Sixteen new sporting disciplines have been brought under the ambit of Section 80G of the Income Tax Act– which defines charitable and benevolent purposes and allows tax benefits to donors if donations are made to institutions or funds under its ambit. The Central Board of Direct Taxes (CBDT) has “added” baseball, fencing, handball, ice hockey, karate, kayaking and canoing, netball, sepak takraw, snooker, soft tennis, taekwondo, triathlon, skiing and ice skating (winter games) and wushu, to the list through an amendment notification earlier this month.
The Bombay High Court has recently admitted a writ petition that challenges an Income-Tax rule allowing the taxation of expenditure incurred on earning tax-free income like dividends and long-term capital gains. The writ petition was filed by Technocraft Industries India, a Mumbai-based exporter, along with Indian Exporters’ Grievance Forum, a body under the Federation of Indian Export Organisations (FIEO). The final hearing of the matter is slated for February 15.
In a move to bring in standardised practices in the mutual fund industry, especially in the debt market segment, Securities & Exchange Board of India (Sebi) on Tuesday asked mutual funds to value all money market and debt securities with residual maturity of up to 91 days at the weighted average price at which they are traded on the particular valuation day.
The Reserve Bank of India (RBI) on Wednesday withdrew the special short-term foreign currency borrowings facility for non-banking financial companies (NBFCs) and housing finance companies. The central bank made the decision after reviewing the macroeconomic conditions and improvements in the domestic credit and liquidity conditions, it said in a statement.
The Delhi High Court deferred the hearing of a petition filed by legal heirs of Maharani Gayatri Devi seeking release of Rs 80 lakh deposited by them in the Government vault as taxes for contravention of the Gold Control Act in 1975.
A Division Bench of the High Court comprising Justice G. Raghuram and Justice Ramesh Ranganathan on Thursday stayed the collection of taxes from 69 companies allegedly having connections with Ramalinga Raju of Satyam Computers on the condition that they pay half the amount demanded.
ALL anti-cancer and HIV drugs are likely to become cheaper as the forthcoming budget is likely to fully exempt these from customs duty/countervailing duty (CVD), but on the condition that the benefits are passed on to patients. Also, the finance ministry is understood to be considering hiking the weighted deduction on expenditure on research and development by drug companies to 200% from 150% and also extending the benefit by five years to March 2017.
Authority for advance ruling recently held that payments received by the Applicant from its Indian reseller for supply of software products to end users should not be classified as royalty. The AAR further held that the relationship between the Applicant and the reseller does not create a permanent establishment (PE)
Almost everybody of us, feel very excited when the stock market indices go up and make the front page news. Needless to say, almost everybody of us, feel very disheartened when the stock market indices dip down. It can be said, that without stock markets and its news, our day does not start and end.
We all aware that there is no express provision barring the Civil Courts to entertain certain company disputes under the Companies Act, 1956. We have been seeing the cases where the Civil Court entertains Company disputes if there is no specific remedial measure before the Company Law Board or the Company Court.
