Daily Archives: December 10, 2015

RBI Guidelines on trading of Cross-Currency Futures

By | December 10, 2015

RBI/2015-16/267 A.P. (DIR Series) Circular No. 35 December 10, 2015 To All Authorised Dealer Category – I Banks Madam / Sir, Guidelines on trading of Currency Futures and Exchange Traded Currency Options in Recognized Stock Exchanges – Introduction of Cross-Currency Futures and Exchange Traded Option Contracts Attention of Authorized Dealers Category – I (AD Category… Read More »

RBI reduced Maintenance of Statutory Liquidity Ratio

By | December 10, 2015

RBI/2015-16/262 DBR.No.Ret.BC.64/12.01.001/2015-16 December 10, 2015 All Commercial Banks, Primary (Urban) Co-operative Banks (UCBs), State and Central Co-operative Banks (StCBs/CCBs) Dear Sir, Section 24 and Section 56 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) Please refer to circulars DBR.Ret.BC.70/12.02.001/2014-15 and DCBR.BPD.(PCB/RCB).Cir.No.14/16.26.000/2014-15 dated February 03, 2015, on maintenance of Statutory Liquidity… Read More »

Anti-dumping duty on Purified Terephthalic Acid

By | December 10, 2015

Seeks to levy provisional anti-dumping duty on Purified Terephthalic Acid, originating in, or exported from the People’s Republic of China, Iran, Indonesia, Malaysia and Taiwan for a period not exceeding six months [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]                                                           GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF… Read More »

FII/FPIs returns will not be treated defective in certain cases

By | December 10, 2015

Clarification regarding Notices of defective returns issued to FII/FPIs Notices of defective returns were issued under Section 139(9) of the Income-tax Act to Foreign Institutional Investors/Foreign Portfolio Investors (FIIs/FPIs) in cases where Balance Sheet and P&L account were not filled. In order to overcome this difficulty, it is clarified that such returns will not be… Read More »

New facility for rectification of income tax return

By | December 10, 2015

New facility of pre-filling TDS data while submitting online rectification             Central Board of Direct Taxes (CBDT) has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return. Taxpayers were required to fill-in complete details of the entire TDS schedule while applying for rectification on the e-filing portal of… Read More »

Depreciation on capitalization of foreign gain/loss not allowed as it does not satisfy Section 43A : HC

By | December 10, 2015

HIGH COURT OF CALCUTTA Commissioner of Income-tax, Kolkata-III v. ITC Ltd. GIRISH CHANDRA GUPTA AND ARINDAM SINHA, JJ. IT APPEAL NO. 426 OF 2006 MAY  7, 2015 R.N. Bandyopadhyay and A.G. Gutgutia, Advocates for the Appellant. J.P. Khaitan, Sr. Adv., Mrs. Nilanjan Pal (Banerjee) and A. Gupta, Advocates for the Respondent. JUDGMENT 1. The appeal… Read More »

Enhanced Compensation is taxable only after right to receive is established

By | December 10, 2015

Brief facts of the Case :- Mr. J.N. Dhamija filed his return of income for AY 1989-90 .During the course of the assessment proceedings, Mr. Dhamija’s auditors submitted a letter dated 19th August 1990 to the Assessing Officer (AO) explaining that Mr. Dhamija had received additional compensation of Rs. 3,64,03,764/- and Rs. 6,02,3301- in the… Read More »

Keeping Sugar beyond the permissible limit can not be treated as undisclosed income if shown in Books of Accounts

By | December 10, 2015

Facts of the Case Respondent-assessee, proprietor of M/s Khubi Ram Johri Lal was doing the business of trading sugar, ghee and other items at old Grain Market, Moga. The assessee filed his return of income for the assessment year 2010-11 on 13.10.2010 declaring the taxable income of Rs 1,36,79,960/-, which was processed under Section 143(1)… Read More »