Fwd: TaxGuru : “RBI’s Master Circular dated 1-7-2011 on instructions relating to deposits held in FCNR(B) Accounts” plus 22 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sun, Jul 17, 2011 at 10:09 AM
Subject: TaxGuru : "RBI's Master Circular dated 1-7-2011 on instructions relating to deposits held in FCNR(B) Accounts" plus 22 more
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TaxGuru : "RBI's Master Circular dated 1-7-2011 on instructions relating to deposits held in FCNR(B) Accounts" plus 22 more

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• RBI's Master Circular dated 1-7-2011 on instructions relating to deposits held in FCNR(B) Accounts
• RBI's Master Circular, dated 1-7-2011 on Exposure Norms
• RBI's Master Circular dated 1-7-2011 on SHG-Bank Linkage Programme
• RBI's Master Circular dated 1-7-2011 on Collection of Direct Taxes- OLTAS
• Companies showing abnormal number of shareholders in e-Form 20B as per MCA data
• If the company has undertaken certain activities as mentioned in its original objects, then it is sufficient to conclude that the business has commenced and that the expenditure incurred by the assessee is allowable
• Mere non-filing of an appeal against the additions made by the AO and voluntary surrender of any amount to buy peace of mind alone cannot constitute sufficient grounds for the imposition of a concealment penalty
• Merely because assessee has not claimed refund in return form itself, it cannot be said that assessee not entitled to refund
• By Explanation (i) of section 194H commission, which is receivable in future, is within sweep of that section
• Grounds raising new questions which are essentially questions of fact cannot be permitted to be raised before high court and the Revenue in terms of sub-section 4 of Section 260A
• If assessee show that there was reasonable cause for taking money in cash, and amount did not also represent unaccounted money either of assessee or of persons from whom they were taken, normally it is sufficient to hold that penalty under section 271D is not justified
• Technical proprietary information and pre-qualification rights obtained by assessee cannot be treated as goodwill and assessee is entitled to depreciation on these two items of intangible assets
• MVAT – VAT Cir – 11T of 2011 – Non Applicablity of Notification No. CST-2002/CR-30/Taxation-2, dated 1st May 2002 u/s 8(5) of Central Sales Tax Act, 1956 -in respect of Motor Vehicle
• Central Board of Trustees of EPFO Appoints 4 Fund Managers
• 150 years of Income Tax in India – President and FM's Speech, Download e-Brochure on Journey of Income Tax across three Centuries
• Minimum Export Price of Onions – Notification No 59 (RE – 2010)/2009-2014
• RBI- Branch Authorization Policy – Opening of branches in unbanked rural centres
• Regularization of Liaison / Branch Offices of foreign entities established during the pre-FEMA period
• Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 vide Notification No. 47/2011-CUSTOMS (N. T.)
