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Archive: July, 2009

Posts in July, 2009

Notification No. 59/2009 – Income Tax Dated 31/7/2009

July 31, 2009 320 Views 0 comment Print

Notification No. 59/2009 – Income Tax It is hereby notified for general information that the organization The Eye Research Foundation, Chennai, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from assessment year 2008-09 onwards in the category of

Amends Notification No. 21/2002-Customs Duty, dated 1st March, 2002

July 31, 2009 367 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002, which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 118(E) of the same date, namely

Amends Notification No. 36/2001-Custom Duty (N.T.), dated, 3rd August 2001

July 31, 2009 253 Views 0 comment Print

The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S. O. 748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 91/2009-Customs (N.T.), dated, the 15th July, 2009 (S. O. 1748 (E) dated 15th July, 2009).

Circular on Amendment to Chapter VIA of the SEBI (Disclosure and Investor Protection) Guidelines, 2000

July 31, 2009 315 Views 0 comment Print

We confirm that all the material disclosures in respect of the Issuing Company have been made in the red herring prospectus / prospectus and certify that any material development in the Issuing Company or relating to the issue, up to the commencement of listing and trading of the IDRs offered through this issue, shall be informed through public notices/ advertisements in all those newspapers in which pre-issue advertisement and advertisement for opening or closure of the issue have been given.

Circular on Additional Information required for registration / renewal of registration as Portfolio Managers

July 31, 2009 703 Views 0 comment Print

I/We hereby apply for REGISTRATION. I/We warrant that I/We have truthfully and fully answered the questions above and provided all the information which might reasonably be considered relevant for the purposes of my/our registration.

Circular on Procedure for submission of updations in the offer documents filed with SEBI

July 31, 2009 559 Views 0 comment Print

Securities and Exchange Board of India (hereinafter referred to as “the Board”), vide circular dated February 24, 2009, enhanced the validity of its observation letter issued for public and rights issues to twelve months from three months. The said circular inter-alia stated that before opening of the issue, every issuer shall file an updated offer document with the Board at least one month prior to filing of the same with the Registrar of Companies

Builders need to pass on Housing tax benefit to home buyers otherwise benefit may not be extended in future

July 31, 2009 360 Views 0 comment Print

Having given tax holiday to builders, Finance Minister Pranab Mukherjee today warned that if the incentives are not passed on to the consumers the same may not be extended in future. I expect the developers to pass on the benefit of the tax holiday to the home buyers. It should reflect in the prices. Unfortunately it happens in our country, that they (builders) pocket it,

MRTP Commission getting more complains then CCI

July 31, 2009 1589 Views 0 comment Print

Even after three months of the Competition Commission of India (CCI) coming into force, its predecessor, the Monopolies and Restrictive Trade Practices Commission (MRTPC) is continuing to accept fresh cases on a daily basis.  Complainants are continuing to show a preference for MRTPC to the CCI, which is a costlier option for the common man and follows […]

ICWAI – Equate Cost Accountants with Chartered Accountants

July 31, 2009 9615 Views 0 comment Print

All manufacturing companies with a paid-up capital of Rs 50 crore or more will be required to conduct a statutory cost audit, which would bring about 25,000 firms under the ambit of cost audit. At present, only 44 industries and specific products within an industry come under cost audit. The proposed change will have a major positive impact on the profession, because more firms will have to mandatorily appoint a cost auditor and have cost accounting records audited on an annual basis. At present, about 1,800 cost accounting professionals practise in India, against 46,000 qualified people.

Agreement for Avoidance of Double Taxation with the Government of the Republic of Tajikistan

July 31, 2009 396 Views 0 comment Print

India and Tajikistan have written the new chapter of their relations when both nations have inked on the Double Taxation Avoidance Agreement (DTAA). With an aim of bolstering the flow of technology, investment and services both India and Tajikistan have signed the DTAA.

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