Taxation of Non Residents on ADR’S and GDR’S

Taxation of Non Residents on ADR'S and GDR'S Posted: 07 Jan 2013 05:24 PM PST ADR'S, GDR'S: These are commonly known as Depository Receipts ('DR'), a negotiable security issued outside India by a depository bank ('DB'), on behalf of the Indian company, which reflects the local rupee denominated equity shares of the company held as deposit by a custodian bank ('CB') in India.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] One Person Company under Companies Bill, 2012 – Provisions & Relaxations Posted: 07 Jan 2013 05:01 PM PST In recently passed Companies bill 2012, new concept of One Person Company has been introduced. It is considered as revolutionary step taken by government to encourage unorganized proprietorship business to enter in to organized corporate world. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Summary of draft report on retrospective amendments relating to indirect transfer Posted: 07 Jan 2013 04:50 PM PST The Finance Act, 2012 has inserted certain retrospective amendments in the Incomes Tax Act, 1961. One of them is insertion of explanation 4 and 5 to section 9 (1) (i) with an intent to tax transfer between nonresidents of shares of foreign company deriving value from assets located in India. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Compliance required u/s 151 r.w.s. 148 of Income Tax Act, 1961 Posted: 07 Jan 2013 04:31 PM PST As per section 151, notice u/s 148 can be issued by assessing officer below the rank of assistant commissioner or deputy commissioner only after satisfaction of joint commissioner on the reasons recorded by such AO that it is the fit case for issue of such notice. Provided that in the case of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] How to make search in your mother tongue on search engines? Posted: 07 Jan 2013 04:13 PM PST Suppose we want to download some material in our mother tongue from internet, then which is the best way? OK. I make the question more clear. Suppose, someone wants to search the term Balvarta (Its Gujarati Term, the meaning of which is story for children) and wants the resultant sites in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Banks suggest reintroduction of deduction u/s. 80CCF & increase in 194A TDS limit Posted: 07 Jan 2013 11:24 AM PST Interest amount for the purpose of TDS be increased from Rs. 10,000/- to Rs. 25,000/- on fixed term deposits with banks, tax exemption of Rs. 20,000/- under section 80CCF for investing in Infrastructure Tax Free Bonds be reintroduced, bringing more transparency in gold and real estate transactions... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Even if a claim is not made before AO, it can be made before appellate authoritie Posted: 07 Jan 2013 11:09 AM PST It is not in dispute that in the instant case, return under section 139(1) was filed belatedly. Hence, the assessee is not entitled to file a revised return under section 139(5) of the Act going by the ratio laid down by the Hon'ble Apex Court in the case of Kumar Jagadish Chandra Sinha cited... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Even Intimation u/s. 143(1) cannot be reopened u/s 147 without fresh material – HC Posted: 07 Jan 2013 08:09 AM PST In the present case the reasons disclose that the Assessing Officer reached the belief that there was escapement of income on going through the return of income filed by the assessee after he accepted the return under Section 143(1) without scrutiny, and nothing more. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI enhances ECB limit for NBFC-IFCs under automatic route from 50% of owned funds to 75% Posted: 06 Jan 2013 07:36 PM PST On a review, it has been decided to enhance the ECB limit for NBFC-IFCs under the automatic route from 50 % of their owned funds to 75 % of their owned funds, including the outstanding ECBs. NBFC-IFCs desirous of availing ECBs beyond 75 % of their owned funds would require the approval of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revised Guidelines on Credit Default Swaps (CDS) for Corporate Bonds Posted: 06 Jan 2013 07:34 PM PST In addition to listed corporate bonds, CDS shall also be permitted on unlisted but rated corporate bonds even for issues other than infrastructure companies. Users shall be allowed to unwind their CDS bought position with original protection seller at mutually agreeable or FIMMDA price. If no... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revised Guidelines on Ready Forward Contracts in Corporate Debt Securities Posted: 06 Jan 2013 07:31 PM PST Repo in corporate debt shall also be permitted on Commercial Papers, Certificates of Deposit and Non Convertible Debentures of less than one year of original maturity. The minimum haircut, applicable on the market value of the corporate debt securities prevailing on the date of trade of 1st leg,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DVAT – Submission of information in Form T-2 to come into force from 01st February, 2013 Posted: 06 Jan 2013 04:19 PM PST I, Prashant Goyal, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section (1) read with sub-section (3) of section 70 of Delhi Value Added Tax Act, 2004, hereby direct that notification no.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Provisional safeguard duty on imports of Hot rolled flat products of stainless Steel 304 grade( up to a max width of 1605 mm) into India from China Posted: 05 Jan 2013 07:03 PM PST Notification No. 1/2013-Customs (SG) New Delhi, the 4th January, 2013 G.S.R. 15 (E). – Whereas, in the matter of import of Hot Rolled Flat Products of Stainless Steel-304 grade classified within Chapter 72 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter...