Based upon the insurance related data as of year ending March 31, 2010 and related discussions, the Authority issues the following clarifications in continuation of the ULIP guidelines “Guidelines on Unit Linked Products” issued vide Circular No. 032/IRDA/Actl/Dec-2005 dated 21.12.2005:
This Act may be called the Company Secretaries (Amendment) Act, 2010. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
The proviso to s. 112(1) provides that “where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being listed securities … exceeds ten per cent of the amount of capital gains before giving effect to the provisions of the second proviso to section 48 (i.e. indexation), then, such excess shall be ignored for the purpose of computing the tax payable by the assessee“.
Under section 51 of PVAT Act 2005 information collection centers have been established by the Punjab Government at various places with a view to prevent and check the evasion and avoidance of tax under PVAT Act. Section 51(1) of PVAT Act authorizes the state government to establish such information collection centre or check posts by notification.
Days after the Income Tax raid, service tax department sleuths of the West Bengal government Friday swooped down on the Eden Gardens to check papers relating to the alleged financial wrongdoings related to the Indian Premier League.
‘Success is a journey, not a destination,’ so goes the saying which is true for our profession too. We should not rest with success but instead should sustain it as a continuous journey to ultimate excellence – season after season. April and May are the months of hectic and breathless activity in a chartered accountant’s office, with the March year end closing of the financial statements and the pressures from all the clients,
Need for Compliance Management Secretarial Audit is compliance audit; it is a part of total compliance management in an organisation. The Secretarial Audit is an effective tool for corporate compliance management. It helps ensure timely corrective measures when non-compliance is detected.
There are more than a lakh tax cases pending in courts and various tribunals, holding back Rs 64,244 crore in both direct and indirect taxes. “The major reasons for pendency of 1,31,780 tax cases are excessive burden on existing tribunals and courts, and shortage of human resources with tax departments, ” junior finance minister S S Palanimanickam told the Lok Sabha today.
Pursuant to the annual budget, the Government of India (Government) had introduced the Finance Bill 2010 (Finance Bill) in the Parliament on 26 February 2010. The Government has now proposed certain amendments to the Finance Bill (As a reply to the debate on the Finance Bill in the lower house of the Parliament) as initially presented before the Parliament. This Tax Alert summarizes the amendments proposed by the Finance Bill to the Direct Tax Law (DTL) and the Indirect Tax law (ITL).
The government proposes to set up a Directorate of Currency (DOC) in the Ministry of Finance. The Directorate of Currency (DOC) will have the mandate to : (i) Monitor & review best practices around the world;
