For sake of clarity, in case of accounts of proprietorship concerns, it has been decided to lay down criteria for the customer identification procedure for account opening by proprietary concerns. Accordingly, apart from following the extant guidelines on customer identification procedure as applicable to the proprietor, banks should call for and verify the following documents before opening of accounts in the name of a proprietary concern:
No. 18/2010-Central Excise, dated the 27th February , 2010, published in the Gazette of India Part II, Section 3, Sub-section (i) vide number G.S.R.120(E), dated the 27th February , 2010, except as respects things done or omitted to be done before such rescission.
New accounting rules have brought down the capital of the country’s second-largest lender, ICICI Bank. The bank’s tier-I capital, which comprises equity and free reserves, is down by Rs 1,130 crore for the year ended March 31, 2010, due to changes announced by the Reserve Bank of India (RBI) on treatment of securitisation exposures and special reserves.
In a landmark judgment, a five-judge constitution bench of the Supreme Court on Tuesday upheld the legality of the Companies (Second Amendment) Act, 2002, providing for the establishment of the National Company Law Tribunal and National Company Law Appellate Tribunal to deal exclusively with the company cases for their speedy disposal.
The five-judge Constitution Bench ruled that the National Company Law Tribunal can be set up only after amending the law. But, it did not decide on the fate of the National Tax Tribunal, another important body envisaged as a fast-track alternative disputes resolution mechanism.
Notification No. 62/2010-Customs – Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.9/1995-Customs, dated the 6th March, 1995 published in the Gazette of India,
Listing means formal admission of a security into a public trading system, usually a stock exchange, often evidenced by a listing agreement between the issuer of the security and the stock exchange. It provides liquidity to the issuer of security for capital and ensures effective monitoring of conduct of issuer and of the trading of the securities in the interest of investors. The issuer wishing to have trading privileges for the securities on a stock exchange satisfies listing requirements prescribed in the relevant statues and in the listing regulations of the concerned stock exchange.
The Income Tax department which is probing all financial transactions of the Indian Premier League (IPL) has advised all foreign players to obtain PAN cards, failing which they will have to pay penal tax on their cricket related earnings in India.
CLOSE on the heels of the voluntary retirements of a dozen officers two months ago, another set of officers from the Indian Revenue Service (IRS), the finance ministry’s arm for collecting direct taxes, have put in their papers. Many of the officers, it is learnt, are likely to take up more lucrative posts with the private sector, sooner or later.
Electronic filing, or e-filing, of tax returns first clicked in India as part of a proposal for Web-based electronic tax administration system for service tax. Thanks to the Central Board of Excise and Customs, the e-filing of service tax returns commenced in April 2003 but its benefit was available only to a few service tax providers.
