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.
Tax defaulters beware. The income tax department is considering publishing the names of habitual tax defaulters with large tax demands pending. According to official sources, the department is planning to compile a list of all cases, where there is a tax demand of over Rs 1 crore with no pending appeals.
Professional Competence Examination-It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual taxable services.
The finance minister could approve foreign investments of up to Rs 1,200 crore (Rs 12 billion), without going to the Cabinet, if a proposal of the Department of Industrial Policy and Promotion to fast-track clearance of foreign direct investment is accepted.
The commerce and industry ministry will review the growth of the country’s export sector by the middle of this month to assess the need for extending further stimulus for the exporting community, particularly, the labour-intensive sectors. The country’s exports have been declining ever since the fall of Lehman Brothers and the onset of the global economic downturn in September last year.
* Roll Numbers of candidates where no change in marks found click Here All these candidates are being intimated by post. * Roll Numbers of candidates where change in marks found but there is no change in result or exemption in applied papers found click Here Revised Mark Sheet is being sent.
Removing difficulties being faced by the students for successfully completing 100 Hours Information Technology Training before the commencement of May, 2010 Professional Competence Examination/Integrated Professional Competence Examination.
