SEBI prescribes registration guidelines for 'Research Analysts'; provides instructions for filling r

SEBI/INDIAN ACTS & RULES : How to get registered as a research analyst and instructions for filling in Form A

RBI lays down detailed guidelines on computation of 'Liquidity Coverage Ratio'

BANKING : Basel III framework on liquidity standards – Liquidity Coverage Ratio (LCR), liquidity risk monitoring tools and LCR disclosure standards

Banks are no longer required to submit additional information along with their 'Annual Branch Expans

BANKING : Branch Authorisation Policy – Information to be submitted by banks along with Annual Branch Expansion Plan (ABEP)

IRDA asks insurance brokers to compute their net worth as per the method prescribed by Companies Act

INSURANCE : Calculation of NET Worth

IRDA advises insurance brokers to appoint statutory auditors for maximum duration of 5 years

INSURANCE : Appointment of Auditors by Insurance Brokers

NR can make remittance of inherited assets only after payment of applicable taxes in India

FEMA/ILT/INDIAN ACTS & RULES : FEM (Remittance of Assets) (Amendment) Regulations, 2014 – Amendment in Regulations 4 and 7

Haryana Govt. can dispense with the condition of previous notice for amending VAT schedules and Rule

CST & VAT/INDIAN ACTS & RULES : Haryana Value Added Tax (Third Amendment) Ordinance, 2014 – Amendment in Sections 59 & 60 of the Haryana Value Added Tax Act, 2003

Supreme Court admits SLP against HC's ruling holding hiring of cabs on km basis as rent-a-cab servic

Service Tax : Where High Court held that : (a) hiring of cabs on per Km. basis is also liable to service tax under rent-a-cab services; but (b) extended period was not invocable, as assessee held bona fide belief as to non-taxability, Supreme Court admitted cross Special Leave Petitions filed by assessee and revenue

I-T department designed a new functionality for generating MIS of auditable cases under Secs 143(3),

IT : Section 143, read with Sections 144 and 147 of The Income-tax Act, 1961 - Assessment – Functionality for CSIT(Co) for Generation of Mis of Auditable Cases

Forex dealing couldn't be deemed as speculative if it was incidental to the main business of assesse

IT : Once main business of assessee is identified, if some incidental activities or transactions or dealing in foreign exchange is undertaken but that is also related to some extent to main business activity, then, it could not be said that assessee is in speculative business

Machinery installed at premises of other Co. was depreciable as it was used by assessee for its busi

IT : Where machinery purchased by assessee, a pharmaceutical company, was used by other company to manufacture plastic bottles for products of assessee, for business of assessee, it was entitled to depreciation

Transportation cost upto buyer's place is eligible for credit if ownership is transferred at buyer's

Cenvat Credit : Where, as per tenders, price is inclusive of FOR destination delivery at cost of assessee and ownership is transferred only at place of buyer, 'place of removal' would be place of buyer and transportation upto that place would be input service

TPA wasn't liable to withhold taxes on sums remitted to hospitals on settlement of medical insurance

IT: TPA collected amount of medical expenses billed by hospitals on insured persons from insurance companies and remitted same to hospitals, has no TDS liability not under section 194J

No TP adjustments if assessee was benefitted in reciprocal arrangements with its foreign AEs for cou

IT/ILT: TP adjustments had not be made if assessee was actually benefitted from reciprocal arrangements with its foreign AEs + The Assessee demonstrated that it actually benefitted in the arrangement where it delivered inbound packets in India as courier in lieu of delivery of outbound packets by AEs as couriers in their respective country.

Bombay High Court directs DRP to follow ratio of Vodafone’s case on TP issue of undervaluation of sh

IT/ILT: The Bombay High Court followed the case of Vodafone India Services (P.) Ltd. v. Union of India [2014] 50 taxmann.com 300 (Bombay) and held that shortfall received on issue of equity shares (when benchmarked with ALP) to non-resident AE could not be characterized as income from international transaction. Thus, the DRP was directed to follow the verdict of Vodafone (supra) to settle the dispute.

CBDT extends due date of furnishing of returns and audit reports to March 31, 2015 for taxpayers in

IT : Section 119 of The Income-tax Act, 1961 - Income-tax Authorities - Instructions to Subordinate Authorities – Further Extension of Due Date for Furnishing of Return of Income in Cases of Assessees in State of Jammu and Kashmir

Resident undertaking transactions of Rs 100 crores can apply before AAR to determine his tax liabili

IT/ILT : Section 245N(b)(iia) of The Income-tax Act, 1961 - Tax Liability of a Resident Applicant Determined by Authority for Advance Rulings – Specified Resident

One time exp. incurred on club membership fees and ISO certification allowable as revenue expenditur

IT : One time expenditure incurred by assessee for club membership fee is allowable as business expenditure

In case of provisional assessment, refund claim can be filed in 1 year of finalization of provisiona

Excise & Customs : Where assessments are on provisional basis and are yet to be finalized, question of limitation would not arise; hence, period of one year for filing refund claim of Special Additional Duty (SAD) of customs would be counted from date of finalization of provisional assessment

Issue of fraud couldn't be raised as preliminary objection to dismiss petition for rectification of

CL: Disputed questions of fact relating to fraud and fabrication of documents cannot be raised as a preliminary objection at threshold to dismiss petition under section 111/111A