# has been formulated on the basis of recommendations of a working group constituted for examining the need for standardisation of cheque forms and enhancement of security features therein and after consultations with banks;# has been introduced to curtail cheque frauds on account of alterations in the various fields of cheques and to give protection to customers as well as banks;
After winning the turf war with market watchdog SEBI on ULIPs, insurance regulator IRDA on Monday said it would frame new guidelines for these products to make them more attractive for policy holders. “Certainly, yes,” Insurance Regulatory and Development Authority (IRDA ) chairman J Hari Narayan said when asked whether the insurance regulator would unveil new guidelines for ULIPs to make them attractive for investors.
Breach of Regulations 65 & 78 – Non submission of Form 112 – (19-06-2010).Further to our announcement dated 08th January, 2010, the appropriate Committee of the Institute in its recent meeting in view of the difficulties being faced by students decided that the following course of action be adopted for dealing with the cases of condonation of Regulation 65 w.e.f. 1st April 2010:-
Finally ending the political controversy over losses suffered on Indian Premier League (IPL) matches, the Maharashtra government has decided to tax the lucrative cricket tournament, according to an affidavit filed before the Bombay High Court on Monday.
Registration.- Every producer who is liable to pay cess shall get registered immediately with the jurisdictional Central Excise Officer but not later than a period of thirty days from the date of commencement of these rules by making an application to the jurisdictional Central Excise Officer :
The process of drafting a new Vision document – Vision 2020 is nearing completion. An important component of the Vision 2020 document is the Citizens’ Charter 2010. As a part of Vision 2020, the Citizens’ Charter 2007 was revisited by a Working Group constituted by the CBDT.
Shri Deora calls upon state Governments to bring down High rates of VAT on Petrol Diesel ; replace Ad-valorem Levies by Specific one. High VAT rates by some states ON PDS Kerosene needs review in view of lighting and cooking usage by the common man.
The government on Tuesday proposed to retain the income tax exemption for up to Rs 1.5 lakh paid as interest on housing loans in a year, a step that brings cheers back to home loan borrowers. The revised discussion paper on Direct Taxes Code (DTC), which would replace the decades old Income Tax Act, has retained the tax exemption for up to Rs 1.5 lakh paid as interest on housing loans. The revised draft is put up for public comments till June 30.
The Delhi High Court has held that an entity seeking tax deduction cannot be penalised just because it has not supported the claim with documents in its annual return. The judgement was passed on a petition filed by the Income Tax Department, seeking imposition of penalty on the Industrial Finance Corporation of India Limited (IFCI) because it had allegedly furnished “inaccurate particulars” of income to claim tax deduction.
With the advent of MNCs(Multi National Concerns) a trend has also been adopted by the MNCs to structure their investments and business strategy in such a way that profits are maximized in such jurisdictions where tax rates are low, which give rise to the emerging problem of transfer pricing all over the world.
