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Whether the Company has been listed on the stock exchanges? If yes, the names of the stock exchanges may please be indicated? If so, whether the provisions of listing agreement of SEBI are being followed by the Company? (2) Whether the Company has 50% independent directors on their Board as required under SEBI guidelines?
Recent Notification No. 23/2010 dated 8 April 2010 (Notification) issued by the Central Board of Direct Taxes (CBDT) prescribed the rules (Rules) for determining the fair market value (FMV), for the purposes of taxation, of certain specified assets received by a taxpayer without consideration or for inadequate consideration i.e. a consideration which is less than the FMV by an amount exceeding INR 50,000. The Finance (No. 2) Act, 2009 had inserted Section 56(2) (vii) (Section) to tax such specified assets received on or after 1 October 2009 (See Note-1 below). Specified assets are archaeological collections, drawings, paintings, sculptures or any other work of art (artistic work), jewellery and shares and securities.
Special Bench Tribunal Ruling: If the Payer is of the bona fide belief that no part of the payment is chargeable to tax, he need not undergo the procedure of section 195 at all. The Tribunal has chosen not to follow the Karnataka High Court’s judgement in the case of Samsung Electronics. [ITO v. Prasad Production Ltd. (ITA No. 663/Mds/2003)].
The Securities and Exchange Board of India (SEBI) on Thursday sought detailed information from foreign institutional investors (FIIs) on their holding structures and account holders, a move apparently aimed at curbing round-tripping or routing of Indian money back into the country through overseas entities in order to avoid paying taxes. Sebi had banned two prominent FIIs for refusing to share information on some client dealings with the Sebi last year.
The Central Board of Direct Taxes has notified the valuation rules for gifts over Rs 50,000 which includes gift in kind too, and these will come into effect retrospectively from October 1, 2009. The transaction value of warrants, preference shares and other such instruments transferred to another individual or a company will now have to be certified by a category-I merchant banker according to CBDT’s new fair market value (FMV) norms for gifts.
GST will also replace abevy of other levies like excise, sales tax, value added tax, entertainment tax and luxury tax. Under GST, there will be no distinction among manufacturers, traders and service providers. At present, traders don’t get credit for anything other than state VAT.
The Confederation of Real Estate Developers’ Associations of India (CREDAI) further questioned the issue of service tax being brought out at a time when the goods and service tax is expected to be introduced in 10-12 months and has submitted to the Ministry of Finance, a representation on the provisions of the Finance Bill, 2010.
The Government has extended tax concession on interest paid for educational loan to all streams of studies including vocational courses, benefiting students from all economic strata opting for higher studies, from this academic session onwards.
LIFE Insurance Corporation is likely to gain market share if the dispute between Sebi and Irda over Ulip regulation is not resolved. Insurers say the finance minister’s decision asking both regulators to refer the dispute to a court would turn prospective Ulip buyers wary.
The disbursement of reallocation amount to 12.75 lac investors from the amount disgorged in the matter of IPO irregularities commenced today. The first set of cheques were handed over by Shri Pranab Mukherjee, Hon’ble Finance Minister of India at a function held on SEBI Foundation Day atNew Delhi today in the presence of Shri Salman Khursheed, Minister of State (Independent Charge), Ministry of Corporate Affairs.
