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Archive: 08 July 2010

Posts in 08 July 2010

No service Tax on international passengers who arrives in India in a transit flight

July 8, 2010 330 Views 0 comment Print

Going by the notification, a person who arrives in India in a transit flight is exempted from paying this additional levy, “provided he does not pass through immigration, does not leave the customs area and continues his journey to a place outside India.”

Income-tax authorities can ask for evidence from Mauritius government to examine the authenticity of a taxpayer who claims exemption on capital gains tax provided under the Indo-Mauritius DTAA

July 8, 2010 664 Views 0 comment Print

Taxpayers who claim exemption from tax on capital gains by furnishing a residency certificate of Mauritius had better watch out. Now, income-tax (IT) authorities can ask for evidence from Mauritius government to examine the authenticity of a taxpayer who claims exemption on capital gains tax provided under the Indo-Mauritius Double Taxation Avoidance Agreement( DTAA).

CBDT Press Release on Tax collections during first quarter

July 8, 2010 408 Views 0 comment Print

Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent. Growth in Corporate Taxes was 21.65 percent (Rs.43,439 crore as against Rs.35,709 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 1.24 percent (Rs.24,075 crore as against Rs.23,780 crore).

ICAI want Delhi High Court to lift stay on Satyam Auditor Talluri

July 8, 2010 603 Views 0 comment Print

The Institute of Chartered Accountants of India (ICAI), said it will not initiate proceedings against S Gopalakrishnan, ex-partner of PricewaterhouseCoopers (PwC), for his alleged involvement in the multi-crore Satyam accounting scandal until the Delhi High Court’s stay on Srinivas Talluri, ex-partner, PwC, is lifted.

MCA plans to prohibit subsidiary company from floating 100% owned company of its own

July 8, 2010 483 Views 0 comment Print

In a move that will make it difficult for large companies to have a pyramid-like holding structure, the Ministry of Corporate Affairs plans to prohibit a subsidiary company from floating a 100 per cent owned company of its own.In a string of new changes proposed to the Companies Bill, 2009, the Ministry has told the Parliamentary Standing Committee on Finance that a company would be permitted to have only one investment company.

Mergers and Acquisitions will soon get cleared in 180 days

July 8, 2010 1011 Views 0 comment Print

India Inc has reason to cheer with the Ministry of Corporate Affairs making it mandatory for the competition regulator, the Competition Commission of India, to clear M&A (mergers and acquisitions) proposals in just 180 days compared with 210 days specified earlier.

Misuse of your credit card by others do not absolve you from liability

July 8, 2010 561 Views 0 comment Print

Twenty-year old Sharma did not know that a small negligence in keeping track of his credit would mean a bill of Rs 18 lakh, especially, since his credit limit was only Rs 55,000. A call, however, to the customer support of the bank confirmed the amount.Sharma swung into action immediately and filed a police complaint. He even informed the issuer about the unfortunate event.

Supreme Court upheld Dividend-Stripping Law

July 8, 2010 5684 Views 0 comment Print

Wallfort Shares & Stock Brokers, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ITR 421 (Bom)) held that the ‘loss’ incurred by an assessee in ‘dividend-stripping’ transactions cannot be disallowed on the ground that it was ‘tax-planning‘. The department’s SLP against the said judgement has been dismissed by the Supreme Court today, 6th July 2010.

SC rejects PIL seeking direction to scrutinise the accounts of the BCCI by CAG

July 8, 2010 421 Views 0 comment Print

Earlier, when Manjusha Wadhawa, counsel for the petitioner, said the accounts should be audited by the CAG for the transparent functioning of the BCCI as it represented the Indian team, Chief Justice S.H. Kapadia asked her whether at present the board’s accounts were not being audited as per the Companies Act. Counsel said the BCCI did not come under the RTI Act.

E&Y announces its intention to appoint non-executive directors to its global advisory board

July 8, 2010 297 Views 0 comment Print

The world’s four biggest accounting firms are to appoint non-executive directors after coming under growing pressure from regulators over governance.Ernst & Young, which along with law firm Linklaters has been been accused of providing window dressing for Lehman Brothers’ risky financial structures, today became the first of the big four auditors to announce its intention to appoint in non-executive directors to its global advisory board.

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