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Notification No.11/2010-Income Tax S.O. It is hereby notified for general information that the organization Asian Health Care Foundation, Hyderabad, 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
Notification No. 12/2010-Income Tax S.O. It is hereby notified for general information that the organization Mahila Mandal Barmer Agor (MMBA), Barmer, Rajasthan has been approved by the Central Government for the purpose of clause (iii) 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
* No hikes in passenger fares and freight tariff. 52 new train services to meet increasing demand of passengers, increase in frequency of 12 train services, extension of 21 trains and introduction of some special trains. Railways will not be privatized, but private sector participation welcomed through PPP route. A Special Task Force to clear proposals for investments within 100 days to be set up
There will be no increase in the passenger fares of any class or category of trains. Freight tariffs will also remain the same for 2010-11. Service charges for e-tickets and freight charges for food-grains will be reduced. This was announced by the Minister of Railways, Ms. Mamata Banerjee in Parliament today while presenting Railway Budget for the new financial year.
In order to claim a bad debt as a deduction under section 36(1)(vii) of the Income tax Act (Act) it has been a long drawn controversy between the Taxpayer and the Revenue whether in addition to write-off the debt in the books of account, it is obligatory on the Taxpayer to establish that such debt has become a bad debt, especially after the amendment brought in by the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 1 April 1989.
Personal income tax exemption limit should be further increased by Rs 50000 and slab limits should be revised accordingly. Currently, the threshold tax exemption limit for all assessees – for women is Rs 1,90,000, for senior citizen is Rs 2,40,000 and for others is Rs 1,60,000.
When there exist serious disputes between groups, one group tends to approach Company Law Board or the Company Court. Usually, when there are serious disputes, one group approaches the Company Law Board under section 397/398 of the Companies Act, 1956 alleging oppression and mismanagement.
When the developed economies were in busy in formulating policies for catching up the falling hand of economies in to the well of recession, emerging economies were making a paradigm shifts in its domiciles of production plants. China is again the leader in its first step towards this paradigm shift of its production base.
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to A.P. (DIR Series) Circular No. 68 dated June 1, 2007, revising the reporting package on Overseas Direct Investment (ODI) by the Indian Parties. Further, it was also mentioned in the circular that the ODI forms would be received on-line by the Reserve Bank, in due course.
the Reserve Bank may consider scheme of amalgamation that provides for payment to depositors under Section 16(2) of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, financial contribution by the transferee bank and sacrifice by large depositors. It has since been decided that the Reserve Bank may also consider scheme of transfer of assets and liabilities (including branches) of UCBs to commercial banks with DICGC support in legacy cases, as an additional option for resolution of weak banks, where proposals for amalgamation within the UCB sector were not forthcoming.
