The Union Finance Minister, Mr Pranab Mukherjee, on Tuesday said the Insurance Regulatory and Development Authority and the Planning Commission will develop a framework to give a further fillip to infrastructure financing by the insurance industry. “Insurance sector has contributed immensely for infrastructure development.
The assessee, a broker, claimed deduction for bad debts in respect of shares purchased by him for his clients. The AO rejected the claim though the CIT (A) upheld it. On appeal by the Revenue, the matter was referred to the Special Bench. Before the Special Bench, the department argued that u/s 36(2), no deduction on account of bad debt can be allowed unless “such debt or part thereof has been taken into account in computing the income of the assessee”.
An individual should pay the government a part of his income, which is known as Income Tax returns. It can be regularly filed either in physical or electronic form. Tax is not just a source of income for the government in order to increase their revenues but a social obligation of a citizen. Payment of taxes ensures that government can perform all its obligation on time and through the proper way.
To begin with, next year, he suggested, the Centre will adopt a three-rate formula. While Mukherjee proposed that the rate of taxation for services be fixed at 8 per cent, a dual-rate regime for goods was recommended at the meeting of the empowered committee of state finance ministers. The Centre plans to keep a lower rate of 6 per cent for certain goods and maintain a standard rate of 10 per cent in the first year.
The Task Force of the Department of Commerce to reduce transaction cost involved in exports has recommended the grant of a single factory stuffing permission valid for all the customs stations instead of customs station wise permission. This recommendation has been accepted by the Government.
Notification No. 60/2010-Income Tax The approved organization shall maintain separate books of accounts in respect of the sums received by it for scientific research, reflect therein the amounts used for carrying out research, get such books audited by an accountant as defined in the explanation to sub-section (2) of section 288 of the said Act and furnish the report of such audit duly signed and verified by such accountant to the Commissioner of Income-tax or the Director of Income-tax having jurisdiction over the case, by the due date of furnishing the return of income under sub-section (1) of section 139 of the said Act;
From now onwards, the Traffic Police cannot catch a motorist just to examine the driving license or vehicle documents.They can catch you only if you have violated any traffic laws or if you are driving drunk. Remember that when caught for traffic violation, the fine you pay must be limited to the violation. In other words, the police can’t bloat the bill saying that you have no insurance cover or emission certificate, etc.
A newly-constituted Division Bench at Bombay High Court will hear anew the petition filed by audit firm Price Waterhouse challenging the jurisdiction of capital market regulator SEBI to investigate its role in the multi-crore Satyam fraud.
