"12 October 2010" Archive

SEBI : (Employees Service) (Second Amendment) Regulations, 2010

Notification No. LAD-NRO/GN/2010411/17/22954 (12/10/2010)

In exercise of the powers conferred by section 30 of the Securities and Exchange' Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Employees' Service) Regulations, 2001, namely...

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State FMs to discuss continuation of GST council on October 30

The empowered group of state finance ministers will discuss the constitution of goods and services tax (GST) Council and dispute settlement mechanism at its meeting on October 30. Earlier, Finance Minister Pranab Mukherjee had said the proposed GST C...

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Posted Under: SEBI |

Provisions of Minimum Alternate Tax (MAT) do not apply to Banking Companies

Krung Thai Bank PCL Vs Joint Director of Income Tax – International Taxati on Circle 3(1) (ITAT Mumbai)

Recently in the case of Krung Thai Bank PCL v. Jt Director of Income-tax – International Taxation (ITA No. 3390/Mum/2009) (Mum), the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) held that the provisions of Section 11 5JB of the Income-tax Act, 1961 (the Act) pertaining to Minimum Alternate Tax (MAT) would come into p...

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SC directs TPO to conclude the assessment uninfluenced by the Delhi High Court judgment

The Hon’ble Supreme Court (Supreme Court), on 1st October 2010, in the case of Maruti Suzuki India Ltd. has directed the Transfer Pricing Officer (TPO) to complete the transfer pricing assessment proceedings without being influenced by the judgment passed by the Delhi High Court. The Delhi High Court had clarified crucial transfer prici...

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Posted Under: SEBI |

Certified Facilitation Centres under ACES Project of the CBEC

Chartered Accountants in practice for one year or more may set up a Certified Facilitation Centre (CFC) for providing facilities to central excise and service tax assessees to file returns and other documents electronically under Automation of Central Excise and Service Tax (ACES) Project of the CBEC. ...

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Posted Under: SEBI |

Why DTC is negative for Life Insurance Companies and Policyholders

Presently, deductions under Section 80C are available, up to ‘1 lakh, for various investment instruments including premium paid for life insurance, provident fund, etc. Under the DTC, only sums paid to towards a contract for an annuity plan of any in...

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Posted Under: SEBI |

Government announces new service tax payment scheme for lottery ticket distributors

The Finance Ministry has come up with an optional composition scheme for service tax payment on promotion or marketing of lotteries. Budget 2010-11 had introduced service tax levy on the services of promoting, marketing, or organising of games of cha...

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Posted Under: SEBI |

Can’t evict those against redevelopment without fulfilling the terms of the development agreement- Bombay HC

Ruling in favour of a minority group of members opposing redevelopment of their housing society, the Bombay High Court, on Thursday, held that the developer could not seek their eviction without fulfilling the terms of the development agreement. Just...

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Individuals engaged in mining business emerges as country’s top taxpayers

Individuals engaged in the mining business have emerged the country’s top taxpayers along with film stars, professionals, top-notch CEOs and promoters of large corporations. These individuals, most of whom are prominent politicians or having direct l...

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Posted Under: SEBI |

RBI mulls new ECB rules for escrow account mechanism

THE banking regulator has questioned deals that foreign investors often strike with Indian companies to protect their money. Foreign strategic investors regularly enter into an arrangement where local firms and promoters keep aside some assets that c...

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