The income-tax department on Thursday carried out surveys on major Hospitals in Mumbai to verify whether they were complying with the provisions of tax deducted at source (TDS) under the Income-Tax Act. Six high-end hospitals in South Mumbai and sub
The Shikshan Prasarak Mandali, Pune has decided to appeal against the Income tax department’s decision to cancel registration of the Mandali as a charitable trust’. Anant Mate, vice-chairman of the Mandali, said, “We have been given a month’s time to
The government is set to frame new accounting norms for non-governmental organisations (NGOs), as it looks to remove the veil over the flow and utilisation of funds by the sector that is not entirely above suspicion. The ministry of corporate affairs
The central excise & service tax commissionerate Allahabad has launched its website on Friday. The website can be logged in at www.centralexciseallahabad.com. The said website was inaugurated by chief commissioner, central excise & service tax, Luckn
The stagnancy in service tax payment by the country’s top mobile firms in the first five months of the fiscal is worrying the government. The reason being that while in the last two quarters profitability of the major operators have dipped and revenu
Circular No. IRDA/F&I/CIR/AML/158/09/2010, dated 24-9-2010 Guidelines on Anti-Money laundering Guidelines issued under Section 34 of the Insurance Act, 1938 updated upto 31st October 2008 into a Master Circular bearing reference 022/IRDA/Master-AML/Nov-08-dated 24th November 2008 is now being updated with guidelines/circulars issued upto 31st July 2010. Pleas find the Master circular 2010 on the subject for […]
Circular No. IRDA/NL/CIR/159/09/2010, dated 27-9-2010 Following examination of credit insurance covers being marketed by general insurers to banks offering credit facilities to debtors, it is observed that such covers appear to be in the nature of credit default insurance. Therefore such covers necessarily need to have a different regulatory treatment. The Authority under the powers […]
Market regulator SEBI has barred 197 foreign funds, including those managed by global financial conglomerates like HSBC, Deutsche Bank and Standard Chartered, and 342 sub-accounts from further trading in stock market. These entities have been barred
The assessee, a charitable trust, filed a return claiming exemption u/s 11 in respect inter alia of a receipt of Rs. 35.70 crores on sale of property. The audit report in Form 10B was not filed with the return. During the assessment proceedings, the assessee’s trustee gave a statement u/s 131 to the AO in which he stated that no audit report u/s 10B was obtained.
The Bombay High Court has directed the income tax commissioner to reconsider the applications of Bollywood actor Danny Denzongpa alias Tshering Pintso for tax exemptions on dividends and interests since 1997-98 under section 10(26AAA) as incorporated in the Finance Act, which entitled tax exemptions to Sikkimese nationals on dividends and interest on securities. A division bench of the high court has set aside the order passed by the income-tax commissioner rejecting nine applications filed by Denzongpa seeking the exemptions as per the amendment to the Finance Act in 2008.
