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Notification No. 64/2010-Customs, New Delhi, dated the 14th May, 2010. G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India,
Only in the cases where the assessment order is erroneous and prejudicial to the interests of the revenue and not prejudicial to the interest of the assessee can be reopened under section 263 and the assessee is not eligible to claim any new benefit in the assessment proceedings pursuant to section 263.
People with more than Rs 10 lakh annual income may not get the tax relief originally proposed in the Direct Taxes Code, as the Finance Ministry is for tweaking slabs across the board to offset concessions elsewhere.
The Exchange has joined hands with several agencies like the government, trade bodies and educational institutions to drive financial literacy for financial inclusion and encourage incorporation of global best practices in the industry.
Notification No. 33/2010-Income Tax S.O. 1056(E).- In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income tax Rules, 1962, namely:-
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: –
Where the assessee is not able to substantiate his claim of expenditure with any evidence, penalty is leviable under section 271(1)(c)
It has the powers to suspend an auditor, but now ICAI, the Institute of Chartered Accountants of India wants the power to suspend entire firms. This proposal is part of ICAI’s recommendations for better regulation of the audit profession.
In a relief to insurance companies, the finance ministry has revoked its demand asking insurers to pay service tax on commission they receive from reinsurance companies. The Central Board of Excise and Customs (CBEC) has clarified that service tax cannot be levied on the reinsurance commission because an insurance company does not provide any service to a reinsurance company.
The business of the erstwhile company will be continued to be carried by the amalgamated company; if the amalgamated company is deprived of the said benefit, it will frustrate the very purpose of amalgamation and defeat the order of amalgamation passed by the High Court exercising jurisdiction under the Companies Act.
