"29 September 2010" Archive

NC Notification No. 73/2010-Income Tax Dated 29-9-2010

NC Notification No. 73/2010-Income Tax (29/09/2010)

NC Notification No. 73/2010-Income Tax Central Government, in exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project “Navasari Cancer Care Foundation oncology wing”, is being carried out by Navasari Can...

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NC Notification No. 72/2010-Income Tax Dated 29/9/2010

NC Notification No. 72/2010-Income Tax (29/09/2010)

NC Notification No. 72/2010-Income Tax the Central Government, in exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project “Tribal Schools and Welfare Initiatives at Jharkhand, Tripura and West Bengal”, i...

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Government considering new law to multinational audit firms responsible

The government is considering changes in laws to make multinational audit firms responsible for professional wrongdoings by their Indian affiliates. Currently, domestic laws do not allow regulatory action against the global network of such firms, eve...

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Posted Under: Income Tax |

Delay in filing Return of Income due to late appointment of auditor must be condoned

M/s. Bombay Mercantile Co op Bank Ltd. Vs. The Central Board of Direct Taxes (Bombay High Court)

The assessee, a co-op bank, filed a return for AY 2001-02 showing a loss of Rs. 15.94 crores. As the return was belated, the assessee filed an application u/s 119(2)(b) with the CBDT requesting condonation of delay and for being allowed carry forward of loss. The principal ground on which condonation was sought was that there was a delay ...

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National Launch of Unique Identification Numbers (Adhaar)

On 29th September 2010, Prime Minister Dr. Manmohan Singh and UPA Chairperson Smt. Sonia Gandhi will launch the issue of Unique Identification Numbers (Aadhaar) nationally by distributing the first set of numbers among the villagers. This launch will...

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Posted Under: Income Tax |

PIL alleges Sales Tax scam of over Rs 100 crore

The Bombay High Court has asked Maharashtra government's Principal Secretary (Finance) to file an affidavit by October 8 in reply to a PIL alleging scam in refund of Sales Tax to the tune of crores of rupees in Palghar division in nearby Thane distri...

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Posted Under: Income Tax |

Reserve Bank of India allows companies to act as business correspondents for profit

The Reserve Bank of India (RBI) has decided to permit banks to engage companies excluding non-banking financial companies to act as business correspondents (BCs) for the purpose of financial inclusion. These companies will be in addition to the indiv...

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Posted Under: Income Tax |

Finance Minister Releases First Budget Manual of Union Government

Union Finance Minister Shri Pranab Mukherjee released the first Budget Manual of the Union Government, here today. Releasing the Manual, the Finance Minister said that the Union Budget has evolved over the past six decades to reflect the strength of ...

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Posted Under: Income Tax |

FIIS who fails to provide requisite declarations and undertakings will not be able to take fresh positions from 1st October

Circular No. CIR/IMD/FII/12/2010 (29/09/2010)

entities that do not file the requisite information by the stipulated date shall not be able to take fresh positions in the cash as well as the derivatives market w.e.f. October 01, 2010. From this date, non compliant entities could either, retain their current positions or sell off/ unwind....

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Notification No. S.O.2392(E), dated 29-9-2010

Notification No. S.O. 2392(E) (29/09/2010)

n exercise of the powers conferred by sub-section (1) of Section 210A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Corporate Affairs, number S.O. 1800(E), the 21st July,2009 published in the Gazette of Inida, Extraordin...

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