Notification & Circulars

FBT regarding Sweat Equity Shares

FBT arising on allotment or transfer of specified securities or sweat equity shares In terms of the provisions of Chapter XII-H of the Income-tax Act (hereinafter referred to as Act), an employer, being a company, is liable to pay Fringe Benefit Tax (FBT) in respect of the fringe ben..

Posted in Income Tax

Remuneration to Bank Auditors

RBI/2007-2008/217 Ref.DBS.ARS.BC. No. 07/ 08.92.001/ 2007-08 December 20, 2007 The Chairman & Managing Director, all Nationalised Banks and The Managing Director, Associate Banks of SBI Dear Sir/Madam, Remuneration payable to the Statutory Central and Branch Auditors of Public Sec..

Posted in Audit

NABARD BONDS--Eligible u/s 80 C ::

NABARD BONDS: INCULUDED IN 80 C Section 80C (2)(xxii) of the Income-tax Act, 1961 - Deduction in respect of subscription to bonds (NOTIFICATION NO. 293/2007, DATED 31-12-2007) In exercise of the powers conferred by clause (xxii) of sub-section (2) of section 80C of the Income-tax Act, 19..

Posted in Income Tax

Notification No. 45/2007

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIAMINISTRY OF FINANCE(DEPARTMENT OF REVENUE) Notification No. 45/2007 – Service Tax New Delhi, the 28th December, 20077 Pausa, 1929 (Saka) G.S.R. (E).- In exercise of the powers co..

Posted in Service Tax

Modification of Circular in respect of renting of immovable property service and works contract service

MODIFICATION OF CIRCULAR in respect of renting of immovable property service and works contract service CIRCULAR NO. 98/1/2008-ST, DATED 4-1-2008 In the Circular No. 96/7/2007-ST dated the 23rd August, 2007,- (i) after Reference Code 086.05 / 23.08.07, the following Reference Code..

Posted in Income Tax

Introduction of Index options with longer tenure

Introduction of Index options with longer tenure CIRCULAR NO. SEBI/DNPD/CIR-34/2008, DATED 11-1-2008 1. The SEBI Derivatives Market Review Committee (DMRC) headed by Professor M. Rammohan Rao, recommended the introduction of new derivative products in the Indian market, with option contr..

Posted in Others

Section 35(1)(iii) of the Income-tax Act, 1961 - Scientific research expenditure - Approved social science or statistical research associations or institutions

Section 35(1)(iii) of the Income-tax Act, 1961 - Scientific research expenditure - Approved social science or statistical research associations or institutions NOTIFICATION NO. 1/2008, DATED 2-1-2008 It is hereby notified for general information that the organization Kripa Foundation, Mu..

Posted in Income Tax

Section 17 of the Foreign Exchange Management Act, 1999 - Appeal to Special Director (Appeals) – Notified Special Directors

Section 17 of the Foreign Exchange Management Act, 1999 - Appeal to Special Director (Appeals) – Notified Special Directors NOTIFICATION NO. S.O. 44(E), DATED 8-1-2008 In exercise of the powers conferred by sub-section (1) of section 17 of the Foreign Exchange Management Act, 1999 (42 of..

Posted in Others

Foreign Exchange Management (Permissible Capital Account Transactions) (Amendment) Regulations, 2007

Foreign Exchange Management (Permissible Capital Account Transactions) (Amendment) Regulations, 2007 NOTIFICATION NO. G.S.R. 14(E), DATED 10-10-2007 In exercise of the powers conferred by sub-section (2) of section 6 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 ..

Posted in Others

Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2007

Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2007 NOTIFICATION NO. G.S.R. 13(E), DATED 9-10-2007 In exercise of the powers conferred by clause (a) of sub-section (3) of section 6 and sub-section (2) of section 47 of the Foreign Exchange..

Posted in Others