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"June, 2010" Archive - Page 30

Vodafone was advised by Income Tax department to pay withholding tax before payment

THE Indian tax authorities had advised British telecom major Vodafone to pay tax on its $11-billion acquisition of Hutchison Essar before it sealed the transaction, according to a recent income tax order. In a letter on March 23, 2007, the Income Tax (I-T) department had asked Vodafone to pay withholding tax, nearly one-and-a-half month b...

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Posted Under: Income Tax |

Government setting up eight more overseas income tax units: FM

Finance Minister Pranab Mukherjee today said that the government is in the process of setting up 8 more income tax overseas units, including in the US and Britain, to facilitate exchange of tax related information. At present, the government has one such unit (ITOUs) each at the Indian mission in Singapore and Mauritius....

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Posted Under: Income Tax |

SEBI imposed Rs 1 crore penalty on ex-Adlabs chairman Shetty

Market regulator SEBI today imposed a penalty of Rs 1 crore on Manmohan Shetty, the former chairman of media company Adlabs Films, for allegedly violating insider trading norms. Shetty was accused of selling shares of the company within 24 hours of making public the information on demerger of the FM Radio Business from Adlabs, an action a...

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Posted Under: Income Tax |

Govt may modify 25 pc public holding rules

The government today said it may consider changes in recently announced norms for minimum 25 per cent public holding in listed companies, if need arises. "The Ministry of Finance and the Department of Disinvestment are receiving different points of view from public sector enterprises and other stakeholders. So, if there is any need for mo...

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Posted Under: Income Tax |

IRDA will prescribe rules for selling of Insurance product

NA 10/06/2010

The Insurance Regulatory and Development Authority (Irda) has now proposed to streamline the promotion of insurance products through distance sales channels, such as the telephone and the internet. It has said it will issue rules in this regard and these will cover selling by ‘voice mode', which includes telephone calls, ‘electronic m...

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Punjab ready for GST if Purchase Tax kept out of the Purview of GST

Punjab Planning and Finance Minister Manpreet Singh Badal, has maintained Punjab is ready for implementation of GST by 2011, provided the centre could exclude purchase tax. Manpreet Badal was speaking to media persons on the sidelines of a conference organised for chairpersons and member secretaries (deputy commissioners) of all the Distr...

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Posted Under: Income Tax |

SEBI Circular -Disclosure of regulatory orders and arbitration awards on Depository website

Circular No. CIR/MRD/ DP/ 19/2010 10/06/2010

SEBI has received feedback from investor associations regarding improving transparency in disclosing the regulatory orders and arbitration awards issued by depositories. Based on the feedback and inputs received from them, in the interest of investors and to improve transparency; all regulatory orders i.e., orders against listed companies...

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Speech of the FM during the 26th Annual Conference of CCsIT/DGsIT at New Delhi on 9th June, 2010

Direct Taxes, now the major resource provider to the Central Government, have grown at an average annual rate of 24 percent in the last five years and have nearly trebled from Rs.1,32,771 crore in financial year 2004-05 to about Rs.3,78,000 crore in financial year 2009-10, increasing its share from 4.1 percent to 6.1 percent of the Gross ...

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Posted Under: Income Tax |

RBI circular on Exposure to Real Estate and Commercial Real Estate sector – UCBs

RBI/2009-10/487, UBD. (PCB) BPD. Cir.No. 69/09.22.010/2009-10 09/06/2010

Please refer to paragraph 2.3.1 of our Master circular UBD. PCB. MC. No.1/13.05.000 / 2009-10 dated July 1, 2009 on Exposure Norms and Statutory / Other restrictions. In terms of the circular, the total exposure of UCBs to real estate including individual housing loans and commercial real estate is restricted to 15% of the total deposit ...

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Download ITR-4- Online Return Filing Excel Utility for A.Y. 2010-11

ITR-4:This form is applicable, both, to Individuals and HUFs who carry out any business or professional activity in addition to having sources of income applicable to ITR-3.Income Tax department on Wednesday releases the online return filing software utility in respect of ITR-4for A.Y. 2010-11 which can be downloaded from the link given...

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Posted Under: Income Tax |

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