Notification No. 32/2010-Income Tax It is hereby notified for general information that the organization M/s Foundation for Revitalization of Local Health Traditions, Bangalore, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2009-2010 onwards in the category of ‘other Institution’, partly engaged in research activities subject to the following conditions, namely:-
Market regulator SEBI has disposed a case against brokerage firm Motilal Oswal in connection with an IPO scam after the company agreed to pay Rs 5 lakh as settlement charges. “The consent order disposes the pending enquiry proceedings against the applicant (Motilal Oswal) in the matter of IPO irregularities during 2003-05,” Securities and Exchange Board of India (SEBI) said in its order.
The government notified the ban on FDI in cigarette manufacturing. The decision was taken by the Union Cabinet on April 8. “Manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes” have been put under the list of sectors where FDI is prohibited.
The accounting regulator, Institute of Chartered Accountants of India, will soon recommend to the Ministry of Corporate Affairs that auditors be asked to provide more information such as the revenue model, the break-even period and the cost benefit arising out of a particular funding pattern in the Companies Auditors’ Report Order (CARO).
New Delhi: THE Central Bureau of Investigation has registered a case against an Air Hostess (an officer of Dy. Manager level) in Indian Airlines / Air India for possession of disproportionate assets to the tune of around Rs 3.62 crore.
A five-judge Constitution bench of the Supreme Court will deliver on Tuesday a much-awaited judgment on the formation of the National Company Law Tribunal (NCLT). The decision is unanimous and it comes six years after the court admitted the appeal.
Market regulator Securities and Exchange Board of India on Monday said it would allow more currency derivatives products beginning with options soon. “It is almost near final stages of deliberation (on currency options introduction). So it can come at any time,” SEBI whole-time member K M Abraham said on the sidelines of an event organised by industry body Assocham.
Cricket won’t get any more free hits in Maharashtra. Rapped by the Bombay high court and the Comptroller & Auditor General (CAG) for the entertainment tax waiver on the IPL matches, the Maharashtra government has finally decided to levy the duty henceforth. And not just the IPL matches played in state but all other cricket encounters will attract the applicable entertainment duty. However, the state cannot recover the loss it has incurred on account of tax waiver for the last three years including two seasons of the IPL played in India.
Companies may have to pay stamp duty on mergers and acquisitions in states like West Bengal, which do not have their own Act in this regard. This will happen if the Finance Ministry”s suggestions on amendments to the over-a-century-old Indian Stamp Act are implemented without any change.
A host of companies from Mumbai, said to be 367 in number and mostly multinational in nature, have moved the recently set up dispute resolution panel (DRP) to resolve issues related to cross-border taxation. An official in the I-T department said except two, all of the companies have chosen DRP instead of the conventional channel of appeal — that of approaching the commissioner (appeal).
