Daily Archives: December 10, 2015

RBI Guidelines on trading of Cross-Currency Futures

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

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

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

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

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

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 »

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

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 »

Notification No. 26/2015-Service Tax

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, the 9th December, 2015 18 Agrahayana, 1937 Saka Notification No. 26/2015-Service Tax G.S.R….. (E). – In exercise of the powers conferred by sub-section… Read More »

Notification No. 25 /2015- Central Excise (N.T)

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]  Government of India Ministry of Finance (Department of Revenue)  Notification No. 25 /2015- Central Excise (N.T)  New Delhi, the 9th December, 2015  G.S.R. (E).__ In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1… Read More »