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Archive: 28 July 2010

Posts in 28 July 2010

Notification No. 64/2010-Income Tax Dated 28/7/2010

July 28, 2010 421 Views 0 comment Print

Notification No. 64/2010-Income Tax S.O. It is hereby notified for general information that the organization KEM Hospital Research Centre, Pune has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said ‘Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 -(said -Rules), for the period 1.4.2005 (Assessment Year 2006-2007)

Notification No. 66-Income Tax Dated 28/7/2010

July 28, 2010 1009 Views 0 comment Print

Notification No. 66/2010-Income Tax in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the said Act read with rule 18C of the Income Tax Rules, 1962, the Central Government hereby notifies M/s. DLF Cyber City Developers Limited as an undertaking and the project at Building No. 7A, 7B, 8, 9A, 9B, 10 and Infinity Towers (Block 3/Tower C) in Sector 24, 25, 25A DLF City, Gurgaon, Haryana, being developed and being maintained and operated by the said undertaking, as an industrial park for the purposes of the said clause.

Notification No. 63/2010-Income Tax Dated 28/7/2010

July 28, 2010 295 Views 0 comment Print

Notification No. 63/2010-Income Tax S.O. It is hereby notified for general information that the organization Technology Information, Forecasting & Assessment Council (TIFAC), New Delhi has been approved by the Central Government for the -purpose.of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), for the period 1.4.2003 to 31.3.2006 in the category of ‘Institution, engaged in research activities:subject to the following conditions

States governments demand CST to continue with GST

July 28, 2010 1021 Views 0 comment Print

The state governments have urged the Centre to continue levying central sales tax (CST) for the first few years as it will provide some comfort in terms of protecting revenue and fiscal autonomy. This demand came after the union government proposed a three-rate structure for the goods and services tax(GST) last week.

RBI hikes short-term lending and borrowing rates by 0.25 per cent and 0.50 per cent respectively

July 28, 2010 495 Views 0 comment Print

Housing, auto and corporate loans may become expensive with the Reserve Bank raising short-term key policy rates to check spiralling inflation, say bankers. “The monetary action by RBI is aimed at attacking inflation. It has made fund costlier for banks. It is a signal for upward movement of interest rates,” Central Bank of India Executive Director Arun Kaul told PTI.

High Court cannot interfere in civil disputes like eviction of tenants or property rows

July 28, 2010 931 Views 0 comment Print

The Supreme Court had held that High Court cannot interfere in civil disputes like eviction of tenants or property rows as such issues are to be dealt by civil courts. Citing its earlier rulings, the apex court said the writ jurisdiction enjoyed by the High Courts under Article 226 to pass anydirective to the authorities for enforcing the fundamental right of a citizen cannot be used in private disputes unless there is an statutory connotation to it.

Portfolio Managers – Proposal on Regulation of Fees and Charges

July 28, 2010 279 Views 0 comment Print

As per the aforesaid regulations, the inter se relationship between the portfolio manager and client, mutual rights, liabilities and obligations relating to management of funds or portfolio of securities are specified in the agreement signed between the portfolio manager and the client.

8 new overseas Income Tax Units in Indian Missions abroad to be set-up under the DTAA

July 28, 2010 540 Views 0 comment Print

It is proposed to create 8 new overseas Income Tax (IT) Units in Indian Missions abroad to have effective exchange of information on tax matters under the Double Taxation Avoidance Agreement (DTAA). Two overseas income tax units at the Indian missions in Mauritius and Singapore have been already set-up.

No RBI Direction on Reduction in Pay of top Management of Banks For Poor Performance

July 28, 2010 534 Views 0 comment Print

Reserve Bank of India (RBI) has not directed the banks to reduce pay of their top management, if their performance is poor. However, RBI has issued draft guidelines on Compensation of Whole Time Directors/ Chief Executive Officers/ Risk Takers and control function staff for all banks in private sector and Local Area Banks and all Foreign Banks operating in India for public comments in line with Financial Stability Board’s principles on sound compensation practices.

Exchange Rate notification for Import / Export of goods with effect from 1st August, 2010

July 28, 2010 676 Views 0 comment Print

Notification No. 67/2010 – Customs (N.T.), DATED THE 28th July, 2010- Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st August, 2010 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

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