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Archive: 11 June 2010

Posts in 11 June 2010

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 1119 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7671 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

SEBI circular on allocation of Corporate debt investment limits to FIIs

June 11, 2010 318 Views 0 comment Print

a) In partial amendment to clause 3 (h) of the aforesaid circular IMD/FII & C/ 37/2009, no single entity shall be allocated more than Rs.2000 cr. of the corporate debt investment limit. b) In partial amendment to clause 3 (c) and 3(d) of the aforesaid circular IMD/FII & C/ 37/2009, the minimum amount which can be bid for shall be Rs.200 cr. And the minimum tick size shall be Rs.200 cr.

Increase in gratuity exemption limit made applicable to all employees

June 11, 2010 3961 Views 5 comments Print

Notification No. 43/2010-Income Tax Notification:-The Central Board of Direct Taxes (“CBDT”) has extended the enhanced exemption limit of INR 10 lakhs to the employees of companies who do not fall under the provisions of the Payment of Gratuity Act, 1972. The notification will be effective from 24 May 2010.

Cenvat credit on building material: – Tax Expert or Jyotishi

June 11, 2010 6699 Views 0 comment Print

Before the recent amendment in Explanation 2 of the Rule 2 (k) the assessee was claiming credit on Cement and steel items as inputs used in the manufacture of capital goods. To this the argument by the assessee was that the said items were being used indirectly in relation to the manufacture of finished goods and whatever is used in the manufacture of final product will be available for Cenvat credit.

Government yet to clarify on tax treatment towards SEZs in Direct Taxes Code

June 11, 2010 327 Views 0 comment Print

Even as Larsen and Toubro withdrew its proposal for an IT/ITeS Special Economic Zone (SEZ) citing uncertainty in tax treatment towards SEZs in the Direct Taxes Code (DTC), the Commerce Ministry has said the Finance Ministry is yet to consult it on the continuity of fiscal sops in the DTC to these tax-free zones.

Finance Minister asks revenue department to aim for higher direct tax collection

June 11, 2010 348 Views 0 comment Print

Finance Minister Pranab Mukherjee asked the revenue department to aim for a higher direct tax collection. The government had budgeted this year’s revenue collections at Rs 4,30,000 crore, against the revised target of Rs 3,87,000 crore last year.

Section 10(10)(iii) – Gratuity exemption limit raised to Rs.10 lakhs

June 11, 2010 12388 Views 21 comments Print

Notification No. 43/2010-Income Tax In exercise of the powers conferred by sub-clause (iii) of clause (10) of section 10 of the Income-tax Act, 1961 (43 of 1961), and in supersession of Ministry of Finance, Department of Revenue, notification no. S.O. 287 dated the 20th January, 1999 the Central Government, having regard to the maximum amount of any gratuity payable to its employees, hereby specifies ten lakh rupees as the limit for the purpose of the said sub-clause in relation to the employees who retire or become incapacitated prior to such retirement or die on or after the 24th day of May, 2010 or whose employment is terminated on or after the said date.

Railways to Accept Two More Proofs of Identity for Travelling on E-Tickets

June 11, 2010 643 Views 0 comment Print

In an important passenger friendly move, the Ministry of Railways has decided to accept two more proofs of identity for traveling on e-tickets. These are; i) Student Identity Card with photograph issued by recognised School/College for their students. ii) Nationalised Bank Passbook with photograph.

Section 31B(2) of the Insurance Act, 1938 – Power to restrict payment of excessive remuneration – Submission of details of remuneration paid whether by way of commission or otherwise to any person, in cases where such remuneration exceeds Rupees One Lakh per annum

June 11, 2010 4631 Views 0 comment Print

Attention is drawn to section 31B(2) of the Insurance Act, 1938 by virtue of which “Every insurer shall before the close of the month following every year, submit to the Authority [a statement, in the form specified by the Regulations made by the Authority,] showing the remuneration paid, whether by way of commission or otherwise, to any person in cases where such remuneration exceeds (such sum as may be specified by the regulations made by the Authority.)”

LIC Becomes First Institutional Partner in UID Project

June 11, 2010 270 Views 0 comment Print

Life Insurance Corporation of India (LIC), the largest life insurance institution in the world with more than 21 crore unique customers (holding more than 27 crore policies) has become a partner for the Unique Identification Authority of India (UIDAI) by signing a Memorandum of Understanding to act as a Registrar for the delivery of the unique 12-digit Identity Numbers to the people of India. LIC is the first institution other than the State Governments to sign the MoU with UIDAI.

FM asks Insurance Industry to reach general masses

June 11, 2010 307 Views 0 comment Print

The Finance Minister, Shri Pranab Mukherjee has asked insurance industry to give more focus to generate the required level of awareness about the benefits of insurance to rural people particularly those living in semi-urban and rural areas. They should make all efforts to take the necessary steps to ensure the reach of insurance to general masses.

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