Shri Salman Khurshid, Minister of Corporate Affairs, has said that in order to increase awareness in investors , an ‘India Investor Week’ will be organized in the 2nd week of July, 2010. Presiding over the meeting of the Governing Council of the National Foundation for Corporate Governance (NFCG), Shri Khurshid said that during that Week, 5 major events in the metros, regional events in the states and a large number of investor awareness camps will be organized all over the country.
PRESS RELEASE NO. DSM/BY/KP-163/10 Central Board of Direct Taxes (CBDT) that the process for renewal of the security certificate of the department’s e-filing portal was initiated well in time before it lapsed on 8th May 2010. Pending completion of certification procedure, the e-filing facility for AY 2010-11 has been temporarily suspended. This will not affect taxpayers in any way, as the earliest income tax return for AY 2010-11 falls due on 31st July 2010. The facility is expected to be renewed very shortly.
Everybody knows that the legislature has proposed to constitute a special tribunal to deal with the issues under the Companies Act, 1956 through Companies (Second Amendment) Act, 2002. The constitution of National Company Law Tribunal and Appellate Tribunal is challenged by the Madras Bar before the High Court of Madras. Justice Jayasimha Babu of Madras High Court has passed a considered and laudable judgment while disposing of the Writ Petition filed by the Madras Bar challenging Companies (Second Amendment) Act, 2002.
In a recent ruling Mumbai Income Tax Appellate Tribunal (ITAT) [2010- T11-41-ITAT-MUM-INTL] in the case of J Ray McDermott Eastern Hemisphere Ltd. (Taxpayer) held that receipts pertaining to transportation and installation contract executed by the Taxpayer outside India cannot be taxed under the special provisions, which provide for taxation of certain income of a non-resident on presumptive basis, if the income is not chargeable to tax under the general provisions of the Income Tax Act, 1961.
In a recent ruling in the case of Tekmark Global Solutions LLC (Taxpayer) [[2010] 3 taxmann 38 (Mum. – ITAT)] the Mumbai Income Tax Appellate Tribunal (ITAT) held that as the deputed personnel do not work under the control and supervision of the Taxpayer, such personnel do not create a PE for the Taxpayer in India.
The concept of HUF under Hindu law as well as Income-tax Act, 1961 is the same. As stated earlier, HUF is purely a creature of law and cannot be created by an act of parties (except in case of adoption and reunion). A HUF is a fluctuating body, its size increases with birth of a male member in the family and decreases on death of a member of the family.
Notification No. 28/2010-Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue), number S.O. 844(E), dated the 17th October, 1995, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961) the Central Government had notified at serial number 5, “Equipments, furnishing and running of Residential training Centre for mentally retarded persons at Sabarkantha District, Gujarat” by Sahyog Kushthayagna Trust, Rajendra
NC Notification No. 55/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 81(E), dated the 24th October, 2005, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 7, for an integrated project on Water
NC Notification No. 54/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 1794(E), dated 23rd October, 2007, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 16, “Mobile Hospital-cum -Lab”, by Gram Vikas Trust, 122, Aradhana
NC Notification No. 53/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 466(E), dated 29th March, 2007, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 31, “Expansion of Mundakayam Medical Trust Hospital into a multi-specialty
