Notification No. 55/2010-Income Tax In the Notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 41/2010 dated 31st May, 2010 bearing S.O. 1261(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (ii), dated 31st May, 2010-
The contract may be in writing or it may be oral but the liability to pay tax arises when the recipient of the said amount receives payment in excess of Rs. 20,000.
ICAI has expressed its serious concern to rename the ICWAI body to a name identical to Institute of Chartered Accountants of India. The matter of renaming Institute of Cost & Works Accountants of India proposed to name Institute of Cost & Management Accountant of India has been resurfaced again because of sub-clause II of clause (i) of Section 3 of the Cost and Works Accountants (Amendment) Bill, 2010 (Bill No. XXVI of 2010).
It is known that section 397/398 of Companies Act, 1956 substantially provide relief to the minority shareholders/shareholders against the oppression/mismanagement by the Company or the Majority Shareholders in the Company.
Company takeover rules in India are set to get egalitarian and move closer to global practices, if the market regulator accepts the suggestions of a panel it constituted.The recommendations of the group include treatment of all shareholders of the target company, including promoters, on a par, and allowing investors to own up to a fourth of a company without an obligation to buy more from minority shareholders.
BANGALORE:Don’t have the money to pay tax? Don’t worry. This tax filing season, you can pay your Income Tax through credit cards. This is the first of its kind happening in India. About 4.5 lakh tax payers in Bangalore, of which, 37 per cent IT professionals will pay their taxes in Gayatri Vihar.
Inflation-hit Delhiites can breathe a little easy with Delhi Government today slashing the value added tax (VAT) on diesel to 12.5 per cent from the existing 20 per cent which would bring down the fuel prices by Rs 2.70 per litre to Rs 37.50 per litre in the city.
Professional Firms can have a ‘service PE’. The words “indirectly attributable to the PE” encompass the “force of attraction” principle and even services rendered offshore for Indian projects are assessable in India
Futures Trading in Commodity is a natural outgrowth of the problems of maintaining and managing supply of Agricultural Products and other commodities. Worldwide there are many exchanges operating in commodity futures. It has a very long history in today’s world, the first exchange “The Chicago Board of Trade” (CBOT) was established in 1848 for trading in commodity futures. In 1880 and 1890 the New York Coffee, Cotton and Product Exchanges became operative.
Effective 15 July, 2010, the rate of VAT in Himachal Pradesh has been enhanced, as mentioned below:
