ONGC has become the latest high-profile developer to voice concerns over the adverse impact of certain proposals in the Direct Taxes Code (DTC) revised draft on its Special Economic Zone (SEZ) plans. In a letter to the Commerce Secretary, Dr Rahul Khullar, the ONGC Chairman and Managing Director, Mr R. S. Sharma, has said that the DTC, in its present form, would severely hit the prospects of its Rs 50,000-crore multiproduct SEZ at Mangalore in Karnataka.
In the case of companies, if tax payable on its total income as computed under the I.T. Act, 1961 in respect of any previous years, is less than 15% (for assessment year 2010-11 and 18% from assessment year 2011-12) of its “book profit”, then such book profit shall be deemed to be the total income of the company and tax shall be payable at 15% (for assessment year 2010-11 and 18% from assessment year 2011-12) on such total income.
Can Hindu deities have demat accounts to enable them transact in shares and debentures on the stock market? The Bombay High Court will decide the issue after a religious trust filed a petition challenging the decision of National Securities Depository Ltd (NSDL) to refuse it permission for opening demat accounts in the names of five Hindu deities.
This refers to the Import Authorisation which are approved for import of restricted items on re-export basis by the EFC. To ensure that goods are re-exported by the importers as declared by them at the time of application for Import Authorisations, it has been decided that Regional Authority (RA) concerned will take LUT/BG from the importers at the time of issuance of such authorization as per the following details:-
Telecom Sector and their entitlement under SFIS scheme and other issues of SFIS scheme.Attention is invited to Minutes of the PIC Meeting No. 04/AM11 held on 5.7.2010. In the PIC meeting, the issues regarding the entitlement of the Telecom Sector applicants under SFIS scheme were deliberated de-novo.
The following is added in Chapter 1A: GENERAL NOTES REGARDING IMPORT POLICY: 22. Import of Multichannel GSM/CDMA receivers, transmitters and transreceivers capable of receiving or transmitting or both in two or more frequencies simultaneously, shall be restricted.
The Registrar of Companies (ROC) of Punjab, Haryana, Himachal Pradesh and Chandigarh has served a showcause notice on 11,888 companies for violating company laws for several years. The companies had not filed balance sheets with the ROC for three years. Out of the total, 35 companies are listed and 22 are government undertakings. Those issued notice were 6,112 from Punjab, 4,002 from Chandigarh and 1,774 from Himachal Pradesh.
In a rare instance, the Central Information Commission (CIC) has agreed with the Supreme Court and said that its Registry could not be asked under the Right to Information (RTI) Act to provide details of the income tax returns filed by its judges.
The Parliamentary Standing Committee on Finance will meet on Wednesday to discuss issues linked to possible tax evasion by organisers and teams of the Indian Premier League (IPL). There are indications that the Department of Revenue has unearthed strong evidence of tax evasion, particularly on the service tax front, by several service providers to the popular cricket.
“The imposition of stamp duty by states has become a problem. The concept was to validate a trade; it has been converted into a tax. Within the next few months, almost all states will impose it. An easy source of revenue, it’s mindless application of law,” said a member of the Association of NSE Members of India (Anmi), an association of stock brokers.
