The New Pension Scheme (NPS) has so far not seen too many takers after the government opened the scheme to the public in 2009. However, the investment scenario will most likely change in favour of NPS once the proposals under the latest Direct Taxes
In Direct Tax Code, 2010 Senior Citizens are left with no practical avenues for making tax-saving investments. DTC (and most of us who have commented on it) assumes that income from work ends at retirement. However, this is not true for a significant number of seniors. Many still do part-time work or irregular work after their formal retirement, while a significant number have rent income.
The Delhi government on Monday cleared the proposal to withdraw a 1937 notification wherein subsidiaries seeking merger with their parent company are exempt from stamp duty. The Delhi cabinet led by chief minister Sheila Dikshit has decided to withdraw a notification dated January 16, 1937 issued under the Indian Stamp Act, 1899, which envisages exemption from stamp duty on instruments evidencing transfer of property between companies limited by shares as defined in the Indian Companies Act.
Britain’s Vodafone today moved the Supreme Court challenging a Bombay High Court order that upheld the Income Tax Department’s demand of Rs 12,000 crore tax on the company’s over USD 11 billion deal with Hong Kong-based Hutchison in 2007.
The Standing Committee on Finance (SCF), which thoroughly examined The Companies Bill, 2009 has recommended that as the exemption regime applicable for different forms of companies like small companies, One Person Company (OPCs) and private companies
The Central Vigilance Commission disposed of 1387 cases during July 2010 referred to it for advice. Of these, 1109 complaints were sent for necessary action/ATR whereas 96 complaints were sent for investigation and report.
Accounting regulator ICAI has asked the Big Four auditing and consulting firms – KPMG, E&Y, Deloitte and PwC – to share any information sought by various committees of the institute and has asked them not to engage in “shopping for small firms”.
Indirect tax collections from Customs, Central Excise and Service Tax at all India level has increased more than 45% during April-August, 2010 compared to its corresponding period, i.e. April- August, 2009. Total Revenue Collections were Rs. 124170
Union Finance Minister Sh. Pranab Mukherjee said that Central Government is committed to give our Public Sector Enterprises (PSEs/PSUs) the necessary flexibility and autonomy to operate effectively in a competitive environment. The Financre Minister
The Council at its 296th meeting held on 29th, 30th June, and 1st July, 2010, while considering an issue raised by CA. Sanjay Kumar Agarwal under Item No.2, “Matters of General Interest to the Profession”, decided to constitute a Group under the convenorship of CA. Nilesh Vikamsey, to examine the matter of development of an alternative dispute resolution mechanism (Arbitrator) for dealing with disputes of (i) Member vis-à-vis Member; and (ii) Member vis-à-vis Student and bringing the same back to the Council with its recommendations thereon. The President was authorised to nominate the other members of the Group.
