Notification No. 40/2010-Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) Central Board of Direct Taxes, number S.O. 732(E), dated the 31st July, 2001, namely:-
In order to give an opportunity to the defaulting companies to enable them to make their default good by filing belated documents and to become a regular compliant in future, the Ministry has introduced a Scheme namely, ‘Company Law Settlement Scheme, 2010,’ for condoning the delay in filing documents with the Registrar, granting immunity from prosecution and charging additional fee of 25 percent of actual additional fee payable for filing belated documents under the Companies Act, 1956 and the rules made there under.
Banks double expansion plans after RBI’s decision to allow them to open branches in Tier-III to VI cities without prior permission. An easing of the requirement to take the Reserve Bank of India’s (RBI’s) permission for opening new bank branches has led to a substantial rise in their number.
Market regulator Sebi wants to end the practice of placing restrictive clauses by companies which strip their ADR/GDR investors of voting rights. The Sebi board meeting last week had deliberated on the need to remove obstacles to bringing the holders of global and American depository receipts (GDRs/ADRs) at par with domestic investors.
Disputes have arisen in some parts of the country regarding applicability of service tax on certain activities such as shifting of overhead cables to underground on account of renovation/widening of roads; laying of electrical cables under or alongside roads/railway tracks; between grids/sub-stations/ transformers the distribution points of residential or commercial complexes and such activities as electrification of railways, installation of street-lights, traffic lights, flood-lights.
Medical care at overseas hospitals could well be within your reach with a number of health insurance providers planning to launch a premium health cover shortly. Health insurance providers, both private and state-owned, are readying products targeted at high networth individuals that would provide a cover of about Rs 50 lakh.
“Information is power. This is truer now, in this information age, than ever before. In a democracy this power of information which the public authorities possess is to be shared with the people. But at the same time, not every piece of information is to be made public. There is the public interest and democratic purpose in dissemination of information on the one hand and the competing private rights and national interests in general non-disclosure, on the other.”
The assessee, a director and shareholder in a company engaged in share trading, returned income of Rs. 78,89,499 earned by her on transfer of shares as a “short-term capital gain”. The AO took the view that as there were voluminous transactions, the assessee was engaged in share trading and the income was assessable as “business income”. This was upheld by the CIT (A). On appeal, HELD dismissing the appeal:
The assessee, engaged in management consultancy, offered profits of Rs. 1.03 crores earned by it on sale of shares as long-term and short-term “capital gains” depending on the period of holding. The AO took the view that as the assessee was regularly dealing in shares throughout the year,
This study examines the recent debate on the need for a new global reserve currency in the context of the recent global financial crisis, which has, to an extent, eroded the confidence in the US dollar as a numero uno global reserve currency and momentum is building up for reforming the international monetary system. Against this backdrop, China is stepping up efforts to find ways to “internationalize” its currency.
