"24 June 2010" Archive

Unit-linked insurance plans (ULIPs) set to see commission cuts

NA 24/06/2010

The Centre has amended as many as four laws to take the controversial unit-linked insurance plans (ULIPs) out of an ugly courtroom spat between the stock market regulator and the insurance regulator.And now, the Insurance Regulatory and Development Authority (IRDA) appears set to overhaul ULIP guidelines, industry sources said on Sunday....

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Centre may drop the idea of granting states equal powers

The Centre may drop the idea of granting states equal powers to levy indirect taxes as part of roll-out of a single tax rate regime. The Finance Ministry had in April sought the Law Ministry's opinion on granting states such a power, but the idea seems to have been shot down....

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Posted Under: Corporate Law |

Income Tax Department likely to raise over Rs 8,500 crore from transfer pricing audits

The Income Tax Department is likely to slap a demand of Rs 8,500 crore on foreign companies and their domestic subsidiaries which allegedly transferred profits to other countries to reduce tax liability. "Income Tax Department is likely to raise over Rs 8,500 crore from transfer pricing audits. There has been scrutiny of 8,105 such cases...

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Posted Under: Corporate Law |

Even s. 143(1)(a) cannot be reopened u/s 147 without proper reasons to believe: ITAT Mumbai

Pirojsha Godrej Foundation Vs. ADIT

The assessee, a charitable trust claimed exemption u/s 10(23C)(vi). The return was processed u/s 143(1)(a). No assessment order u/s 143(3) was passed. Subsequently, the AO issued a notice u/s 147 on the ground that as the assessee had not invested a sum of Rs. 1.02 crores in investments u/s 11(5), the said sum of Rs. 1.02 crores was charg...

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Posted Under: Corporate Law |

Government mulling code of conduct for financial analysts and investment bankers

The government is mulling a comprehensive code of conduct for financial analysts and investment bankers to make them more accountable to the companies and retail investors they serve. A proposal in this regard from a high-powered committee of Institute of Chartered Accountants of India (ICAI) that investigated the financial scandal at the...

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Posted Under: Corporate Law |

IRDA proposed mandatory life cover with pension products

NA 24/06/2010

As the row over investment-cum-insurance product came to an end, life insurers got another big relief on pension plans, which now would come with minimum guarantee. Recently, the Insurance Regulatory and Development Authority (IRDA) had proposed a mandatory life cover with pension products, which had created an uproar in the industry....

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National Litigation Policy Document Released

The Centre has formulated a National Litigation Policy to reduce the cases pending in various courts in India under the National Legal Mission to reduce average pendency time from 15 years to 3 years. This was announced by Dr.M.Veerappa Moily, Minister of Law and Justice while announcing the National Litigation Policy here today. Followin...

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Posted Under: Corporate Law |

Legislators can act on CAG reports, says CAG

Asked if the annual exercise of the CAG was futile considering the little action taken on the anomalies pointed out by it, Rai said, "The Constitutional mandate of the CAG is to prepare the report and hand it over to the legislature. If the matter concerns any public undertaking, it is referred to the Committee on Public Undertaking and i...

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Posted Under: Corporate Law |

New tax slabs after receiving inputs from people, says Finance Minister Pranab Mukherjee

Finance Minister Pranab Mukherjee on Friday said the government will take a view on new tax slabs after receiving inputs from different stakeholders on the revised draft of the Direct Taxes Code (DTC). ...

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Posted Under: Corporate Law |

New features launched by income tax dept for efiling

New facility added in My Account allows registered E-filers to View the Tax Credit Statement (Form 26AS) to verify if the tax payments made by you or TDS deducted from salary or interest etc are correctly reported to the Department. This is crucial to ensure that you receive complete and accurate tax credit for tax payments and TDS report...

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Posted Under: Corporate Law |

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