In exercise of power conferred under paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendment in para2.63 (ii) of the Handbook of Procedure(Vol. I) relating to Registering Authorities issuing RCMC.
It gives me great pleasure to be here on this occasion when the Empowered Committee under the dynamic leadership of Dr. Asim Dasgupta is releasing its First Discussion Paper on the proposed Goods and Services Tax (GST). At the outset, let me whole-heartedly congratulate all of you for giving shape and form to an idea whose time, I believe, has truly come.
Companies listed on the SME exchanges would be exempted from the eligibility norms applicable for IPOs and FPOs prescribed in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR).
The assessee, a share broker, purchased shares on behalf of its client and paid for them. The brokerage on the said transaction was offered to tax. As the client did not pay for the shares, the assessee wrote off the amount due and claimed the same as a bad debt u/s 36 (1) (vii). The AO rejected the claim on the ground that as the said “debt” had not “been taken into account in computing the income”,
Last Year, The CBEC, had planned a Third Party Information System (TPIS), a third party information model for excise duty. Now CBEC requires to reproduce the trials with service tax. As per board, it is a very effective and non-intrusive set up to obtain all apposite data to trap the tax evaders.
Class Action lawsuits have recently made to the front page news, more particularly in western countries. The reason being the sudden fall (bankruptcy) of financial industry giants like Freddie Mac, Wachovia, AIG to name a few and the consequent losses suffered by large number of investors amounting to millions of dollars.
Employees enjoying perks such as chauffeur-driven cars, rent-free accommodation, club memberships, credit cards and meal vouchers could find the next four months a little too harsh on their wallets as they may have to cough up the entire annual tax on such benefits during this period.
The new Bill, which is likely to come up in the Budget session in 2010, proposes no cap on the remuneration of CEOs, letting the shareholders decide the issue. Thanks to the Companies Law Bill 2009, the expression ‘shareholders’ democracy’ is gaining in popularity. The Government argues that shareholders should have a say in deciding the managerial remuneration. But what does shareholders democracy actually mean?
In view of large increase in credit to the Commercial Real Estate (CRE) sector over the last one year and the extent of restructured advances in this sector, it would be prudent to build cushion against likely non-performing assets (NPAs). Accordingly, it has now been decided to increase the provisioning requirement for advances to the CRE sector classified as ‘standard assets’ from the present level of 0.40 per cent to 1.00 per cent.
The Supreme Court has decided to examine the issue of whether foreign law firms charging professional fees from Indian companies and businessmen are liable to pay income tax in the country. A bench headed by Justice S H Kapadia has issued notices to a London-based law firm on a petition filed by the Income Tax Department.
