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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sat, Jun 4, 2011 at 10:12 AM
Subject: TaxGuru : “Re-assessment of lease classification can be done only on Actual exercises of purchase option” plus 34 more
To: palashbiswaskl@gmail.com
From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sat, Jun 4, 2011 at 10:12 AM
Subject: TaxGuru : “Re-assessment of lease classification can be done only on Actual exercises of purchase option” plus 34 more
To: palashbiswaskl@gmail.com
TaxGuru : “Re-assessment of lease classification can be done only on Actual exercises of purchase option” plus 34 more | |
- Re-assessment of lease classification can be done only on Actual exercises of purchase option
- Procedure for issuance of Lower / Nil TDS Certificate
- SEBI imposes Rs 14 cr penalty on two IPO scam financiers
- Black Money – Action Taken by Government on Demands Raised by Baba Ramdev
- No great ambiguity in international tax laws – IT official
- Indian Postal Dept. mobile money transfer service
- Message by ICSI President – June, 2011
- Consumer Affairs Minister for Strict Action against Misleading Advertisements
- Capitalization of borrowing cost on prepayments made to acquire an asset
- Discounting charges made for bills of exchange are not interest – Delhi HC
- Summary of New Draft Rules for Preferential Allotment/ Private Placement in unlisted public companies
- Fema – RBI liberalises and rationalises Overseas Direct Investment Regulations
- Existence of actual cross border transaction and motive to shift profits or evade taxes not necessary pre conditions for Transfer pricing provisions to apply
- Taxpayer not eligible to claim short stay exemption under the DTAA as the salary was paid directly by the Indian subsidiary
- Govt to dedicate National Legal E-Library to nation on 15 August 2011
- India among top four wealth creators in world – Study
- New pension policy – PFRDA to retain 50 per cent cap on equity investment
- Secretary, Financial Services Launches Integrated Grievance Management System (IGMS); asks Insurance Companies to Focus on Increasing Insurance Literacy
- SEZ – Views of the Industry sought by MCI on its proposal to relax conditions for Project & Employment Visa for SEZ
- The Companies (Cost Audit Report) Rules, 2011
- Companies Director Identification Number (Second Amendment) Rules, 2011
- Seeks to supersede Notification No.153/2009-Customs, dated 31.12.2009 and to provide duty concessions to Philippines and other ASEAN countries in view of ASEAN- India FTA (AIFTA)
- SEBI – Redemption of Indian Depository Receipts (IDRs) into Underlying Equity Shares
- Seeks to amend notification no. 96/2008-Customs, dated 13.08.2008 so as to include ‘Islamic republic of Afghanistan’ as one of the beneficiaries to DFTP scheme
- Clarification about requirement of ‘Declaration of Intent’ on Free Shipping Bills for claiming Chapter 3 scheme benefits
- Exemption for export of 10,000 MTs of organic sugar – Notification No 52 (RE–2010)/2009-2014
- Export of Organic Pulses – Notification No 51 (RE–2010)/2009-2014
- Exemption for export of 10,000 MTs of organic edible oils – Notification No 50 (RE–2010)/2009-2014
- Amendment of para3.11.8 of HBP Vol I( 2009-14) – Public Notice No. 53(RE-2010)/ 2009-14
- Amendment in the Hand Book of Procedures, Vol.1; specifically in the ANF 3B – Public Notice No. 52 (RE2010)/2009-14
- MODIFICATION OF SION C-593 under Engineering Product Group – Public Notice No. 51 /(RE-2010)2009-2014
- RBI circular on Financing of Self Help Groups (SHGs) and Joint Liability Groups (JLGs) by Primary (Urban) Co-operative Banks (UCBs)
- SEBI – Periodical Report – Grant of prior approval to members of stock exchanges/sub-brokers
- SEBI – Processing of investor complaints against listed companies in SEBI Complaints Redress System (SCORES)
- Slowdown in housing loan uptake due to interest rate hike – National Housing Bank
| Re-assessment of lease classification can be done only on Actual exercises of purchase option Posted: 03 Jun 2011 08:55 PM PDT aragraph 10 of AS 19 Leases requires the lease classification to be made at the inception of the lease., It further states that ,...If at any time the lessee and the lessor agree to change the provisions of the lease, other than by renewing the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Procedure for issuance of Lower / Nil TDS Certificate Posted: 03 Jun 2011 06:22 PM PDT · Every finance professional are making estimated accounts of the company and based on that you can also prepare the estimated computation of total income assuming same adjustments as done for the previous year. Determine the expected tax liability... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| SEBI imposes Rs 14 cr penalty on two IPO scam financiers Posted: 03 Jun 2011 04:37 PM PDT Market regulator Sebi today imposed a penalty of Rs 14 crore on Dushyant Natwarlal Dalal and Puloma Dushyant Dalal , the two financiers for unlawful gains made during the infamous IPO scam of 2003-05. The two had been accused of making unlawful... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Black Money – Action Taken by Government on Demands Raised by Baba Ramdev Posted: 03 Jun 2011 04:14 PM PDT There is a legal framework regulated by the Reserve Bank of India for the opening of bank accounts overseas by Indian residents and for outward or inward remission of funds through authorized channels. The existing legal framework for dealing with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| No great ambiguity in international tax laws – IT official Posted: 03 Jun 2011 04:12 PM PDT The Income Tax department today said there is no great ambiguity in international tax laws and the Government wants to have more transparency in deals. There are issues...debatable issues, but there is no great ambiguity in international tax laws,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Indian Postal Dept. mobile money transfer service Posted: 03 Jun 2011 03:53 PM PDT The Department of Posts (DoP) has launched the mobile-based money transfer service by Post Offices for quicker transfer of money from one city to another. Launching the service, the Union Minister of State for Communications, Information Technology... