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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
In order to ensure that Banks/ Non-Banking Financial Companies (NBFCs) run their credit card operations in a fair and regulated manner, Reserve Bank of India (RBI) had issued Master Circular on Credit Card operations on 1st July, 2010.
In continuation to this Ministry’s earlier circular no. 2/2010 dated 26.05.2010 on the subject cited above, it has been decided that in the case of 100% Government companies, if no Board is in existence, an officer not below the rank of Deputy Secretary of the concerned administrative Ministry may be authorized to enter his name and other details in Form EES, 2010 and in Annexure A, B and C in place of name and other details of the directors and also to sign the said documents before filing.
Pending roll out of the much awaited Place of Supply Rules for Services, which was announced in Union Budget 2010-11 speech, the Government Of India has published the Draft Point of Taxation (For Services Provided or Received in India) Rules (‘the draft Rules’) for services alongwith Explanatory Notes to the Rules. The Rules are proposed to be issued by exercising the powers conferred under Section 94 (2) (hhh) of the Finance Act, 1994 (‘the Act’).
While the number of new income-taxpayers is growing exponentially year after year, no new tax returns preparers (TRPs) have been recruited since 2006. The Income Tax was launched by the finance ministry in 2006, to help taxpayers file their returns at a nominal fee of Rs 250, by recruiting unemployed youth or people willing to work part-time as TRPs.
This notification allows for a lower public shareholding for public sector enterprises (PSEs). It also provides flexibility to all companies in attaining 25% (or 10% for public sector enterprises) public shareholding level within three years without any annual floor.
The Union Cabinet today approved the implementation of the Swavalamban Scheme to cover workers in the unorganised sector and to provide old age security to all sections of society, particularly the vulnerable sections. The proposal approved by the Cabinet includes:-
Income Tax department has come under sharp criticism from the Delhi High Court for filing appeal against tax tribunal decisions in which issue of law is well settled. A bench comprising Chief Justice Dipak Misra and Justice Manmohan said that judicial capital is extremely limited and it should not be wasted in needless litigations.
The Supreme Court has taken a sagacious view of the criticism of judges while dismissing a contempt of court case against Union Minister Kapil Sibal. In fact, it encourages “fair and reasonable” criticism of judgments as judges are not “infallible”. What provoked the petition was a message the minister had written for a souvenir brought out by a group of lawyers of the Punjab and Haryana High Court in 1995.
It is known to the corporate professionals that there are so many complications in getting the disputes resolved among shareholders in the Company. The disputes among the shareholders or the groups tend to come in closely held companies as the largely held Public Limited Companies should follow SEBI (DIP) regulations while allotting shares and as SEBI and the Stock Exchange monitors various issues in respect of Listed Public Companies.
A proposed legislation to protect whistleblowers and provide for severe punishment to those exposing the identity of people disclosing information was approved by the Government today. The Public Interest Disclosure and Protection to Persons Making the Disclosure Bill, 2010 provides the Central Vigilance Commission powers of a civil court to hand down harsh penalty to people revealing the identity of whistleblowers, official sources said.
