In terms of the third proviso of para 18 of the Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, any systemically important non-deposit taking non-banking financial company not accessing public funds, either directly or indirectly, may make an application to the Bank for modifications in the prescribed ceilings with regard to Concentration of credit / investment norms.
CBEC has notified 8 new taxable Services w.e.f. 1.7.2010 vide Notification No.24/2010-Service Tax dated 22.6.2010. The following are the new taxable Services introduced w.e.f. from 1.7.2010. 1. Games of chance (zzzzn),2 Health services (zzzzo), ,3 Maintenance of medical records (zzzzp)
Notification No. 49/2010-Income Tax In a recent Notification No. 49/2010 dated 9 July 2010 (Notification) issued by the Central Board of Direct Taxes, modifying the permitted modes of filing return of income (ROI) for (i) companies and (ii) individuals and Hindu Undivided Families (HUF) which are liable for tax audit.
Notification No. 49/2010-Income Tax “(a) a firm required to furnish the return in Form ITR-5 and to whom provisions of section 44AB are applicable shall furnish the return in the manner specified in clause (ii) or clause (iii); (aa) an individual or HUF required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable shall furnish the return for Assessment Year 2010-11 and subsequent Assessment Years in the manner specified in clause (ii) or clause (iii); (ab) a company required to furnish the return in Form ITR-6 shall furnish the return for Assessment Year 2010-11 and subsequent Assessment Years in the manner specified in clause (ii)’
The Commerce Ministry is likely to come out with strict norms for SEZ units engaged in recycling of plastic next week in wake of the Environment Ministry’s concern on illegal import of the hazardous waste. Businesses interested in setting up new plastic recycling units in Special Economic Zones (SEZs), would have to invest a minimum of Rs 1 crore in plant and machinery and export 80 per cent of the turnover by the fifth year of their operations.
The government will bring a bill in the monsoon session to seek Parliament’s sanction for the ordinance it issued to end the dispute between Irda and Sebi over regulation of unit-linked plans, or Ulips, of insurance companies. “The ordinance was approved at the highest level by the Cabinet and we are preparing to introduce the bill,” said a senior finance ministry official.
Credit Information Bureau (India) Ltd (CIBIL) said it will come out with a database on mortgage defaulters and is also looking at expanding client base to telecom and insurance companies. “We will come up with a database of mortgage defaulters very soon,” CIBIL Managing Director, Mr Arun Thukral said after announcing the launch of a database of fraudulent activities here.
The government today said that Indian accounting standards will converge with International Financial Reporting Standards (IFRS) by 2011, even as issues like fair value and depreciation are being ironed out. “We are still working on fair value concepts and other issues like depreciation, but I can assure you that we will stick to the roadmap laid for the convergence of Indian standards with the IFRS,” Corporate Affairs Minister Salman Khurshid said on the sidelines of an Assocham seminar on International Financial Reporting Standards (IFRS) here.
Nearly four months after giving the in-principle approval for physical settlement in the derivative segment, a final decision on the matter is just round the corner. The discussions between the stock exchanges and the regulatory officials are in the final phase and a decision is expected “within a month”. Meanwhile, options in the currency derivative segment are also likely to be launched “fairly soon”.
India Infrastructure Finance Company Ltd (IIFCL) has urged the Government to frame a bankruptcy code. Such a code should be introduced if the country wants to develop an infrastructure bond market, Mr S.K. Goel, Chairman and Managing Director, IIFCL, said here on Monday.
