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Ind AS 117 – Insurance Contracts
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Bank Accounts and Repatriation Facilities for Non-Residents
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April 2008

Explanatory notes to the provisions of the Finance Act, 2007 : Circular no. 3/ 2008, dated 12-3-2008

By Pinky Shah Sonalee Godbole Gaurang Gandhi, Chartered Accountants

Reading Time 1 mins

New Page 1

1 Explanatory notes to the provisions of the
Finance Act, 2007 : Circular no. 3/ 2008, dated 12-3-2008.

A detailed Circular has been issued by the CBDT to clarify as
well as explain the amendments made by the Finance Act, 2007 i.e., the
Budget of last year.

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Section 37(1)- Amount paid towards discharge of corporate guarantee obligation, which guarantee was issued for its subsidiary company and was in the interest of the assessee’s business, is allowable as a deduction while computing `Business Income’.

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April 2008

Explanatory notes to the provisions of the Finance Act, 2007 : Circular no. 3/ 2008, dated 12-3-2008

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Section 37(1)- Amount paid towards discharge of corporate guarantee obligation, which guarantee was issued for its subsidiary company and was in the interest of the assessee’s business, is allowable as a deduction while computing `Business Income’.

Clarification regarding transactions under Securities Lending and Borrowing Scheme issued by SEBI : Circular No. 2/2008, dated 22-2-2008.

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April 2008

Explanatory notes to the provisions of the Finance Act, 2007 : Circular no. 3/ 2008, dated 12-3-2008

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You May Also Like

Section 37(1)- Amount paid towards discharge of corporate guarantee obligation, which guarantee was issued for its subsidiary company and was in the interest of the assessee’s business, is allowable as a deduction while computing `Business Income’.

Clarification regarding transactions under Securities Lending and Borrowing Scheme issued by SEBI : Circular No. 2/2008, dated 22-2-2008.