"11 June 2010" Archive

SEBI circular on allocation of Corporate debt investment limits to FIIs

Circular No. IMD/FII/ 3/2010 (11/06/2010)

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 b...

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Increase in gratuity exemption limit made applicable to all employees

Notification No. 43/2010-Income Tax (11/06/2010)

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....

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Nagarjuna Construction Company Ltd. Versus Government of India (Andhra Pradesh HC)

M/s Nagarjuna Construction Company Ltd. Vs. Government of India (Andhra Pradesh High Court)

The Circular No. 98/1/2008-ST dated 01-01-2008 issued by the 1st respondent is in challenge. On a true and fair construction of Rule 3(3) of the 2007 Rules, it is clear that where in respect of a works contract service tax has been paid, no option to pay service tax under the composition scheme could be exercised. There is no ambiguity i...

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Cenvat credit on building material: – Tax Expert or Jyotishi

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 m...

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Posted Under: SEBI |

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

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....

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Posted Under: SEBI |

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

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....

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Posted Under: SEBI |

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

Notification No. 43/2010-Income Tax/S.O. 141(E) (11/06/2010)

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 a...

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

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....

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Posted Under: SEBI |

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

Circular No. IRDA/F&I/CIR/DATA/091/06/2010 (10/06/2010)

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 an...

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LIC Becomes First Institutional Partner in UID Project

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 u...

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Posted Under: SEBI |

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