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Archive: 16 March 2010

Posts in 16 March 2010

Customs Circular No 05/2010, Regarding verification mechanism and monitoring of export obligation under duty exemption / reward Schemes

March 16, 2010 2175 Views 0 comment Print

I am directed to invite your attention to the above-mentioned subject and to say that, several references have been received, requesting the Board to put in place a verification mechanism in respect of the duty credit scrips issued under Chapter 3 schemes of the Foreign Trade Policy (FTP) and in respect of the Export Promotion Schemes viz.

Notification No 12/2010 Central Excise (N.T.); dated: 16.03.2010

March 16, 2010 498 Views 0 comment Print

Notification No 12 /2010 Central Excise (N.T.) – Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India, Ministry of Finance (Department of Revenue) No. 24/2005-Central Excise (N.T.) published in the Gazette of India,

Income Tax department strategy to meet FY 2009-2010 Budget target

March 16, 2010 2508 Views 0 comment Print

The regular assessment tax (RAT) is one of best tools available to the Department to collect taxes. The collection from RAT not only showcases the effort of the Department to collect taxes but can also have a great deterrent effect on the tax evaders. During 2009-10, the Department has collected around Rs 31,242 crone from RAT which is around 8,74% more than the corresponding figure last year. The share of collection from RAT (as a percentage of total collection) has gone up from 921% in 2007-08 to 924% in 2008-09. However there is a great potential in augmenting collection from RAT.

Assessee can ask reason for delay in Income Tax Refund under RTI

March 16, 2010 1120 Views 0 comment Print

In a landmark ruling, the Central Information Commissioner has passed an order which says information on refunds is covered under the Right To Information (RTI) Act. L Lakshmi Narayanan, an assessee, had filed an RTI petition with the (I-T ) department in Chennai, asking for information as to why was there a delay in the payment of his IT refunds for 2003-04, 2005-06, 2006-07 and 2008-09, amounting to Rs 3,32,457.

Guideline for Public Issue of Insurance Companies likely in April 2010

March 16, 2010 291 Views 0 comment Print

The initial public offer guidelines for the insurance sector is likely to announced next month, the Insurance Regulatory & Development Authority (Irda) said on Monday. “The guidelines could take a month time and Sebi will take the final call,” Irda chairman J Harinarayan said.

Difference between Insolvency and bankruptcy

March 16, 2010 1380 Views 0 comment Print

A reference to the Twilight Zone to many readers may evoke associations with the classic television series and film about strange and bizarre events. he general connotation, that of a transitional or ambiguous condition, has more serious implications in the business world – it is the Zone of Insolvency from which the companies emerge or perish. In colloquial parlance, though the terms are used interchangeably, insolvency and bankruptcy are not synonymous. Insolvency is a state of affairs in which the financial difficulties of a company are such it is unable to run its business at its current pace.

Putting you out of business is not a penalty, says Supreme Court

March 16, 2010 780 Views 0 comment Print

The Securities and Exchange Board of India (SEBI) has never been armed with stronger draconian powers over the fate of Indian citizens. A recent opinion of the Supreme Court has held SEBI to be a social welfare organisation, and its powers under Sections 11(4) and 11B of the SEBI Act, 1992 (the Act) as not being “penal” in nature. Consequently, SEBI can issue directions to any person using these powers, even in relation to matters that occurred when these powers did not exist in the Act.

Retrospective amendment in budget 2010 to provide that renting is a service

March 16, 2010 459 Views 0 comment Print

In this Budget a retrospective amendment has been introduced in respect of the service of renting out of property for commercial purposes. Amendment has been made in the definition of “Renting of immovable property service” to provide explicitly that the activity of renting itself is a renting service. The change has given retrospective effect from June 1, 2007. This treatise seeks to explain the rationale and the background for the retrospective amendment for a proper appreciation of this action in the Budget.

More power to SEBI to monitor end use of IPO money

March 16, 2010 324 Views 0 comment Print

Market regulator Securities and Exchange Board of India (Sebi) could soon get more teeth to monitor the end-use of money raised through initial public offerings by companies. The ministry of corporate affairs (MCA), which currently performs this role through the registrar of companies, wants Sebi to be roped in for this task, since companies divert funds through complex mechanisms that require expert hands to track.

Income ceiling per month per household for purposes of housing loans revised

March 16, 2010 657 Views 0 comment Print

The income ceilings of Economically Weaker Section (EWS) and Low Income Group (LIG) presently defined as Rs. 3300 per month per household and Rs. 3301-7300 per month per household respectively for the purpose of housing loans were fixed on 2006 prices.

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