License fee for Software, even if copyrighted article, taxable as royalty
In Re Millennium IT Software Ltd (AAR) The applicant was the developer of software. It granted a non-exclusive and non-transferable license to an Indian company to use the software without any sub-licensing rights. The licensee was not allowed to modify the software programme and could make copies only for its own use. The applicant filed… Read More
Companies to use their own XBRL accounting terms from next fiscal year
The government will allow companies to use their own accounting terms in the new reporting format from the next fiscal year, accommodating an industry request that the new rule be relaxed to make data comparison easy for shareholders. At present, there is a difference in the way a firm's financial data is presented in the… Read More
Tax collection soars in the first half of this fiscal year
Gross direct tax collection during the first half of the current fiscal (April-September 2011) was up by 23 percent at Rs 257,042 crore as against Rs 208,971 crore in the same period last fiscal. While gross collection of corporate taxes was up 23.17 percent (Rs.175,360 crore against Rs 142,368 crore last year), gross collection of… Read More
Export incentives soon to be announced
Shri Anand Sharma the Union Minister of Commerce, Industry & Textiles today chaired the interaction with FIEO and all Export Promotion Councils and commodity Boards here today. Shri Sharma in his opening remark said, the purpose of today™s consultation is to conclude the process which DGFT & Commerce Secretary have been doing throughout the year… Read More
National Policy on Information Technology 2011 – released
Shri Kapil Sibal, the Minister of Communications and Information Technology released the Draft National Policy on Information Technology, 2011 here today. Speaking on the occasion, Shri Sibal said that Information Technology is a key driver of an increasingly knowledge based global economy, and given its current global position in the IT and ITES sector, India… Read More
MCA lays down the the rules for filing documents and forms in XBRL
Notification; GOI; MCA; Dt 5th October, 2011 G.S.R. (E)-- In exercise of the powers confered bu sub- section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Governement hereby makes the following rules, namely: (1) Short title and Commencement:- (1) These rules may be called the Companies (Filing… Read More
On-site Post Clearance Audit at the Premises of Importers and Exporters Regulations, 2011
Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No.72/2011-Customs (N.T.) G.S.R.--(E). - In exercise of the powers conferred by clause (d) of section 157, read with clause (ii) of sub-section (2) of section 158, of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs… Read More
Amendments to the Equity, IDR and SME Equity Listing Agreements
To All Stock Exchanges Dear Sir/Madam, Sub: Amendments to the Equity, IDR and SME Equity Listing Agreements 1. In line with the objective to enhance the quality of disclosures made by listed entities, certain amendments are hereby carried out to the Equity Listing Agreement, Model Listing Agreement for Indian Depository Receipts and Model SME Equity… Read More
Uniform Know Your Client (KYC) Requirements for the Securities Markets
SEBI Registered Intermediaries - Depository Participants (DPs) through Depositories, Mutual Funds (MFs) Association of Mutual Funds in India (AMFI) Portfolio Managers (PMs), Collective Investment Schemes (CIS) Venture Capital Funds (VCFs) Dear Sirs, Subject: Uniform Know Your Client (KYC) Requirements for the Securities Markets 1. SEBI has been getting feedback from the investors that various SEBI… Read More
Domestic Money Transfer- Relaxations
The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Authorised Card Payment Networks Madam / Dear Sir Domestic Money Transfer- Relaxations At present only banks are permitted to initiate money transfers in the country subject to adherence… Read More
Form 23AC XBRL and 23ACA XBRL released by MCA for filing of B/S & P&L in XBRL mode
After releasing the Revised Taxonomy and MCA validation tool some time back, MCA has released XBRL filing form nos. 23AC XBRL and 23ACA XBRL by introducing Companies (Filing of Documents and Forms in eXtensible Business Reporting Language) Rules, 2011 effective from today i.e. 6th October, 2011. The existing Form 23AC and Form 23ACA are not to be… Read More
Filing of applications for DEPB for exports of Cotton Yarn including Melange Yarn
Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan New Delhi Trade Notice No. 20 … Read More
Extension of ban on export of edible oils up to 30.09.2012 and exemption for export of edible oil in branded consumer packs
(To be Published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii)) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan Notification No 77 (RE 2010)/2009-2014 New Delhi, Dated : 28th September, 2011 Subject: Extension of ban on export of edible oils up to 30.09.2012 and exemption for export… Read More
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