TDS & Tax Rate on Interest Income of Non-Resident redued to 5% from 20%

TDS & Tax Rate on Interest Income of Non-Resident redued to 5% from 20% Posted: 21 Sep 2012 07:54 PM PDT CIRCULAR NO. 7/2012 Interest Income of a Non-Resident Investor to be taxed at the reduced rate of 5 per cent instead of the existing rate of 20 per cent and withhold Tax on such Income to be also at the Reduced Rate of 5 per cent [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 80-IB – Ceiling on commercial area not applies to projects approved before 01.4.05 Posted: 21 Sep 2012 05:37 PM PDT Section 80-IB(10) as amended by inserting clause (d) with effect from April 1, 2005 should be applied retrospectively is also without any merit, because, firstly, clause (d) is specifically inserted with effect from April 1, 2005 [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBI arrests ITO at Guntur in bribery case Posted: 21 Sep 2012 10:12 AM PDT An Income Tax Department Officer at Guntur was on Thursday arrested by CBI while allegedly taking a bribe. G. Venkatswara Rao was arrested by the CBI, Visakhapatnam branch when he accepted Rs 25,000 from a person for not demanding a tax payment, the central agency said. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 194LC- Loan Agreements / Long Term Infrastructure Bonds & Rate of Interest Posted: 21 Sep 2012 10:09 AM PDT Loan Agreements / Long Term Infrastructure Bonds and Rate of Interest for the Purpose of Section 194LC of the Income-Tax Act, 1961 Approved; Interest Income of a Non-Resident Investor to be taxed at the reduced rate of 5 per cent instead of the existing rate of 20 per cent and withhold Tax on such... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 80CCG – Rajiv Gandhi Equity Savings Scheme (RGESS) Posted: 21 Sep 2012 10:06 AM PDT Scheme is open to new retail investors, identified on the basis of their PAN numbers. This includes those who have opened the Demat Account but have not made any transaction in equity and /or in derivatives till the date of notification of this Scheme and all those account holders other than the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBDT Chairman asks staff to meet with prior appointment Posted: 21 Sep 2012 12:21 AM PDT A Regular and Open Channel of Communication with Chairman, CBDT has been put in place for the convenience of Member(s) of the IT Family. It is however, observed that Officers/Officials come to the CBDT without prior appointment to put forth their views in person to the Chairman, CBDT. This causes... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] PM explains reasons for decisions on FDI & Hike in Diesel, Gas Price Posted: 20 Sep 2012 10:55 PM PDT I am speaking to you tonight to explain the reasons for some important economic policy decisions the government has recently taken. Some political parties have opposed them. You have a right to know the truth about why we have taken these decisions. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Caught offenders before Commission of the offence Posted: 20 Sep 2012 10:14 PM PDT There is A Need to Reduce Negative Connotation of Vigilance and to Promote Preventive, Predictive and Pro-Active Vigilance to Ensure offenders are Caught before Commission of the offence: says Vigilance Commissioner [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ITAT explains Concept of diversion of income by overriding title Posted: 20 Sep 2012 09:43 PM PDT In determining whether there has been diversion of income by overriding title, it is the nature of the obligation which is the decisive fact. There is a difference between an amount which a person is obliged to apply out of this income and an amount which by the nature of the obligation cannot be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBDT extends demand fortnight to 05.10.2012 Posted: 20 Sep 2012 08:25 PM PDT Kind reference is invited to the letter no. DIT(S)/DMFortnight/2012-13 dated 3rd September, 2012 by Member (Revenue) to all CCsIT/DGsIT for organizing a Demand Management Fortnight from 3rd September to 14th September, 2012 to settle Arrear Demand Grievance pertaining to uploading and rectification... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rate of exchange of conversion of each of foreign currency WEF 21.09.2012 Posted: 20 Sep 2012 08:18 PM PDT Notification No. 84/2012-Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI Circular on FDI in retail, Civil Aviation, Broadcasting & Power Exchanges Posted: 20 Sep 2012 07:31 PM PDT FDI up to 100 per cent is now permitted in Single–Brand Product Retail Trading by only one non-resident entity, whether owner of the brand or otherwise, under the Government route subject to the terms and conditions as stipulated in Press Note No. 4 (2012 Series) dated September 20, 2012 issued by... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Policy on foreign investment in Power Exchanges Posted: 19 Sep 2012 08:51 PM PDT Press Note No. 8 (2012 Series), As per extant policy, FDI, up to 100%, under the automatic route, is permitted in the power sector (except atomic energy). This includes generation, transmission and distribution of electricity, as well as power trading, subject to the provisions of the Electricity... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Policy on Foreign Investment (FI) in companies operating In Broadcasting Sector Posted: 19 Sep 2012 08:48 PM PDT As per extant policy, the foreign investment (FI) limits, in companies operating in the Broadcasting Sector, are set out in paragraph 6.2.7 of 'Circular 1 of 2012 - Consolidated FDI Policy', issued by the Department of Industrial Policy and Promotion (DIPP), on 10.4.2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FDI policy on Foreign Direct Investment in Civil Aviation sector Posted: 19 Sep 2012 08:45 PM PDT Press Note No. 6 (2012 Series), (a) Air Transport Services would include Domestic Scheduled Passenger Airlines; Non-Scheduled Air Transport Services, helicopter and seaplane services. (b) No foreign airlines would be allowed to participate directly or indirectly in the equity of an Air Transport... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Foreign Direct Investment – Allowing FDI in Multi-Brand Retail Trading Posted: 19 Sep 2012 08:42 PM PDT Press Note No. 5 (2012 Series), Foreign Direct Investment (FDI) is prohibited in retail trading, except in single-brand product retail trading, in which FDI, up to 100%, is permitted, under the Government route, subject to specified conditions. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment of existing policy on Foreign Direct Investment in Single-Brand Product Retail Trading Posted: 19 Sep 2012 08:38 PM PDT Press Note No. 4 (2012 Series), dated 20-9-2012 (1) Foreign Investment in Single Brand product retail trading is aimed at attracting investments in production and marketing, improving the availability of such goods for the consumer, encouraging increased sourcing of goods from India, and enhancing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]