"10 June 2010" Archive

Custom Duty Notification No 46/2010 (NT), Amends Notification No. 12/97-Customs (N.T.), dated the 2nd April, 1997

Notification No. 46/2010-Customs (N.T.) (10/06/2010)

In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/97-Customs (N.T.), namely...

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Section 4 of the Special Economic Zones Act, 2005 – Establishment of Special Economic Zone and approval and authorization to operate to, Developer –Setting up of a Sector Specific SEZ by Ansal Kamdhenu Engineering SEZ Limited for engineering sector at Sonepat on NH-1, Haryana – Amendment in Notification No. S.O. 1626(E), dated 7-7-2008

Notification No. S.O. 1358(E) (09/06/2010)

The Central Government, in exercise of the powers conferred by sub-section (1) of Section 4 of the Special Economic Zones Act, 2005 (28 of 2005) and in pursuance of rule 8 of the Special Economic Zones Rules, 2006, hereby makes the following amendment in the notification of the Ministry of Commerce and Industry, Department of Commerce, n...

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Inspection of Corporate Agents by the Insurer

Circular No. IRDA/CAGTS/CIR/LCE/093/06/2010 (10/06/2010)

Instances have come to the notice of the Authority that a large number of firms were floated by the same set of individuals under different or similar names to act as Corporate Agents. Some of corporate agents were observed to utilize the services of a large number of people not having requisite Licence/Certificate to solicit or procure t...

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Income Tax Welfare Fund with a Corpus of Rs.100 Crore Operationalised after 12 Years

Income Tax Welfare Fund with a Corpus of Rs.100 Crore Operationalised after 12 Years. Finance Minister asks CBDT to Address the Issue of Unwanted Litigation with Taxpayers and Realise Locked up Revenue in Appeals....

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Revised DTC draft will be put for public comments within a month

With the draft direct taxes code being criticised for its proposal to tax long-term savings among others, the finance ministry on Wednesday said a revised draft will be put for public comments within a month for addressing the concerns of all stakeholders....

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Things to check before accepting new Job

AFTER months of job search and multiple interviews, you get an offer letter. You think it’s the pay off time for all the efforts that have gone into the job search. But at this stage, you have to exercise extreme caution to read the fine print and evaluate the offer....

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Posted Under: Custom Duty |

High Court stays tax demand raised on Vodafone

The Bombay High Court today issued a stay order on the showcause notice sent by the Income Tax (I-T) Department to British telecom major Vodafone. The I-T Department had asked the company to pay Rs 12,000 crore as tax on its acquisition of a majority stake in Hutchison Essar Ltd in 2007. The court fixed July 8 for the next hearing....

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Posted Under: Custom Duty |

Vodafone was advised by Income Tax department to pay withholding tax before payment

THE Indian tax authorities had advised British telecom major Vodafone to pay tax on its $11-billion acquisition of Hutchison Essar before it sealed the transaction, according to a recent income tax order. In a letter on March 23, 2007, the Income Tax (I-T) department had asked Vodafone to pay withholding tax, nearly one-and-a-half month b...

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Posted Under: Custom Duty |

Government setting up eight more overseas income tax units: FM

Finance Minister Pranab Mukherjee today said that the government is in the process of setting up 8 more income tax overseas units, including in the US and Britain, to facilitate exchange of tax related information. At present, the government has one such unit (ITOUs) each at the Indian mission in Singapore and Mauritius....

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SEBI imposed Rs 1 crore penalty on ex-Adlabs chairman Shetty

Market regulator SEBI today imposed a penalty of Rs 1 crore on Manmohan Shetty, the former chairman of media company Adlabs Films, for allegedly violating insider trading norms. Shetty was accused of selling shares of the company within 24 hours of making public the information on demerger of the FM Radio Business from Adlabs, an action a...

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Posted Under: Custom Duty |
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