RBI reduces Interest Rate on PPF & SCSS, 2004 from 01.04.2013 Posted: 28 Mar 2013 08:30 PM PDT Public Provident Fund Scheme, 1968 (PPF, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) - Revision of interest rates. Please refer to our circular RBI/2011-12/359 dated January 20, 2012 regarding interest rates on small savings schemes, wherein it was indicated that as per Government's...  |
| CA Firms approved for appointment as Statutory Central Auditors in Public Sector Banks for FY 2012-13 Posted: 28 Mar 2013 08:30 PM PDT Names of Audit Firms approved for appointment as Statutory Central Auditors in 25 Public Sector Banks for the year 2012-13 Allahabad Bank, Kolkata 1 M/s N K Bhargava & Co, New Delhi 2 M/s M C Jain & Co, Kolkata 3 M/s Raghu Nath Rai & Company, New Delhi 4 M/s...  |
| India & Liechtenstein Sign Tax Information Exchange Agreement (TIEA) Posted: 28 Mar 2013 06:34 PM PDT India and Liechtenstein have signed a Tax Information Exchange Agreement (TIEA) today at Bern, Switzerland. The Agreement was signed by Ms Chitra Narayanan, Indian Ambassador in Switzerland from Indian side and Madame Doris Frick, Ambassador of Liechtenstein in Switzerland on behalf of...  |
| TP – Circular on Identification of Contract R&D Service Provider With Insignificant Risk & Application of Profit Split Method Posted: 28 Mar 2013 06:32 PM PDT Government Approves Issue of Circulars on Identification of Contract R&D Service Provider With Insignificant Risk and on Application of Profit Split Method Based on Recommendation of the Rangachary Committee; These Circulars Will Help in Providing Certainty to the Taxpayer on Issues Relating to...  |
| Service tax implication on AC Restaurants vide Finance Bill, 2013 Posted: 28 Mar 2013 06:11 PM PDT With effect from July 1, 2012, Service is defined under Section 65B(44) of Chapter V of the Finance Act, 1994 ("the Finance Act") means any activity carried out by a person for another person for a consideration is service, which includes a declared service. Further service tax is applicable...  |
| Excise & Customs Offices to Remain open on 29th, 30th & 31st March, 2013 Posted: 28 Mar 2013 05:22 PM PDT Proposed Nationwide Strike by the Associations of Superintendents and Inspectors of Central Excise for 29th, 30th & 31st March, 2013 Stands Withdrawn. All Offices under the Central Board of Excise and Customs (CBEC) shall be open on 29th, 30th & 31st March, 2013 observing their normal...  |
| TP – When TPO may prefer TNMM or CUP over PSM where intangibles are involved Posted: 28 Mar 2013 04:30 PM PDT SECTION 92C OF THE INCOME-TAX ACT, 1961, READ WITH RULE 10B OF THE INCOME-TAX RULES, 1962 – TRANSFER PRICING – COMPUTATION OF ARM'S LENGTH PRICE – APPLICATION OF PROFIT SPLIT METHOD CIRCULAR NO. 2/2013 [F. NO. 500/139/2012], DATED 26-3-2013 It has been brought to the notice...  |
| TP – How to identify development centres engaged in contract R&D services with insignificant risk Posted: 28 Mar 2013 04:30 PM PDT It has been brought to the notice of CBDT that there is divergence of views amongst the field officers and taxpayers regarding the functional profile of development centres engaged in contract R&D services for the purposes of transfer pricing audit.  |
| CBEC – Good Friday – Relaxation for Prayers to persons who profess Christian faith Posted: 27 Mar 2013 10:00 PM PDT The Hon'ble High Court has directed, amongst other things, that such persons who profess Christian faith and are desirous of either being sanctioned full leave on both days or permission to pray at the Church for a limited duration on either day would be sanctioned leave or permission to leave...  |
| Sessions Court shifted to Kochi and Calicut for trial of offences under Prevention of Money-Laundering Act Posted: 27 Mar 2013 06:19 PM PDT NOTIFICATION NO. SO 419(E) [F.NO. 6/3/2005-ES), DATED 21-3-2013 In exercise of the powers conferred by sub-section (1) of section 43 of the Prevention of Money-Laundering Act, 2002 (15 of 2003), and in consultation with the Chief Justice of High Court of Kerala, the Central Government hereby makes...  |
| Change in shareholding by 2% or more to be disclosed now even if resultant shareholding falls below 5% Posted: 27 Mar 2013 06:16 PM PDT NOTIFICATION NO. LAD-NRO/GN/2012-13/36/7368, DATED 26-3-2013 In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Substantial...  |
| KYC verification of office bearers sufficient while opening savings bank account of Self Help Groups (SHGs) Posted: 27 Mar 2013 12:21 PM PDT KYC verification of all the members of SHG need not be done while opening the savings bank account of the SHG and KYC verification of all the office bearers would suffice.  |
| DGFT notifies 5 new Pre Shipment Inspection Agencies & widens area of existing four Posted: 27 Mar 2013 12:07 PM PDT Five new Pre Shipment Inspection Agencies (PSIA) have been notified. Area of operation of four existing PSIA's has been widened.  |
| Amendment to SEBI {(KYC) Registration Agency} Regulations, 2011 &relevant circulars Posted: 27 Mar 2013 11:33 AM PDT The Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Amendment Regulations, 2013 have been notified vide No. LAD‑NRO/GN/2012-13/35/6998 with effect from March 22, 2013 whereby the requirement for sending original KYC documents of the clients to the KRA has been...  |
