CIRCULAR NO. IMD/DF/4/2011, DATED 9-3-2011- The upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor.1.3 Exit load or CDSC charged to the Investor, a maximum of 1 per cent of the redemption proceeds shall be maintained in a separate account which can be used by the AMC to pay commissions to the distributor and to take care of other marketing and selling expenses. Any balance shall be credited to the scheme immediately.
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14 and Paragraph 1.1 of the Handbook of Procedures (Vol. I) (2009-14), the Director General of Foreign Trade hereby notifies a new SION bearing number J-374 in respect of the export product “Woollen blended Worsted Yarn”. This will appear at Page number J46 of the Textile Product Group below the existing entry No. J373 in the Hand Book of Procedures.
Validity of Bank Guarantee is being harmonized with provisions of Customs Circular No.58/2004 dated 21.10.2004 as amended from time to time. In addition, specific contact details like E-mail ID, Phone Number/FAX Number of the exporter and the Bank are to be provided.
The AO relied on the specific principle mentioned in the circular. However, the circular has no binding force on the income-tax authorities and needs to be used only as guidance. While applying the principles of the circular, the facts need to be considered in each of the case. It is well-settled principle that whether the activity of buying and selling of the shares is in the nature of trade and investment is a mixed question of law and fact. In this case, on perusal of the details of share transactions filed with the return of income, the Tribunal observed that, the taxpayer has treated the entire investment in the shares as an investment only and not as a stock-in-trade.
On and from 1 June 2011, any acquisition or merger or amalgamation that exceeds the monetary threshold specified in Section 5 of the Act will require approval of CCI. These provisions are aimed at ensuring that the proposed Combination is not anti-competitive. This may lengthen the time required to complete the Combination. If CCI is convinced that the Combination is not anti-competitive, it should not be difficult to obtain the approval. The CCI has also released draft rules for public comments on provisions relating to Regulations of Combinations. Once this is finalized and notified, it will facilitate implementation of the provisions relating to Combination.
The DTC is a game changer for insurance. Most Indians buy life insurance policies only to save tax. Under DTC, a policy should give a life cover of at least 20 times the annual premium to be eligible for tax deduction. If this condition is not met, you will not get any tax deduction on the premium and even the income from the policy will be taxable. Right now, the income received from insurance policies is tax-free.
The repayment of the principal of your home loan will not be eligible for tax deduction under the DTC. The people who are paying large home loan EMIs and claim benefits under Sec 80C may have to find the money for other tax-saving investments after the DTC comes into effect. But this setback is minor when compared with the gain from the removal of tax on notional rent.
Furnishing of income tax returns has been made mandatory for all candidates entering the poll fray and details of inherited property will also have to be provided under a new nomination affidavit brought out by the Election Commission. Candidates will now have to fill a six-page affidavit along with his or her nomination papers before the returning officer.
CIT vs. Swaraj Mazda Ltd (P&H High Court)- Learned counsel for the revenue has not been able to dispute the fact that there is no challenge to the finding that certificate issued to the assessee under Section 195(2) was never cancelled and in absence thereof, the assessee could not be treated as assessee in default. In view of the said unchallenged finding, the order of the Tribunal has to be sustained. Once it is so, we are of the view that the questions referred need not be gone into.
The Central Bureau of Investigation has arrested a Dy. Registrar of Trade Marks, Intellectual Property, Chennai for possession of disproportionate assets to the tune of approx Rs. one crore. The Anti Corruption Branch of CBI, Chennai has registered a case against Dy. Registrar of Trade Marks (Head of the Office and Technical Head Trade Marks), Intellectual Property G.S.T. Road, Guindy, Chennai and her husband (an Advocate) for abetment and for possession of assets disproportionate to the known sources of their income U/s 109 IPC and Section 13(2) r/w 13(1)(e) of Prevention of Corruption Act, 1988.
