I need not reiterate the fact that Company Law is complicated everywhere in view of its exposure, the interest of the stake holders, plethora of regulations, the stakes and the responsibility of the state or the statutory authorities. As everybody knows, in India, the jurisdiction to decide company disputes substantially rests with the Company Court and the Company Law Board.
RPCD.CO.RF.AML.BC. No.59/07.40.00/2009-10 Some of the salient features of the amendment, relevant to state and central co-operative banks are as under- Clause (ca) inserted in sub-rule (1) of Rule 2 defines non-profit organization. Clause (BA) inserted in sub-rule (1) of Rule 3 requires banks/ financial institutions to maintain proper record of all transactions involving receipts by non-profit organizations of value more than rupees ten lakh or its equivalent in foreign currency. The amended Rule 6 provides that the records referred to in rule 3 should be maintained for a period of ten years from the date of transactions between the client and the banking company/financial institution.
Section 49 of the Special Economic Zones Act, 2005 – Power to modify provision of this Act or other enactments in relation to Special Economic Zones – Exemption to ATMs in SEZ from being treated as Offshore Banking Units. Notification No. S.O. 527(E), dated 3-3-2010
The Budget proposals have thrown up a dampener for the housing industry. Construction services have now been brought under the ambit of the service tax in an unexpected move that would raise cost of apartments that are still under construction.
While the government stands to gain around Rs 1,000 crore from service tax on transportation of goods by railways, freight movement on the rail network may become unattractive in case of the tax being passed on to transporters. In the event of the tax being absorbed by the national transporter, allocations reserved for development purposes would decline by a third in the coming financial year.
Tax slabs liberalized :-The most significant and far reaching change proposed is the amendment in the income tax slabs. This move is a definite step towards taking the tax slabs to the proposed Direct taxes code (DTC) to be implemented in next year.
The Government has decided that telecom companies offering 3G services will not be allowed to claim tax breaks under Section 80 IA of the Income Tax Act. Benefits under Section 80 IA are extended to companies involved in infrastructure creation. In the telecom sector, existing operators are allowed to choose a block of 10 years (out of the first 15 years of operations) for availing themselves of the tax benefits.
Fraudsters would soon find it difficult to raise multiple loans against the same property with the budget setting aside Rs 25 crore for a Central Electronic Registry. The Central Electronic Registry (CER) would be a database of all all mortgages and the banks that have a charge. So in future when a borrower seeks to avail a loan against an apartment or a house, the lender will be able to verify whether anyone has already got a charge on the property.
Real Estate sector which is slowly coming out of the Mid 2008 slump, has received good support from Union Budget 2010-11. While the budget has encouraged affordable housing below Rs 20 lakhs with 1% interest subvention for housing loan upto 10 lakhs and extension of benefits available under section 80IB by one more year, extension of some services are extended so as to bring under service tax impacting the industry in difficult times.
In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes, with immediate effect, the following amendment to Notification No.38 (RE-2007)/2004-2009, dated 15.10.2007 read with Notification No. 93 (RE-2007)/2004-2009 dated 1.4.2008, as amended from time to time.
