In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No. 22 of 1992) read with Para 1.3 of the Foreign Trade Policy (FTP), 2009-14, the Central Government hereby makes the following amendment in Foreign Trade Policy:
Lenders are likely to ask RBI to lower interest rate on savings accounts to enable them to comply with the new directive requiring interest rates on these accounts to be calculated on daily balances. Interest rates on savings accounts are determined by the regulator are presently fixed at 3.5%.
In Appendices 37A, 37C, and 37D, the following is added after the existing note(s).“Note for Admissible Date of Export/ Period: The admissible date of export for claiming benefits is 27.8.2009, unless a specific date of export / period is specified by public notice/notification.
Oracle India has approached Delhi High Court challenging the order of the government which had asked it to undertake a special audit of the tax returns filed by the IT firm. In its petition, Oracle India, a subsidiary of global IT firm Oracle Inc, requested the court to stay the direction passed by the Income Tax Department which had on December 29, 2009, ordered it to do a special audit of the tax returns filed by the firm for financial year 2006-07.
Individuals as well as corporates may have fewer occasions to meet the taxmen in future. The Central Board of Direct Taxes (CBDT) is thinking of putting in place a system in which taxpayers do not meet the assessing officer or any tax official for routine assessments. In the system being envisaged by the country’s tax regime, the tax payer would not know who his assessing officer is. Assessments will be centralised at one place where a set of officers will supervise the assessments. Each officer will be specialising in certain segment of the assessment process, such as giving credit, refunds, etc.
Section 26. There may be in the case of public company limited by shares and there shall in the case of an unlimited company or a company limited by guarantee or a private company limited by shares, be registered with the memorandum, articles of association signed by the subscribers of the memorandum, prescribing regulations for the Company.
Recently in one of the cases of educational institutions, the Assessing Officer (AO) issued a show-cause letter calling for an explanation from the assessee, as to why it should not be treated as an association of persons (AOP), engaged in a profit making business. In support of the aforesaid allegation, the Assessing Officer excluded the expenditure on land, building, equipment, furniture, etc., from the income applied towards the objects of the trust and thereby worked out surplus,
S. O… (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: –
No acquirer shall acquire shares or voting rights which (taken together with shares or voting rights, if any, held by him or by persons acting in concert with him), entitle such acquirer to exercise fifteen per cent or more of the voting rights in a company, unless such acquirer makes a public announcement to acquire shares of such company in accordance with the regulations.
