Monthly archive

September 2008

Reclassification of NBFCs

September 27, 2008
The Reserve Bank of India (RBI) has issued a Circular mandating all erstwhile EL/HP NBFCs should, duly supported by Statutory Auditors’ Certificate as on March 31, 2008, immediately approach the Regional Office concerned for appropriate classification latest by December 31, 2008 after which NBFCs which have not opted for the

More professionals to come under TDS

September 26, 2008
To keep pace with the country’s booming services sector, the finance ministry is considering a proposal to expand the scope of tax deduction at source (TDS) to include a host of professionals under it. To this effect, the Central Board of Direct Taxes (CBDT) is planning to broaden the definition

Gujarat PSEs set aside funds for social welfare

September 26, 2008
After the state-owned Gujarat Industries Power Co Ltd (GIPCL) agreed to set aside 30 per cent of their Profit Before Tax (PBT) to carry out welfare activities across the state, another listed Public Sector Enterprise (PSE) of the Gujarat government, Gujarat Mineral Development Corporation (GMDC) followed suit on Wednesday.

Third-party data to check duty evasion

September 26, 2008
The Central Board of Excise and Customs (CBEC) will notify a mechanism next month for tapping third-party information to nail excise duty evasion by manufacturers. The department will collect the data from the VAT departments of states, electricity companies and raw material suppliers. “Third-party information is one of the measures

Sweden to cut income tax again

September 26, 2008
Sweden to cut income tax again Will we ever see reduction of any taxes in India? Even if tax and law compliance procedures are simplified, collected taxes are used with integrity and corruption reduced, it’s more than enough.

Summary of Important Recent Circulars from RBI in August 2008

September 26, 2008
A.P. (DIR Series) Circular No. 5 dated August 6, 2008. Guidelines on trading of Currency Futures in Recognised Stock/New Exchanges This circular permits persons resident in India to participate in the currency futures market in India subject to the RBI guidelines contained in the Currency Futures (Reserve Bank Directions, 2008).