| Minimum Alternate Tax (MAT) provisions under the Income Tax Act for A.Y. 2010-11 and A.Y. 2011-12 Posted: 14 Jul 2010 09:02 PM PDT In the case of companies, if tax payable on its total income as computed under the I.T. Act, 1961 in respect of any previous years, is less than 15% (for assessment year 2010-11 and 18% from assessment year 2011-12) of its "book profit", then such... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ROC of four state issues notice to 11,888 companies for violating company laws for several years Posted: 14 Jul 2010 08:53 PM PDT The Registrar of Companies (ROC) of Punjab, Haryana, Himachal Pradesh and Chandigarh has served a showcause notice on 11,888 companies for violating company laws for several years. The companies had not filed balance sheets with the ROC for three... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SC not liable to provide I-T return info of judges under RTI Act Posted: 14 Jul 2010 08:40 PM PDT In a rare instance, the Central Information Commission (CIC) has agreed with the Supreme Court and said that its Registry could not be asked under the Right to Information (RTI) Act to provide details of the income tax returns filed by its judges. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Parliamentary Standing Committee on Finance to probe tax evasion by IPL organisers and teams Posted: 14 Jul 2010 08:32 PM PDT The Parliamentary Standing Committee on Finance will meet on Wednesday to discuss issues linked to possible tax evasion by organisers and teams of the Indian Premier League (IPL). There are indications that the Department of Revenue has unearthed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| After Delhi more states expected to levy stamp duty on trades Posted: 14 Jul 2010 08:27 PM PDT "The imposition of stamp duty by states has become a problem. The concept was to validate a trade; it has been converted into a tax. Within the next few months, almost all states will impose it. An easy source of revenue, it's mindless application... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Filing of e-returns could touch one crore in current financial year Posted: 14 Jul 2010 08:23 PM PDT The online filing of income tax returns could touch one crore-mark in the current financial year from 55 lakh in the last fiscal with the government making it mandatory for certain professionals and business entities as well apart from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Sebi don't want proposed apex financial stability council be arbiter in disputes between regulatory bodies Posted: 14 Jul 2010 08:19 PM PDT The Securities and Exchange Board of India (Sebi) does not want the proposed apex financial stability council to set itself up as an arbiter in disputes between regulatory bodies, bringing into sharp focus regulators' concerns about the government... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Sebi plans standard set of disclosures for mutual fund fact sheets, advertisements and scheme information documents Posted: 14 Jul 2010 08:15 PM PDT The Securities and Exchange Board of India (Sebi) is planning a standard set of disclosures for mutual fund fact sheets, advertisements and scheme information documents (SID), a person familiar with the matter told us. This will not only give a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section 10(23C)(iv) of the Income-tax Act, 1961 – Exemptions – Charitable or religious trusts/institutions – Notified fund or charitable institution – Amendment in Notification No. S.O. 851(E), dated 30-5-2007 Posted: 14 Jul 2010 08:10 PM PDT In pursuance of the provisions contained in sub-clauses (iv) and (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961) read with sub-rule (2) of rule 2C of the Income-tax Rules, 1962, the Central Board of Direct Taxes hereby... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section 80C of the Income-tax Act, 1961 – Deductions – In respect of insurance premium – Notified plan under section 80C(2)(xii) Posted: 14 Jul 2010 08:07 PM PDT In exercise of powers conferred by clause (xii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Immediate Annuity Plan of the ICICI Prudential life Insurance Company Limited, as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Govt notifies deduction u/s. 80CCF on long-term infrastructure bonds Posted: 14 Jul 2010 07:59 PM PDT In exercise of the powers conferred by section 80CCF of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies bonds, subject to the following conditions, as long-term infrastructure bonds for the purposes of the said section... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Change of Office address of Regional Authority, Raipur- DGFT Public Notices No. 81/2009-14 Posted: 14 Jul 2010 07:45 PM PDT In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendment in the List of Regional Authorities given under Appendix 1 of Handbook of Procedure... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Filing tax returns a headache? Not any more… Posted: 14 Jul 2010 07:26 PM PDT It's that time of the year again when all your income for the current financial year is in and you need to file your income tax returns. By now, you, the salaried lot, might have received your Form No 16 (salary income) and Form No 16A (tax deducted... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Hindu deities have PAN cards, are demat accounts next? Posted: 14 Jul 2010 06:49 PM PDT Can Hindu deities have demat accounts to enable them transact in shares and debentures on the stock market? The Bombay High Court will decide the issue after a religious trust filed a petition challenging the decision of National Securities... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI – Opportunity for Skilled Translators Posted: 14 Jul 2010 06:45 PM PDT Opportunity for Skilled Translators (Hindi) to translate all Converged Accounting Standards (ASs) in Hindi in the project of the Accounting Standards Board (ASB). The Institute of Chartered Accountants of India (ICAI), an apex premier Accounting... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income-Tax Department will be on strike today Posted: 14 Jul 2010 06:40 PM PDT The employees of the Income-Tax Department will strike work on Thursday to stress the various demands including filling up vacancy and stop outsourcing at the Central Processing centre in Bangalore.The two major employees associations Income-Tax... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Imposition of penalty for bouncing of SGL forms Posted: 14 Jul 2010 05:35 PM PDT In terms of the existing regulatory framework, if the SGL transfer form bounces three times in a half year, for want of either funds or the securities, the account holder is liable to be debarred from using the SGL account facility for a period of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Amendment of SION H-444 – DGFT Public Notices No. 80/2009-14 Posted: 14 Jul 2010 04:40 PM PDT In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14 and Paragraph 1.1 of the Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following amendments/corrections in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Bring clarity on the role of independent directors Posted: 14 Jul 2010 03:36 PM PDT There is no major cause for worry on the imposition of heavy penalties by the U.S. capital market regulator on the erstwhile Satyam Computers, Union Minister of State for Corporate Affairs Salman Khurshid said here on Tuesday. Replying to a query,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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