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.
The steps of registering a company in India are as under: Step 1 – Acquire director identification number (DIN) by filling Form DIN-1. The temporary DIN is immediately issued which must then be printed, signed and sent to RoC for its consent along with the identity and address proofs.
The United Progressive Alliance government has initiated a move to revive a 20-year-old controversial bill which seeks to give representation to workers on company boards. As a first step, Union Labour Secretary Prabhat Chaturvedi met human resource directors and other senior officials of 12 ‘Navratna’ PSUs in Delhi .
Notification No. 39/2010 – Customs (N.T.) the words, brackets, letters, and figures “ for the purpose of adjudicating the matters relating to Show Cause Notices pertaining to Shri Sachin Dhanraj Jain (Proprietor), M/s. Shree Vikran Overseas, 3, Govind Building, Opposite Heritage Hotel, Aary Road, Goregaon (East), Mumbai – 400063 and others issued vide, F.No. DRI / MZU/G/INV-07/05-06, dated the 13th May, 2008 and Shri Kamlesh J. Sharma (Proprietor), M/s Dev Texpro, No. 110, 1st Floor, Latifabad No. 3, Lucky Star, Jiravbai Sadia Road, Parel (E), Mumbai – 400012 and others issued vide, F.No. DRI / MZU/G/INV-08/05-06”, shall be substituted.
