE IN COLLECTION WITH RESPECT TO TAXES WITH FOREIGN COUNTRIES ARGENTINE AMENDMENT IN NOTIFICATION NO. GSR 710(E), DATED 18-11-1993 NOTIFICATION NO. 22/2013 [F.NO. 504/3/2010-FTD-II]/SO 824(E), DATED 22-3-2013 Whereas, an Agreement between the Government of the Republic of India and… Read More

Income Tax Jurisdiction Notification – for Bhopal Region

SECTION 120 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - JURISDICTION OF - COMMISSIONER OF INCOME-TAX (CENTRAL) NOTIFICATION NO. 26/2013 [F.NO.187/18/2012 (ITA.I)], DATED 28-3-2013 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby :- (a) directs that… Read More

DTAA with United Arab Emirates

SECTION 90 OF THE INCOME-TAX ACT, 1961 - DOUBLE TAXATION AGREEMENT - AGREEMENT FOR AVOIDANCE OF DOUBLE TAXATION AND PREVENTION OF FISCAL EVASION WITH FOREIGN COUNTRIES - UAE - AMENDMENT IN NOTIFICATION NO. GSR 710(E), DATED 18-11-1993 NOTIFICATION NO. 29/2013 [F.NO. 503/5/2004-FTD-II], DATED 12-4-2013 Whereas the annexed Second Protocol amending the Agreement between the Government… Read More

Department Clarification on Arms Length Price Variations

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PARTII, SECTION 3, SUBSECTION(ii)] GOVERNMENTOF INDIA MINISTRYOF FINANCE [DEPARTMENTOF REVENUE] NOTIFICATION New Delhi, 15April 2013 [INCOME TAX] In exercise of the powers conferred by the second proviso to subsection (2) of section 92 C of the Income Tax Act, 1961 (43 of 1961), the Central Government hereby notifies that… Read More

Issuance of certificate for tax deducted at source in Form No. 16 as per provisions u/s 203

CIRCULAR NO. 04/2013 F.No 275/34/2011-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 17th April, 2013 Sub: Issuance of certificate for tax deducted at source in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule… Read More

ALP has to be the Arithmetic mean of all prices arrived through various methods

Ratio of the Case: If more than one price is determined by the most appropriate method, the ALP has to be the arithmetical mean of such prices CLR Editorial Notes: The assessee was engaged in providing software development support services by which it developed software upon the instructions of its parent associated enterprise (IKOS Systems Inc).… Read More

Consistent losses in IT Returns does not mean intention to evade taxes

CLR Editorial Notes: The assessee in this case, had filed a return declaring a loss of Rs. 16 lakhs in which it had made a wrong claim of depreciation. The Assessing Officer disallowed this claim and levied 100% penalty which was upheld by the CIT(A). When this case was brought before the Tribunal, the assessee… Read More

RBI Clarification on Overseas Direct Investments

RBI Clarification on Overseas Direct Investments RBI/2012-13/481 A.P. (DIR Series) Circular No. 100 April 25, 2013 To All Category-I Authorised Dealer Banks Madam / Sir, Overseas Direct Investments Clarification Attention of the Authorised Dealers (AD) is invited to Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004 notified by the Reserve Bank… Read More