Daily Archives: October 20, 2016

100% FDI under automatic route in Other Financial Services in India

Foreign investment in Other Financial Services RBI/2016-17/90 A.P. (DIR Series) Circular No. 8 October 20, 2016 To All Category – I Authorised Dealer Banks Madam/Sir, Foreign investment in Other Financial Services Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security… Read More »

Review of sectoral caps & simplification of Foreign Direct Investment (FDI) Policy

Review of sectoral caps and simplification of Foreign Direct Investment (FDI) Policy RBI/2016-17/88 A.P. (DIR Series) Circular No. 6 October 20, 2016 To All Category – I Authorised Dealer Banks Madam/Sir, Review of sectoral caps and simplification of Foreign Direct Investment (FDI) Policy Attention of Authorised Dealer Category – I (AD Category-I) banks is invited… Read More »

FEM Manner of receipt and payment Regulations 2016

Foreign Exchange Management (Manner of receipt and payment) Regulations, 2016 RBI/2016-17/93 A.P. (DIR Series) Circular No. 11 [(1)/14(R)] October 20, 2016 To All Category – I Authorised Dealer Banks Madam/Sir, Foreign Exchange Management (Manner of receipt and payment) Regulations, 2016 Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.D.(M.A. Series) Circular No.… Read More »

Sovereign Gold Bonds- Maximum Limit of Investment and Acceptance as Collateral- Clarification

Sovereign Gold Bonds- Maximum Limit of Investment and Acceptance as Collateral- Clarification RBI/2016-17/96 IDMD.CDD.No.892/14.04.050/2016-17 October 20, 2016 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bonds- Maximum Limit… Read More »

Sovereign Gold Bonds 2016-17 Series III – Operational Guidelines

RBI/2016-17/99 IDMD.CDD.No.894 /14.04.050/2016-17 October 20, 2016 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bonds 2016-17 Series III – Operational Guidelines This has reference to the GoI notification… Read More »

Sovereign Gold Bonds 2016-17 – Series III

Sovereign Gold Bonds 2016-17 – Series III RBI 2016-17/98 IDMD.CDD.No.893/14.04.050/2016-17 October 20, 2016 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.( SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Dear Sir/Madam, Sovereign Gold Bonds 2016-17 – Series III Government of… Read More »

Draft Financial Resolution and Deposit Insurance(FRDI) Bill , Comment date extended

Date for seeking comments from stakeholders and public on the Draft Financial Resolution and Deposit Insurance(FRDI) Bill extended till 31st October, 2016. The Government of India had invited stakeholder/public comments on the Draft Financial Resolution and Deposit Insurance(FRDI) Bill, 2016 from 28.9.2016 to 14.10.2016 A Committee was set up pursuant to the Budget Announcement of… Read More »

compromised GST

The Goods and Services Tax (GST) was expected to provide for moderate rates of tax, with only a couple of tax slabs — so designed to improve compliance, avoid classification disputes and keep matters simple. It was also intended to provide for comprehensive coverage and, therefore, an efficiency dividend in terms of better tax collection.… Read More »

Category: GST

India Industries to lobby against imposition of GST cess

India Inc may prefer a higher rate at the top end of the goods and services tax (GST) bracket, rather than have a cess that is non-creditable by nature, with a cascading effect on the indirect tax system. “Industry is not going to welcome the idea of a cess. In fact, industry may prefer a… Read More »

200 applications for GST Suvidha Providers

200 Applications on GSTN Table Goods and Services Tax Network (GSTN), the agency in charge of building the technological infrastructure for the implementation of GST, has received over 200 applications from IT and fintech companies who seek to become GST Suvidha Providers, but there are very few startups among them. The GST Suvidha Provider (GSP)… Read More »

Section 50C could not be applied to sale of development rights of land

Held The provisions of section 50C are deeming provisions. It is settled law and well accepted rule of interpretation that deeming provisions are to be construed strictly. Thus, while interpreting deeming provisions neither any words can be added nor deleted from language used expressly. We should apply the ‘Rule of Strict Interpretation’ as well as… Read More »

Section 50C amendment curative , applies retospectively

Retroactive effect of change found to be “curative” The Ahmedabad Bench of the Income-tax Appellate Tribunal held that an amendment made to a provision of the tax law concerning the rules for determining the value of consideration for immovable property was “curative” and therefore applies retroactively, effective from 1 April 2003 (the date when the… Read More »

Lump-sum lease premium or upfront lease charges not rent

Lump-sum lease premium or upfront lease charges not “rent” The Central Board of Direct Taxes (CBDT) issued guidance to clarify that a lump-sum lease premium or one-time upfront lease charges that are not adjustable against periodic rent, paid or payable for acquisition of long-term leasehold rights over land or any other property, are not “rent,”… Read More »

Depreciation of goodwill – Case Law

Depreciation of goodwill The Bangalore Bench of the Income-tax Tribunal held that the taxpayer cannot claim depreciation on assets acquired through an amalgamation, including goodwill, more than the depreciation that would be allowable to the amalgamating company. The case is: United Breweries Ltd. Read an October 2016 report of KPMG [PDF 315 KB]

Australia :-Taxpayer can get exemptions on dividends from Foreign Company

ATO draft ruling regarding eligibility for exemptions on foreign dividends. The Australian Taxation Office (ATO) recently issued draft ruling TR 2016/D2 addressing an interpretive issue that goes to the heart of whether a taxpayer can get an exemption for a dividend it receives from a foreign company. This issue originally arose from a question raised… Read More »

Mission Zero for reducing pendencies : CBEC

GOVERNMENT OF INDIA MINISTRY OF FINANCE/DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE & CUSTOMS D.O.No 156/Chairman(CBEC)/2016  Dated: 19th October, 2016 Dear Colleague, As you are aware, preparations for introducing  GST from the  beginning of the next fiscal year are in full swing with the present focus being on timely finalization of its legal and administrative framework.… Read More »

Investment Advisors to use infrastructure of recognised stock exchanges for Mutual Fund

CIRCULAR SEBI/HO/MRD/DSA/CIR/P/2016/113 October 19, 2016 To All Recognised Stock Exchanges, All Recognised Clearing Corporation, All Depositories. Dear Sir / Madam, Subject: Facilitating transaction in Mutual Fund schemes through the Stock Exchange Infrastructure 1. SEBI vide circular no. CIR/MRD/DSA/32/2013 dated October 04, 2013 had permitted mutual fund distributors to use recognised stock exchanges’ infrastructure to purchase… Read More »