"February, 2010" Archive - Page 47

DTC may increases the tax burden of middle-class and may penalise long term investor

Most finance ministers in the past gave direct tax reforms a miss, preferring discretion to valour, until P. Chidambaram took the bull by its horns and drafted a new code to replace the Income Tax Act of 1961. The new code is expected to simplify the tax procedures and adopt international best practices. But it could be tough on investors...

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Posted Under: Income Tax |

RBI doesn’t approve penalties on foreclosure of loans but not done enough to prevent such practice

The Reserve Bank of India (RBI) does not approve of penalties on foreclosure of loans and admits there is no uniformity among banks on such matters, but appears to have done little to address the problem. This is reflected in two separate sets of replies to a query under the Right to Information (RTI) Act on the issue of high rates of pen...

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Posted Under: Income Tax |

Budget may not fulfill the demand of banks to allow them to issue tax-free infrastructure bond

The long-standing demand of banks that they be allowed to issue tax-free bonds to fund long-term infrastructure projects may not be accepted by the government and included in the Budget. The government has not found any reason to accept the demand, especially at a time when the state of its finances has gone awry....

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Posted Under: Income Tax |

Sixteen new sports added under Section 80G of the Income Tax Act on recommendation of IOA

Sixteen new sporting disciplines have been brought under the ambit of Section 80G of the Income Tax Act-- which defines charitable and benevolent purposes and allows tax benefits to donors if donations are made to institutions or funds under its ambit. The Central Board of Direct Taxes (CBDT) has "added" baseball, fencing, handball, ice h...

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Posted Under: Income Tax |

Bombay HC accepted writ petition challenging applicability Rule 8 D of section 14 A of the Income-Tax Act, 1961

The Bombay High Court has recently admitted a writ petition that challenges an Income-Tax rule allowing the taxation of expenditure incurred on earning tax-free income like dividends and long-term capital gains. The writ petition was filed by Technocraft Industries India, a Mumbai-based exporter, along with Indian Exporters’ Grievance F...

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Posted Under: Income Tax |

Sebi announced valuation norms for Mutual Funds

In a move to bring in standardised practices in the mutual fund industry, especially in the debt market segment, Securities & Exchange Board of India (Sebi) on Tuesday asked mutual funds to value all money market and debt securities with residual maturity of up to 91 days at the weighted average price at which they are traded on the p...

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Compliance with FDI norms-Half yearly certificate from Statutory Auditors of NBFCs

RBI/2009-10/304 DNBS (PD).CC. No 167/03.10.01/2009-10 (04/02/2010)

The Reserve Bank of India (RBI) on Wednesday withdrew the special short-term foreign currency borrowings facility for non-banking financial companies (NBFCs) and housing finance companies. The central bank made the decision after reviewing the macroeconomic conditions and improvements in the domestic credit and liquidity conditions, it sa...

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Delhi HC deferred hearing of petition seeking refund of penalty of Rs 80 lakh in connection with seizure of 800 kg gold

The Delhi High Court deferred the hearing of a petition filed by legal heirs of Maharani Gayatri Devi seeking release of Rs 80 lakh deposited by them in the Government vault as taxes for contravention of the Gold Control Act in 1975....

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Posted Under: Income Tax |

High Court stayed collection of taxes from 69 companies allegedly having connections with Ramalinga Raju of Satyam Computers

A Division Bench of the High Court comprising Justice G. Raghuram and Justice Ramesh Ranganathan on Thursday stayed the collection of taxes from 69 companies allegedly having connections with Ramalinga Raju of Satyam Computers on the condition that they pay half the amount demanded....

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Posted Under: Income Tax |

Anti-cancer and HIV drugs likely to be exempted from duty in coming budget

NA (04/02/2010)

ALL anti-cancer and HIV drugs are likely to become cheaper as the forthcoming budget is likely to fully exempt these from customs duty/countervailing duty (CVD), but on the condition that the benefits are passed on to patients. Also, the finance ministry is understood to be considering hiking the weighted deduction on expenditure on resea...

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