"25 December 2009" Archive

Union government approved proposal to introduce Bill to amend the Copyright Act, 1957

The Union Cabinet today approved the proposal to introduce a Bill to amend the Copyright Act, 1957. The Ministry of Human Resource Development has proposed the amendments in order to gain clarity, remove operational difficulties and to address the newer issues that have emerged in the context of digital technology and the internet....

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Posted Under: Income Tax |

Minister of Commerce and Industry releases first draft consolidation of FDI Policy/ FDI Framework

01/01/1970

Shri Anand Sharma, Union Minister of Commerce and Industry, has released the first draft consolidation of all the aspects of FDI Policy and FDI Framework, here today, and also launched the same in the Department of Industrial Policy & Promotion’s website (http://dipp./nic.in). Briefing the media on the occasion, Shri Sharma said that su...

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Posted Under: Income Tax |

ICAI Executive Committee Decision on Election of Chairman and other Office bearers of all Branches of Regional Councils

The Chairman of a Branch, after demitting office, should not seek re-election for or hold the said or any other post at Branch level in subsequent years. The Committee also decided that no member should hold two posts simultaneously and that in case, as a result, any difficulty was faced, the matter may be brought before the Institute for...

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Posted Under: Income Tax | ,

Union government approved amendment to the Right of Children to Free and Compulsory Education

The Right of Children to Free and Compulsory Education Act, 2009 has been enacted by the Parliament to provide for free and compulsory education to all children of the age of six to fourteen years. After receiving the assent of the President, the aforesaid Act was published in the Gazette of India on 27th August, 2009. ...

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Posted Under: Income Tax |

Investing in new pension scheme (NPS)

When it comes to social security measures, India is still considered to be an evolving country even after more than sixty years of independence. Central Government has announced a new pension scheme (NPS) w.e.f. 1st May, 2009 established under Pension Fund Regulatory and Development Authority. The scheme has been in operation for governme...

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Posted Under: Income Tax |

EET – The Future Model of Savings and Taxation

Savings are generally made from taxable income, which has already been subjected to tax provisions. There are certain savings which, if made enjoy exemption from taxation. Not only this, the income or returns arising from such savings or investments are also exempt from tax and when such savings are redeemed on maturity, they are not su...

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Posted Under: Income Tax |

No Service tax on services provided abroad prior to April 18, 2006

The Supreme Court has upheld a Bombay High Court ruling saying that the Government cannot levy service tax on services provided outside the country. The order pertains to service tax for the period from March 1, 2002 to April 17, 2006....

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Posted Under: Income Tax |

Law Commission in favour of amendment in Indian Stamp Act 1899 and Court-fees Act 1870

The Law Commission is in favour of amending the country's archaic Indian Stamp Act 1899 and the Court-fees Act 1870, which entail payment of stamp duty on instruments and court-fee on documents to be filed in courts only in the form of adhesive stamps or stamped papers.Taking up the obsolete statutes suo motu for a thorough study, the Law...

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Posted Under: Income Tax |

SEBI constituted Takeover Regulations Advisory Committee (TRAC) will review Takeover Code

The single-most important regulation in India, governing the acquisition of shares or control in an Indian listed company is the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, or the Takeover Code. In the backdrop of changing needs of a dynamic Indian economy surging at a growth pace of more than 7 per cent over ...

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Posted Under: Income Tax |

Exempt long term capital gains to be included for MAT computation: Delhi ITAT

Growth Avenue Securities Pvt. Ltd. Vs DCIT (ITAT Delhi)

In a recent ruling Delhi Income Tax Appellate Tribunal (ITAT) in the case of Growth Avenue Securities Pvt. Ltd. (Taxpayer) v DCIT [ITA No. 3912/Del/2005] on the issue of inclusion of capital gains in book profits while computing Minimum Alternate Tax (MAT) under the provisions of the Indian Tax Law (ITL), where such capital gains are not ...

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