In partial amendment to clause 3 (h) of the aforesaid circular IMD/FII & C/37/2009, no single entity shall be allocated more than Rs.100 cr. of the government debt investment limit. ii. In partial amendment to clause 3 (c) and 3(d) of the aforesaid circular IMD/FII &C/ 37/2009, the minimum amount which can be bid for shall be Rs.50 cr. and the minimum tick size shall be Rs.50 cr.
The chances of 1.6 lakh chartered accountants in the country being employed in companies and organisations across the world will soon be brighter with India going in for Mutual Recognition Agreements (MRAs) with many nations. Having already worked out MRAs with Australia and the UK, India is in talks for MRAs with Singapore, Ireland, Canada, Japan, the Netherlands and with some West Asian and Asian countries, Corporate Affairs Ministry officials said. After the US, India is the country with the maximum number of CAs.
Vodafone’s senior counsel, Harish Salve, today began arguments on behalf of the company on its plea against the income tax department in the Hutchison case. The arguments could continue for some weeks. The company had moved court on a showcause notice from the I-T Department, quantifying a tax liability of Rs 12,000 crore (Rs 120 billion), which could include a penalty, on account of Vodafone not deducting tax from the payment made to Hutchison for acquiring the latter’s stake in an Indian telecom venture.
One thing is sure. Indian government is very creative and full of ideas when it comes to imposition of new taxes on common man. Whether it’s FBT, STT, BCTT, DDT or many more taxes, some of which taxed even twice the same income. Now Maharashtra government is planning to impose ‘entertainment tax’ on caller tunes.
Finance Minister Pranab Mukherjee on Monday allayed fears of withdrawal of the cashless mediclaim facility by public sector general insurance companies, saying these firms have not done away with these schemes and are only standardising the rates for various hospitals.
India and Argentina have initiated a co-operative agreement to provide mutual assistance in customs operations and are to start negotiations regarding a Tax Information Exchange Agreement (“TIEA”).
The government is considering to make it mandatory for all companies to disclose a fund flow statement, an indicator of utilisation of financial resources by an entity, along with their annual financial reports. The provisions for mandatory disclosure of fund flow statement is likely to be included in the Companies Bill, which is pending with the Rajya Sabha.
A computer software when put into a media and sold, it becomes goods like any other audio cassette or painting on canvass or book. The amount paid by the assessee towards purchase of IXOS-eCON for R/3 50 users cannot be treated as payment of royalty taxable in India under Article 12 of DTAA between India and Singapore. Therefore, the assessee, in our opinion, is not liable to deduct tax at source.
The Government has said that to curb registration of fictitious companies, every company is being allotted Corporate Identity Number from the year 2000. Giving this information in written reply to a question in the Rajya Sabha, Shri Salman Khurshid, Minister of Corporate Affairs, has said that the Central Government has prescribed filing of address proof and identity proof for directors and thereafter Director Identification Number is allotted, which aborts formation of fictitious companies.
Members who enrolled as Associate members from 01st September, 2009 to 28th February, 2010 would be eligible to receive their membership certificate in person at the Convocation. However in case of Eastern Region, it would be from November, 2009 to February, 2010.
