The Supreme Court remanded the income tax department’s plea back to the Bombay High Court that had allowed Essar Shipping to claim depreciation on foreign exchange loans taken for ship purchase. A bench headed by Chief Justice SH Kapadia while disposing of the department’s plea observed that after the high court dismissed the department’s plea on the ground of delay, Parliament had amended the law vide Finance Act No.14 of 2010.
IT firm Mahindra Satyam (erstwhile Satyam Computer) said that the Company Law Board has given it time till September 30 to publish various mandatory documents. The Hon’ble Board (Company Law Board) has permitted extension of time up to September 30, 2010, for publication of financial results for the years ended March 31, 2009, and March 31, 2010, Mahindra Satyam said in a filing to the Bombay Stock Exchange .
SEBI has revised exposure margin requirements for exchange traded equity derivatives. The regulator, based on market feed back, has decided that the exposure margin shall be in excess of five per cent or 1.5 times, which ever is higher. The earlier exposure margin requirement was 10 per cent or 1.5 times the standard deviation of daily logarithmic returns of the stock price. This circular shall come into force from July 15.
Chief Ministers of the Congress-ruled states on Wednesday asked the Centre to protect states against any loss of revenue from the switchover to goods and services tax (GST). “The general feeling (among the states) is that there should not be any loss (to states),” Maharashtra Chief Minister Ashok Chavan told reporters after the meeting of Congress CMs with the Union Finance Minister Pranab Mukherjee.
The draft constitutional amendments, vital for the introduction of the proposed Goods and Services Tax (GST), have proposed the setting up of a tribunal to resolve the disputes arising between the Centre and states in the proposed GST council.
Cooperative sugar factories in Maharashtra have heaved a sigh of relief as the Supreme Court, in its recent order, has asked the Commissioner of Income Tax (Appeals) to re-look on the issue of income-tax claims of Rs 2,500 crore made on the mills since 1992-93. In view of the apex court order, the mills have got further time to argue their cases before the Commissioner of Income Tax (Appeals).
Officials of Indian PSUs like BHEL and NTPC appear to be the beneficiaries of bribes that were doled out by a California-based valve company to bag lucrative contracts, mostly for tools used in the construction of power plants.
No.LTA.2009/ CR-98/Taxation-2. – In exercise of the powers conferred by sub-section (7) of section 22 of the Maharashtra Tax on Luxuries Act, 1987 (Mah. XLI of 1987), the Government of Maharashtra hereby amends the Government Notification, Finance Department,- No. LTA.2007/CR- 25/Taxation- 2, dated the 8th May 2007, as follows, namely:—
The Hindu Civil Code, based on earlier religious practice, selected for the purpose, gives women to whom it applies various financial rights. This has been done through legal recognition of the ancient Hindu concept of stridhana. There is also an equal right to inheritance, under a separate law. Stridhana (woman’s wealth) consists of all the gifts a woman receives before, during and after her marriage from her family, friends and relatives, as well as from her husband and his family. It may be in the form of immovable property, jewellery or cash.
Ministry of Finance (Department of Revenue) , Government of India has issued as much as 43 notifications, viz Notification Nos 1 to 43 in 2010 so far , highest ever in just half year. Of these, 20 notifications have been issued on 22.6.2010 and afterwords. These pertain to the date of applicability of service tax on new services introduced by Finance Act, 2010 and certain exemptions to various taxable services. In three notifications , corrigendum have also been issued.
