Archive for April, 2010

The government plans to plug loopholes in investment of foreign equity from a single source into one company through multiple routes. Currently, different agencies monitor the foreign investment flow, leading to policy overlaps and violations. Full Article

The Gujarat High Court has directed the state pollution control board to ensure that environment audit reports are put to meaningful use to control pollution in the state. A division bench of Chief Justice S J Mukhopadhaya and Justice Akil Kureshi issued the directives while dismissing a petition of Gujarat Dyestuff Manufacturers Association which sought scraping of the environmental audit for industries manufacturing specified products, last week. Full Article

Annual Membership and Certificate of Practice fee for the year 2010-2011 became due for payment on 1st April 2010. The schedule of fee is as under: - For Members below age of 65 years Associate Membership Fee 600/-, Fellow Membership Fee 1800/-, Certificate of Practice Fee 1600/- Full Article

The last date for submission of filled in examination application form for admission to CPT to be held on 20th June 2010 is now extended to 28th April 2010 upto 5.30 P.M. The examination forms can be submitted at the designated offices as given in Annexure ‘B’ of Information Brochure of CPT-June 2010. Full Article

The following draft rules further to amend the Employees' State Insurance (Central) Rules, 1950 were published as required under sub-section(1) of section 95 of the Employees' State Insurance Act, 1948 (34 of 1948) in the notification of the Government of Indian in the Ministry of Labour & Employment vide No. G.S.R.164 (E), dated the 26th February, 2010, in the Gazette of India, Part II, Section 3, Sub-section (i), dated 27th February, 2010 Full Article

CBDT notifies New Income Tax Return Form SARAL II (ITR 1) for Assessment Year 2010-11 for Individuals having income from Salary/Pension/Income from One House Property (Excluding loss brought forward from previous years) / Income from Other Sources (Excluding winning from Lottery and Income from Race Horses). CBDT also notifies Income Tax Return Verification Form ITR-V for Assessment Year 2010-11 for SARAL II (ITR-1) ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted e.. Full Article

We have given our due consideration to the aforesaid submissions of the counsel on the either side. The important fact which is to be borne in mind in the present case is that no advance tax was paid by the assessee at all in the assessment year in question on the plea that such tax was not payable as the assessee had set off the interest income earned b Full Article

Having heard learned counsel for the parties,we have gone through the impugned orders and given our anxious consideration to the rival submissions.Section 2 (15)of the Act defines charitable purpose and Section 11 (1)of the Act provides exemption to the income derived by the trust applied for the charitable purposes. Section 2 (15),Section 11 (1)and Section 12-A of the Act read as follows: Full Article