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Message by ICSI President – June, 2011 Posted: 03 Jun 2011 03:18 PM PDT XBRL – A New Financial Reporting Language -Businesses are adapting to an operating environment which increasingly focuses on improved corporate governance and better risk management. In response to changing expectations of stakeholders towards... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Consumer Affairs Minister for Strict Action against Misleading Advertisements Posted: 03 Jun 2011 01:26 PM PDT The Ministry of Consumer Affairs, Food & Public Distribution will soon convene a meeting to discuss the issue of misleading advertisements with various service sector ministries and related agencies. Expressing concern over such advertisements... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Capitalization of borrowing cost on prepayments made to acquire an asset Posted: 03 Jun 2011 06:04 AM PDT AS 16 Borrowing costs defines a 'qualifying asset' as an 'asset that necessarily takes a substantial period of time to get ready for its intended use or sale.' It also clarifies that ordinarily, a period of twelve months is considered as a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Discounting charges made for bills of exchange are not interest – Delhi HC Posted: 03 Jun 2011 05:40 AM PDT Delhi High Court in the case of DCIT v. Cargill Global Trading (I) (P) Limited on the issue of whether discounting charges paid to a non-resident on discounting of bills of exchange (BEs) can be characterized as 'interest', liable for withholding... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 03 Jun 2011 05:06 AM PDT Under Section 81 (1A) of the Companies Act, a public company may make a preferential allotment of shares only by passing a special resolution in a general meeting. On 24 May 2011 the Ministry of Corporate Affairs has issued a new set of draft rules... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Fema – RBI liberalises and rationalises Overseas Direct Investment Regulations Posted: 03 Jun 2011 04:58 AM PDT As a measure of providing operational flexibility to Indian Corporates investing / having investments abroad, the Reserve Bank of India has further liberalised and rationalised its Overseas Direct Investment Regulations vide A. P. (DIR Series)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 03 Jun 2011 04:41 AM PDT The Delhi Bench of the Income-tax Appellate Tribunal in the case of Tianjin Tianshi India Private Limited v. ITO, held that existence of actual cross border transaction and motive to shift profits outside India or evade taxes in India are not... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 03 Jun 2011 04:34 AM PDT Madras High Court has recently held in the case of CIT v R. Rajgopal [TS-222-HC-2011 (MAD)] that, as the salary was paid directly by the Indian subsidiary company, conditions of Article 16(2)(b) of the Indo-UK Treaty was not fulfilled. Accordingly,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Govt to dedicate National Legal E-Library to nation on 15 August 2011 Posted: 02 Jun 2011 11:06 PM PDT The ‘National Legal E-Library’ project of the Government is to be dedicated o the nation on 15 August 2011.Dr. M Veerappa Moily, the Minister of Law & Justice had proposed the need for the formulation of a ‘National Legal e-library’ for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| India among top four wealth creators in world – Study Posted: 02 Jun 2011 10:23 PM PDT India has emerged among the four fastest wealth creator countries in the world and its growth momentum is expected to gather further steam going forward, a global study has said. In its annual Global Wealth Report, management consulting firm Boston... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| New pension policy – PFRDA to retain 50 per cent cap on equity investment Posted: 02 Jun 2011 10:19 PM PDT Pension regulator, PFRDA, today said that it would like to maintain the 50 per cent limit on investment in equities for the new pension fund, regardless of the recommendation of the Bajpai committee. We think that at the current stage of pension... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 02 Jun 2011 09:47 PM PDT Emphasizes on Putting Proper Regulatory Mechanism in Place to Protect the Interest of Policy Holders - Shri S.K. Sharma, Secretary, Department of Financial Services, Ministry of Finance launched the online grievance portal i.e. Integrated Grievance... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 02 Jun 2011 09:47 PM PDT CIRCULAR [NO. 12/2/2011-FOI], DATED 5-5-2011 It has been realised that while this stipulation would remain to be a guiding factor to operate E-visa regime in general, units bringing large amount of FDI in SEZs could be granted exemption from this... