UPDATES FROM TAX GURU

Supreme Court and CBDT deliver a headblow to the Assessee Engaged in Propelling Growth of the Nation

The SUPREME COURT vide its order Dated – August 31, 2009 in the case of M/s Liberty India Versus Commissioner of Income Tax was requested to determine the following question:- "Whether profit from Duty Entitlement Passbook Scheme (DEPB) and...

Swiss bank may share detail of tax evaders with India

India and Switzerland will soon start negotiations to enlarge the scope of their bilateral double taxation treaty to allow sharing of details of bank accounts of people accused of tax evasion, visiting Swiss Vice-President and Minister of Economic...

Clarification on FDI into a SSI & MSE and in Industrial Undertaking manufacturing items reserved for SSII MSE

Press Note No. 6 (2009), dated 4-9-2009 1.0 FDI into SSIIMSE 1.1 A Small Scale industrial undertaking (SSI) was defined in terms of: (i) investment in fixed assets in plant and machinery and (ii) equity participation (both domestic and foreign) in...

SEBI issued circular on Allocation methodology of debt investment limits to FIIs

Cir No. IMD/FII & C/40/2009 Dated : September 04, 2009 Sub: Allocation methodology of debt investment limits to FIIs Allocation through bidding process 1. Please refer to SEBI circular IMD/FII & C/ 37/2009 dated February 06, 2009 IMD/FII...

Amendments to Equity Listing Agreement-SEBI

CIRCULAR NO. CFD/DIL/LA/2009/3/2, DATED 3-2-2009 1.0 It has been decided to amend certain clauses in the Equity Listing Agreement to enhance disclosures regarding shareholding of promoters and promoter group. Accordingly, this circular is issued in...

Amendments to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999

The Securities and Exchange Board of India (Sebi) has allowed pricing of employee stock options (ESOPs) on the Black-Scholes model or a Binomial model. This model uses an option-racing model that takes into account, as of the grant date, the...

Sub-brokers likely to be exempted from the requirement of registering with SEBI

Sub-brokers in the stock market are likely to be exempted from the requirement of registering with the capital market regulator before starting their operations as per a proposal under consideration of the finance ministry and the Securities and...

Many countries looking to hike hike personal income tax rates

The governments around the world may consider funding their increasing deficits by hiking personal income tax rates, though India may not be one among those, with the tax rates in the country nearly constant over the last seven years. The highest...

Government working to rationalise state and central level-taxes on petrol and diesel

The government is taking steps to rationalise various central and state level-taxes on auto fuels, a oil ministry spokesman said. Taxes and duties are as high as over 51% and 23% on petrol and diesel, respectively in Delhi. "As part of UPA...