• Non-Receipt of ICAI Journal-Helpline
• Government's Thrust on Upgrading and Induction of New Technology in the Services Rendered by it Department – FM
• Symbol Encoded in Unicode Standard and National Standard ISCII
• Anand Sharma to Recommend Duty Draw Back Relief on Cotton Yarn Exports

RBI's Master Circular dated 1-7-2011 on instructions relating to deposits held in FCNR(B) Accounts Posted: 16 Jul 2011 09:20 PM PDT IRCULAR DBOD.NO.DIR.BC. 10/13.03.00/2011-12 The Foreign Currency Non-Resident (FCNR(B)) scheme was introduced with effect from May 15, 1993 to replace the then prevailing FCNR(A) scheme introduced in 1975, where the foreign exchange risk was borne... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular, dated 1-7-2011 on Exposure Norms Posted: 16 Jul 2011 09:16 PM PDT CIRCULAR DBOD. NO.DIR.BC. 7/13.03.00/2011-12- . As a prudential measure aimed at better risk management and avoidance of concentration of credit risks, the Reserve Bank of India has advised the banks to fix limits on their exposure to specific... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on SHG-Bank Linkage Programme Posted: 16 Jul 2011 09:12 PM PDT CIRCULAR RPCD. FID. BC.NO.06/12.01.001/2011-12, The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions to banks on SHG-Bank Linkage Programme. In order to enable the banks to have instructions at one place, a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on Collection of Direct Taxes- OLTAS Posted: 16 Jul 2011 08:47 PM PDT MASTER CIRCULAR NO. DGBA.GAD.NO.H.2 /42.01.034/2011-12 The Central Board of Direct Taxes (CBDT) is responsible for administering various direct taxes through the Commissioners of Income-tax located in different parts of the country. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Companies showing abnormal number of shareholders in e-Form 20B as per MCA data Posted: 16 Jul 2011 07:57 PM PDT It appears that the signatories of e-form 20B of above companies including certifying practicing professionals have not verified the figures of number of shareholders from the records of the company. It can also be inferred that by putting figure of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If the company has undertaken certain activities as mentioned in its original objects, then it is sufficient to conclude that the business has commenced and that the expenditure incurred by the assessee is allowable Posted: 16 Jul 2011 09:47 AM PDT CIT Versus Gujarat Urban Development Co. Ltd. (HC of Gujrat at Ahemdabad) - The tribunal however, was of the opinion that the assessee company had undertaken activities in earlier year in accordance with its main objects contained in memorandum of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mere non-filing of an appeal against the additions made by the AO and voluntary surrender of any amount to buy peace of mind alone cannot constitute sufficient grounds for the imposition of a concealment penalty Posted: 16 Jul 2011 09:34 AM PDT CIT v Harsh Talwar (High Court of Delhi)- The Assessing Officer has gone on the presumption that the assessee himself agreed to the surrender on his own sweet will and consequently, penalty is leviable. This is not reason justifiable enough for the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Merely because assessee has not claimed refund in return form itself, it cannot be said that assessee not entitled to refund Posted: 16 Jul 2011 09:02 AM PDT Indglonal Investment & Finance Ltd. v. ITO (Delhi HC)- Whether since in accordance with section 139(9) assessee had annexed statement of total income, computation of tax payable on total income and attachment of original TDS certificate to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

By Explanation (i) of section 194H commission, which is receivable in future, is within sweep of that section Posted: 16 Jul 2011 08:43 AM PDT Bharti Cellular Ltd. v. ACIT (Calcutta HC) After selling all Sim cards and pre-paid coupons to retailers, franchisees were to make payment of sale proceeds to assessee after deducting a discount - Whether there was principal-agent relationship... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Grounds raising new questions which are essentially questions of fact cannot be permitted to be raised before high court and the Revenue in terms of sub-section 4 of Section 260A Posted: 16 Jul 2011 08:31 AM PDT Alok Todi & Anr. Versus CIT (Calcutta High Court) - Grounds raising new questions which are essentially questions of fact cannot be permitted to be raised for the first time in this appeal and the Revenue in terms of sub-section 4 of Section... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If assessee show that there was reasonable cause for taking money in cash, and amount did not also represent unaccounted money either of assessee or of persons from whom they were taken, normally it is sufficient to hold that penalty under section 271D is not justified Posted: 16 Jul 2011 08:11 AM PDT Andhra Bombay Carriers v. Additional Commissioner of Income-tax (ITAT Hyderabad)- Whether when assessee is able to lead evidence to show that not only was there reasonable cause for taking money in cash, but amount did not also represent unaccounted... