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Archive: 12 June 2010

Posts in 12 June 2010

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

May 24, 2024 513 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 7491 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.

Text of the Valedictory Address of MOS, Revenue

June 12, 2010 817 Views 0 comment Print

In the year ahead, we have a tough task before us. We have to achieve a budget collection target of Rs.4.30 lakh crore. The FM in his speech yesterday had implied and hoped that the direct tax collection will exceed its Budget Estimates. However, I shall be direct and urge all of you to take all necessary steps for not only realizing, but exceeding the B.E. Exceeding our collection targets will be a form of thanksgiving to the FM for the benevolence and encouragement shown towards this Department. “

FM asks CBDT to Address the Issue of Unwanted Litigation with taxpayers and Realise Locked up Revenue in Appeals

June 12, 2010 396 Views 0 comment Print

Finance Minister, Shri Pranab Mukherjee announced the operationalisation of the income tax welfare fund which was pending since 1998. The fund has a corpus of Rs.100 crore and will be available for welfare activities of the employees of the income tax department. The finance Minister made this announcement while addressing the Annual Conference of Chief Commissioners and Director Generals of Income Tax, here today.

Despite cessation of PE, gains on transfer of PE asset taxable under Act and DTAA

June 12, 2010 435 Views 0 comment Print

The assessee, a Mauritian tax resident, owned a jack-up rig used for drilling of mineral oil. The rig was given on charter basis to an Indian company which in turn leased it to ONGC for operations in Indian territorial waters. On 24.4.1997, the assessee entered into an agreement with Foramer SA, France, to sell the jack-up rig. On 15.9.1997,

Attention: IPCC / ATC Examinees of May, 2010 term of CA Examination

June 12, 2010 333 Views 0 comment Print

In continuation of announcement dated February 23, 2010, we wish to bring to the notice of IPCC/ ATC examinees who have appeared in May, 2010 examination but not yet registered for 35 hours Orientation Programme and 100 hours Information Technology Training (ITT) and unable to complete both the requirements latest by 10th July, 2010

Surplus does not mean trust ceases to be “solely for educational purposes and not for profit : Bombay HC

June 12, 2010 624 Views 0 comment Print

The assessee-trust was a public charitable trust engaged in education of women. In the earlier years, the assessee was granted exemption u/ss 11, 10(22) & 10(23C)(vi). The assessee’s application for renewal of exemption u/s 10(23C)(vi) was rejected on the ground that (i) the objects permitted the non-educational object of constructing an ashram

Income Tax Dept told to disburse refunds within 2 months and to set up task force to revamp refund issue system

June 12, 2010 585 Views 0 comment Print

Mr Palanimanickam noted that the Department’s efficiency had to be benchmarked by the satisfaction level of the users. He highlighted that a major source of dissatisfaction of income-tax assessees is with respect to refund of taxes. “The time taken to grant refunds is very high when compared to international standards,” the Minister said, adding that the department should set up a task force to revamp the system of tax refunds.

397/398 – Private Limited Companies – Complications – A Case Study

June 12, 2010 766 Views 0 comment Print

If a petition under section 397/398 of the Companies Act, 1956 is based on a Share Purchase Agreements and its validity, then, despite the pendency of a civil dispute or arbitration proceeding simultaneously, the proceeding under section 397/398 becomes so complicated and dealing with issue is really challenging. I would like to present a case study with typical facts. The analysis and my opinion on the issue follow the presentation of facts.

FM may recommend freezing and closure of suspicious bank accounts

June 12, 2010 255 Views 0 comment Print

The Finance Ministry is likely to recommend freezing and closure of bank accounts found suspicious during the ongoing exercise by banks to collect information under the ‘Know Your Customer'(KYC) norms. Banks in both the national and private sector are at present undertaking a one-time exercise to ensure hundred per cent compliance of the KYC procedures from all– new and old–customers.

Keshub Mahindra may be barred from taking directorship in any company

June 12, 2010 543 Views 0 comment Print

Amid strong public reaction to the judgement in the Union Carbide case, the government is understood to be looking at legal position to check if Carbide India’s non executive Chairman Keshub Mahindra could be barred from taking directorship in any company.

RBI asks banks to conduct customer due diligence (CDD) on politically exposed people

June 12, 2010 721 Views 0 comment Print

The Reserve Bank of India (RBI) has said banks should obtain senior management approval to continue business relationship with an existing customer who has subsequently become a politically exposed person and that banks should conduct customer due diligence (CDD) on politically exposed people (PEP).

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