The Central Board of Direct Taxes has approved notification of ten lakh rupees as the maximum amount of gratuity entitled to exemption under sub-clause (iii) of clause (10) of section 10 of the Income Tax Act 1961. The notification will be applicable to employees who retire, or become incapacitated before retirement, or expire, or whose services are terminated, on or after the 24th May 2010.
The only issue arising in the appeal was whether while computing the income from capital gains, the fair market value of the property on the date of sale could be adopted as against the sale consideration received by the assessee. In the facts of the instant case, the assessee had sold the property for a total consideration of Rs. 15.25 lakhs. The said value of consideration was accepted by the registering authorities and was not disturbed. The provisions of section 50C were neither applicable nor applied by the Assessing Officer.
The new Companies Act promising more shareholder democracy and tighter governance norms for corporates is likely to be enacted this year, Corporate Affairs Secretary R Bandyopadhyay said today. “We are hopeful that the committee (parliamentary standing committee) will be giving its reports very quickly… Maybe in the monsoon session… and the ministry will take another two to three months. By the end of this year hopefully we will have a new Act,” Bandyopadhyay told reporters on the sidelines of a CII event here.
The Union Cabinet today approved the introduction of a Bill, the Marriage Laws (Amendment) Bill, 2010 to further amend the Hindu Marriage Act, 1955 and the Special Marriage Act, 1954, to provide therein irretrievable breakdown of marriage as a ground of divorce.
Close on the heels of Vodafone-Essar contesting a tax case in the Bombay High Court, tax sleuths have snared another multi-national company for tax evasion. This time, French pharma firm Sanofi Aventis, that acquired India’s Shantha Biotech last year, has been asked to pay Rs 650 crore as capital gains tax to the Indian government.
The Finance Minister, Mr Pranab Mukherjee, has asked the Central Board of Direct Taxes (CBDT) to consider hiving off its technology-driven taxpayer services to a Special Purpose Vehicle (SPV) that could better deliver such services in the public-private-partnership (PPP) mode.
Finance Minister Pranab Mukherjee has said unit-linked insurance plans (Ulips) need further reforms on the back of the changes already announced by the insurance regulator. The finance minister also hinted at a resolution to the dispute between Sebi and Irda over Ulip regulation.
“The sale of IML has increased in the last couple of years after the state banned the sale of country liquor like arrack and toddy. We are taking some stringent measures to curb the sale of illicit liquor in the state,” Renukacharya, minister for excise, said. Presently, there are 7,500 liquor shops operating in the state.
State governments stuck to their demands of higher threshold for central Goods and Services Tax and keeping local body taxes and electricity duty out of it, threatening the total implementation of what is touted as the biggest tax reform since independence.
The next time you plan to buy an insurance policy through a corporate agent, please check whether the agent is legally authorised to sell the policy or not. This has become necessary because the Insurance Regulatory and Development Authority has said that 4,261 corporate agents out of 7,000 in the country were not authorised to sell policies from March 31, 2010.