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Technical proprietary information and pre-qualification rights obtained by assessee cannot be treated as goodwill and assessee is entitled to depreciation on these two items of intangible assets Posted: 16 Jul 2011 08:05 AM PDT ACIT v. Best & Crompton Engg. Projects Ltd. (ITAT Chennai) Assessee claimed depreciation on two items of intangible assets, viz., technical proprietary information and pre-qualification rights under section 32(1)(ii) - Assessing Officer... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MVAT – VAT Cir – 11T of 2011 – Non Applicablity of Notification No. CST-2002/CR-30/Taxation-2, dated 1st May 2002 u/s 8(5) of Central Sales Tax Act, 1956 -in respect of Motor Vehicle Posted: 16 Jul 2011 12:59 AM PDT Circular No.11T of 2011, Date: 12/07/2011 - An internal circular referred to above was issued regarding Taxation of motor vehicles under Central Sales Tax Act, 1956 for the VAT period from 1.4.2005. It was mentioned in the said circular that the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Central Board of Trustees of EPFO Appoints 4 Fund Managers Posted: 15 Jul 2011 11:02 PM PDT The 195th meeting of the Central Board of Trustees, Employees' Provident Fund, which was the twelveth regular meeting of the present Board, was convened at a short notice in New Delhi on Thursday. The Board approved the selection and appointment of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

150 years of Income Tax in India – President and FM's Speech, Download e-Brochure on Journey of Income Tax across three Centuries Posted: 15 Jul 2011 10:10 PM PDT The Concluding Ceremony for 150 years of Income Tax in India was celebrated on 15-07-2011 at a solemn function graced by H.E. Smt. Pratibha Devi Singh Patil, President of India at Vigyan Bhawan, New Delhi. The first copy of a book titled 'A... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Minimum Export Price of Onions – Notification No 59 (RE – 2010)/2009-2014 Posted: 15 Jul 2011 09:50 PM PDT Notification No 59 (RE – 2010)/2009-2014 Minimum Export Price (MEP) of onions other than Bangalore Rose Onions and Krishnapuram onions will be US$ 230 per Metric Ton F.O.B. It was US$ 200 per Metric Ton as notified on 08.06.2011. There shall be no... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI- Branch Authorization Policy – Opening of branches in unbanked rural centres Posted: 15 Jul 2011 09:45 PM PDT DBOD.No.BL.BC. 24/22.01.001/2011-12 Banks are, therefore, advised that while preparing their Annual Branch Expansion Plan (ABEP), they should allocate at least 25 percent of the total number of branches proposed to be opened during a year in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regularization of Liaison / Branch Offices of foreign entities established during the pre-FEMA period Posted: 15 Jul 2011 09:42 PM PDT A.P. (DIR Series) Circular No. 02 It is observed that certain Liaison Offices (LO)/ Branch Offices (BO) established by foreign Non Government Organisations (NGOs), Non Profit Organisations (NPOs), news agencies and other foreign entities are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 vide Notification No. 47/2011-CUSTOMS (N. T.) Posted: 15 Jul 2011 09:36 PM PDT Notification No. 47/2011-CUSTOMS (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Non-Receipt of ICAI Journal-Helpline Posted: 15 Jul 2011 09:30 PM PDT This is for the attention of Members of the Institute who fail to receive "The Chartered Accountant", Journal dispatched to them either due to un-intimated change of address or postal problems. Please inform your respective region immediately for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government's Thrust on Upgrading and Induction of New Technology in the Services Rendered by it Department – FM Posted: 15 Jul 2011 09:30 PM PDT The Union Finance Minister Shri Pranab Mukherjee said that direct tax collections now account for more than 56 per cent of the total revenue collections of Central Government, making the tax system more progressive than it ever was in the history of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Symbol Encoded in Unicode Standard and National Standard ISCII Posted: 15 Jul 2011 09:30 PM PDT In order to promote the new symbol of Rupee i.e. the same has been encoded in Unicode Standard and National Standard ISCII. The new symbol has also been placed on the keyboard and by pressing 'Alt Gr' + '4' keys together it can be typed. Detailed... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Anand Sharma to Recommend Duty Draw Back Relief on Cotton Yarn Exports Posted: 15 Jul 2011 09:30 PM PDT The Union Minister for Commerce & Industry and Textiles, Shri Anand Sharma has said that he will recommend duty draw back on cotton yarn exports to Finance Ministry w.e.f. 1st April 2011. On cotton exports he said 'comprehensive view will be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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