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Archive: 20 September 2010

Posts in 20 September 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7341 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Parliament to consider new Companies Bill in November

September 20, 2010 372 Views 0 comment Print

The government on Friday said the new Companies Bill, which seeks to modernise corporate laws, will be taken up for consideration in the Winter session of Parliament in November. “The Standing Committee has given its report. By the next session of Parliament we expect to table the amended bill after which it will go to the Law Ministry for vetting,” Corporate Affairs Secretary R Bandyopadhayay said while addressing a global leadership programme organised by SCOPE.

Petroleum ministry wants continuation of exemption to oil and gas producers under proposed Direct Tax Code

September 20, 2010 297 Views 0 comment Print

Petroleum ministry has asked the finance ministry to rework the Direct Taxes Code Bill 2010 so that oil and gas producers can continue to enjoy the existing tax breaks which are being grandfathered to their full extent.In a letter to revenue secretar

Computer training not exempt from service tax during the period 10th Sept 2004 to 15th June 2005 – SC

September 20, 2010 435 Views 0 comment Print

The notification dt . 10th of September, 2004 was issued and made effective from the date of its issuance. The same did not include the concept of “computer training institute” within its ambit and under the aforesaid notification, exemption was only granted to vocational and recreational training institute. A computer training institute which is defined and was included in the notification dt . 20th June, 2003 was specifically excluded from the purview of the notification dt. 10th Sept ., 2004. The Central Government while doing so was fully conscious of the implication thereof and also of the fact as to what constitutes a computer training institute as defined in the notification dt. 20th June, 2003.

Labour laws amendment bill to exempt unit upto 40 workers

September 20, 2010 1154 Views 0 comment Print

The Labour Laws (Exemption from Furnishing Returns and Maintaining Registers by Certain Establishments) Act, 1988 presently provides for exemption by way of allowing ‘very small’ establishment (employing up to 9 workers) to maintain only one register and submit one return and ‘small establishments’ (employing 10 to 19 workers) to maintain three registers and submit one return. The passage of the Amendment Bill will benefit establishments employing up to 40 workers in maintaining registers and submitting returns electronically under 16 Labour Laws.

Clarification regarding eligibility of deduction under Section 80P to Regional Rural Banks

September 20, 2010 3899 Views 0 comment Print

Circular No. 6/2010-Income Tax 2.As Regional Rural banks (RRB) are basically corporate entities (and not cooperative societies, they were considered to be not eligible for deduction under section 80P when the section was originally introduced. However, as section 22 of the Regional Rural Bank Act provides that a RRB shall be deemed to be cooperative society for the purposes of the Income tax Act 1961, in order to make such banks eligible for deduction under section 80P, CBDT issued a beneficial Circular No. 319 dated 11-1-1982, which stated that for the purpose of section 80P, a Regional Rural Bank shall be deemed to be a cooperative society.

ICAI’s new role helps Indian cos take on MNC giants

September 20, 2010 297 Views 0 comment Print

Accounting regulator Institute of Chartered Accountants of India is arranging easy financing schemes for its members through public sector banks, as it looks to help domestic audit firms enhance infrastructure and resource base to ward off competitio

CA Bansi Mehta wants winding up of New India Assurance

September 20, 2010 1007 Views 0 comment Print

Peeved by rejection of claim, top Chartered Accountant Bansi Mehta wants winding up of New India Assurance. Despite winning a case against the insurer at a Consumer Forum, Mr Mehta’s claims still remain to be settled. If the insurer does not pay with

Tennis star claims he paid ‘fees’ to his dad

September 20, 2010 567 Views 0 comment Print

Mahesh Bhupathi, best known for his winning ways on court, has claimed that he had reimbursed his tennis-trainer father C G Krishna Bhupathi the Rs 28.5 lakh he spent on him for the period 1989-90 and 1993-94—four years in total. The tennis ace has c

Direct tax Code: Capital Gain taxation

September 20, 2010 700 Views 0 comment Print

Indian-listed shares:-Long-term capital gains on transfer of the above securities (where securities transaction tax is payable) would continue to be eligible for a 100% deduction, and remain exempt from tax. The DTC has reduced the tax burden substantially for short-term small investors. Short-term capital gains on such securities (taxable at 15.45%) would be eligible for 50% deduction and thereafter taxed as per the normal slab rates applicable. Effectively, the tax under DTC would range between 5% and 15%, depending on the tax bracket in which an individual falls. Small investors (with an income between Rs 2 lakh and Rs 5 lakh) would pay only 5% capital gains tax.

No third-party cheques for mutual fund investments

September 20, 2010 261 Views 0 comment Print

Next time you are investing in mutual funds, make sure you issue a cheque from your own bank account, as fund houses will soon start rejecting third-party payments. The move is part of efforts to check fraudulent activities by mutual fund agents and

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