Daily Archives: October 20, 2016

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

By | October 20, 2016

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

By | October 20, 2016

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

By | October 20, 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

By | October 20, 2016

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

By | October 20, 2016

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

By | October 20, 2016

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 »

Sovereign Gold Bond Scheme 2016 -17 – Series III

By | October 20, 2016

Sovereign Gold Bond Scheme 2016 -17 – Series III Date : Oct 20, 2016 The Reserve Bank of India, in consultation with Government of India, has decided to issue Sovereign Gold Bonds 2016-17 – Series III. Applications for the bond will be accepted from October 24, 2016 to November 2, 2016. The Bonds will be… Read More »

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

By | October 20, 2016

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 »

Exchange Rate of Foreign Currency relating to Imported and Export Goods Notified

By | October 20, 2016

Exchange Rate of Foreign Currency relating to Imported and Export Goods Notified In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.124/2016-CUSTOMS (N.T.), dated 06th October, 2016, except as respects things done or… Read More »

Sovereign Gold Bonds Scheme 2016 -17–Series III;from 24 October to 02 November 2016

By | October 20, 2016

Government decides to issue Sovereign Gold Bonds Scheme 2016 -17–Series III; Applications for the bond to be accepted from October 24, 2016 to November 02, 2016 and the Bonds will be issued on November 17, 2016. Government of India, in consultation with the Reserve Bank of India (RBI), has decided to issue Sovereign Gold Bonds… Read More »

compromised GST

By | October 20, 2016

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

Payment for purchase of software without any copyright is not royalty, No TDS u/s 195

By | October 20, 2016

Held The assessee has acquired a readymade off – the shelf computer programme to be used in their business and no right was granted to the assessee to utilize the copy right of the programme and, therefore, consideration cannot be treated as royalty. As held by the CIT(A), the payments made by the assessee company… Read More »

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

By | October 20, 2016

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

By | October 20, 2016

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

By | October 20, 2016

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

By | October 20, 2016

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

By | October 20, 2016

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

By | October 20, 2016

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

By | October 20, 2016

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 »