"15 February 2011" Archive

Finance Minister to meet Congress leaders on budget tomorrow

Ahead of the budget session beginning next week, Finance Minister Pranab Mukherjee will hold consultations with senior party leaders tomorrow at the AICC headquarters in New Delhi. With Assembly elections scheduled in five states including West Benga...

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Posted Under: Income Tax |

Bad debts allowed to share broker for amount not recovered from the client towards purchase of shares

Dy. CIT Vs. Shri Shreyas S. Morakhia (ITAT Mumbai)

It is not necessary that the entire amount of debt had to be taken into account in computing the income of the taxpayer. Even if a part of the debt was considered, it was sufficient compliance of provisions of ITA for allowance of such bad debt as he...

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Notification No. 10/2011 – Income Tax Dated 15/2/2011

Notification No. 10/2011 - Income Tax (15/02/2011)

Notification No. 10/2011 - Income Tax The approved organization shall maintain separate books of account in respect of the sums received by it for scientific research, reflect therein the amounts used for carrying out research, get such books audited by an accountant as defined in the Explanation to sub-section (2) of section 288 of the ...

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Notification No. 9/2011 – Income Tax Dated 15/2/2011

Notification No. 9/2011 - Income Tax (15/02/2011)

Notification No. 9/2011 - Income Tax It is hereby notified for general information that the organization Sinha Institute of Medical Science & Technology, Kolkata 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...

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Centre likely to call another GST meeting next month

With consensus still eluding the proposed Goods and Services Tax regime, the Centre may call for another meeting with state finance ministers next month, before introducing the Constitutional Amendment Bill to pave the way for rolling out GST. ...

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Posted Under: Income Tax |

TDSAT sets aside DoT order asking telcos to go for CAG audit

Telecom tribunal TDSAT has set aside a DoT directive that asked phone companies to submit their books for CAG audit, saying that it was arbitrary. The TDSAT bench, headed by its chairman Justice S B Sinha, set aside the directive on the grounds that ...

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Posted Under: Income Tax |

Now you can Track your Share trades with contract notes

A contract note is an important document for investors transacting in shares and other listed securities on a recognised stock exchange. A contract note is a legal record of your transaction carried on a stock exchange through a broker....

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Posted Under: Income Tax |

India has signed its fourth TIEA with Bahamas

Press Release No. 402/92/2006-MC (04 of 2011) (12/02/2011)

India has entered into a Tax Information Exchange Agreement (TIEA) with the Bahamas. The Agreement was signed on 11th February 2011 by the High Commissioner of India to Jamaica (concurrently accredited to the Commonwealth of The Bahamas) on behalf of...

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Insurance – Guidelines for Individual Agents for Persistency of Life Insurance Policies

Ref: IRDA/HLT/MISC/CIR/030/02/2011 (10/02/2011)

PRESS RELEASE Ref: —         Date: 10-02-2011 Portability of Health Insurance Policies There have been several representations from consumer associations and policyholders for enabling portability of health insurance policies from one insurer to other insurer.  Persons shifting from one region to other regions are many time...

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Managerial remuneration in unlisted companies having no profits / inadequate profits

Ministry of Corporate Affairs, Government of India (MCA), has on 8 February 2011 issued a Press Note No. 4/2011 of its intention to amend Schedule XIII of the Companies Act 1956 (the Act) relating to managerial remuneration. The amendment will be app...

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Posted Under: Income Tax |

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