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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
Market regulator SEBI will soon come out with guidelines for foreign investors undertaking direct investments in mutual funds, a senior official said today. “SEBI will issue the guidelines allowing foreign investors to invest in mutual funds shortly…We are working with the Reserve Bank and the Finance Ministry (for allowing FIIs entry into mutual funds)…it is a matter of weeks and not months,” SEBI Executive Director of institutional investment management K N Vaidyanathan told reporters here.
The Pension Fund Regulatory and Development Authority (PFRDA) today said the Bajpai committee report on overhauling the structure of all citizens’ pension scheme is expected by the end of this month. “They have committed that they would submit the report by end of this month,” PFRDA Chairman Yogesh Agarwal said on the sidelines of a seminar here.
Having completed investigation into special audit of five leading operators, including RCom, Bharti and Idea, the Telecom Ministry is likely to raise demand of over Rs 1,100 crore from them for under reporting revenues. “The Department has completed investigations into the audit report of telecom companies and the demand may be raised by this month-end,” a source in the DoT said.
All the CCITs, including the CCITs (CCA), were advised by the Board on Feb 28 & again on March 05 11 to provide data regarding paper refund cases not yet entered on the system. The CBDT feels anguished that, except CCITs Nagpur, Ranchi, Panaji & Guwahati, no other CCIT has taken care to comply with the Board’s appeal.
Age of Marriage The Law Commission of India in its 205th Report had made recommendation for a uniform age of marriage of 18 years for both boys and girls. However, the Government is of the view that the difference in the age of marriage (21 years for boys and 18 years for girls) was deliberately inserted in the statutes in view of the social realities.
The working days in the High Courts are regulated by the rules framed by the respective Courts. According to available information, all High Courts in the country normally have 210 working days in a year. The number of working days of the District/Subordinate Courts are regulated by the concerned High Court. However, no data about the number of working days in the lower courts is maintained Centrally.
Download ICAI Online Journal for the Month of March 2011.
Marker regulator SEBI today barred three independent directors and members of audit committee of Pyramid Saimira from holding a similar position in any listed company for two years for giving false and misleading statements.
After being rapped by a local court for not doing its “homework”, the Enforcement Directorate today took the line that “certain links” of Hasan Ali Khan needed to be probed as it has a bearing on “national security” and pressed for his 14-day custodial interrogation.
The respondent runs various coaching centers in Andhra Pradesh and other States in India.The respondent’s activity of commercial training or coaching service attracts levy of service tax under Section 65(26) and Section 65(27) read with Section65(105)( zzc ) of the Finance Act, 1994 (henceforth referred as „the Act‟). After coming into force of the amendment to Section 65(1 05)(zzc) of the Act, in spite of advice by the Revenue, the Respondent did not obtain registration. The Respondent informed the Range Officer that there was no legal obligation to obtain registration under service tax. However, the respondent belatedly obtained Centralized Service Tax registration.