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| The Companies (Cost Audit Report) Rules, 2011 Posted: 02 Jun 2011 09:42 PM PDT Cost Auditor to be furnished with the cost accounting records etc. – Without prejudice to the powers and duties the Cost Auditor shall have under sub-section (4) of section 233B of the Act, the company and every officer thereof, including the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Companies Director Identification Number (Second Amendment) Rules, 2011 Posted: 02 Jun 2011 09:41 PM PDT These rules may be called the Companies Director Identification Number (Second Amendment) Rules, 2011. (2) They shall come into force with effect from 12th June, 2011. 2. In rule 3,‑ (i) In sub-rule (3), para (b), the word 'can' after the words... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 02 Jun 2011 09:40 PM PDT Notification No. 46/2011-Customs Provided that the importer proves to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, that the goods in respect of which the benefit of this exemption... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| SEBI – Redemption of Indian Depository Receipts (IDRs) into Underlying Equity Shares Posted: 02 Jun 2011 09:39 PM PDT CIRCULAR CIR/CFD/DIL/3/2011 a. After the completion of one year from the date of issuance of IDRs, redemption of the IDRs shall be permitted only if the IDRs are infrequently traded on the stock exchange(s) in India. b. The issuer company shall... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 02 Jun 2011 09:37 PM PDT Notification No. 45/2011-CustomsIndia has extended duty-free market access to Afghanistan as part of its economic package for least developed countries (LDCs). Under the scheme, the import of most products from the neighbouring country will be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 02 Jun 2011 09:36 PM PDT Policy Circular No. 32(RE-2010)/2009-14 It is clarified that 'Declaration of Intent' needs to be mentioned mandatorily on the free shipping bills for claiming Chapter 3 benefits . This declaration can be made in the product description column in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Exemption for export of 10,000 MTs of organic sugar – Notification No 52 (RE–2010)/2009-2014 Posted: 02 Jun 2011 09:35 PM PDT Notification No 52 (RE – 2010)/2009-2014 Export of sugar is free subject to obtaining release order from the Chief Director(Sugar), Directorate of Sugar. But, the same is not required for export of Organic sugar with a ceiling of 10,000 MTs per... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Export of Organic Pulses – Notification No 51 (RE–2010)/2009-2014 Posted: 02 Jun 2011 09:34 PM PDT Notification No 51 (RE –2010)/2009-2014 Export of Organic Pulses was earlier exempted from the ban on export of pulses with a ceiling of 10,000 tonnes upto 31.03.2012 and subject to certain conditions. Now exemption on export of organic pulses... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Exemption for export of 10,000 MTs of organic edible oils – Notification No 50 (RE–2010)/2009-2014 Posted: 02 Jun 2011 09:33 PM PDT Notification No 50 (RE – 2010)/2009-2014 Prohibition on export of edible oils is upto 30.09.2011. But, the same will not apply to export of Organic edible oils (new addition now) in addition to other relaxations/exemption granted earlier; but with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Amendment of para3.11.8 of HBP Vol I( 2009-14) – Public Notice No. 53(RE-2010)/ 2009-14 Posted: 02 Jun 2011 09:32 PM PDT Public Notice No. 53(RE-2010)/ 2009-14 Till now Shipping Bills filed under Chapter 4 (including drawback), Chapter 5 or Chapter 6 schemes needed a 'Declaration of Intent' for claiming chapter 3 benefits. Now this 'Declaration of Intent' is ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 02 Jun 2011 09:31 PM PDT PUBLIC NOTICE No. 52 (RE2010)/2009-14 A new EDI and user friendly format of ANF 3B has been introduced to facilitate easy filing of applications for grant of SFIS benefits. Earlier SFIS benefit was granted for services listed under Appendix 10 which... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 02 Jun 2011 09:30 PM PDT Public Notice No. 51 /(RE-2010)2009-2014 Under SION C-593, till now only HR coil/plates made of non-alloy steel were permitted input at Sl No. 1 of the SION. Now the definition of this input is modified to permit HR coil/plates made out of Alloy... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 02 Jun 2011 09:29 PM PDT UBD.BPD.(PCB)CIR No. 50/13.05.000(B)/2010-11 As announced in the Monetary Policy 2011-12 [para 100 - appended], with a view to further expanding the outreach of UCBs and opening an additional channel for promoting financial inclusion, it has been... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| SEBI – Periodical Report – Grant of prior approval to members of stock exchanges/sub-brokers Posted: 02 Jun 2011 09:29 PM PDT CIRCULAR No. . CIR/MIRSD/2/2011 - Requirement of members of the stock exchanges and sub-brokers to obtain prior approval from SEBI for change in status or constitution has been done away with. However, the members of the stock exchanges would be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 02 Jun 2011 09:28 PM PDT CIRCULAR No. -CIR/OIAE/2/2011 All complaints pertaining to companies will be electronically sent through SCORES at http://scores.gov.in/Admin. The companies are required to view the complaints pending against them and submit ATRs alongwith... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Slowdown in housing loan uptake due to interest rate hike – National Housing Bank Posted: 02 Jun 2011 09:25 PM PDT The National Housing Bank today said there has been a slowdown in the growth of housing loan uptake due to higher interest rates and rising property prices. Traditionally, growth in housing finance loans was witnessed at 25 per cent each year for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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