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Archive: 12 May 2011

Posts in 12 May 2011

Expenditure on voluntary retirement scheme is tax deductible even if the scheme is not in accordance with the exemption provision for the employees

May 12, 2011 7897 Views 0 comment Print

Delhi ITAT in the case of Sony India Pvt. Ltd. v. ACIT [I.T.A. Nos. 4008, 4114 & 4994(Del)/2010] held that deduction in respect of expenses incurred pursuant to a Voluntary Retirement Scheme can be claimed under section 35DDA of the Income-tax Act, 1961 even if the scheme is not in accordance with the guidelines prescribed under section10 (10C) of the Act read with Rule 2BA of the Income-tax Rules, 1962.

Finance Ministry to take up 42 foreign direct investment (FDI) proposals Next Week

May 12, 2011 1133 Views 0 comment Print

The Finance Ministry will take up 42 foreign direct investment (FDI) proposals, including that of BNP Paribas , Tata Steel and PTC India Financial Services, next week. The Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary R Gopalan is scheduled to meet on May 20 here.

FM Hopes for Further Moderation in Food Inflation in Coming Weeks

May 12, 2011 390 Views 0 comment Print

Union Finance Minister Shri Pranab Mukherjee said while the current trend in food inflation is welcome and we hope to see further moderation in food inflation in the coming weeks. He said that however, there are concerns on the price momentum in non-food articles. Shri Mukherjee said that sustained high non-food primary prices are creating cost-push inflationary conditions in the manufacturing sector. Thus, even though food inflation is declining, the concern on higher core inflation remains, the Minister added. Union Finance Minister Shri Pranab Mukherjee said that the recent monetary policy announcements should help in addressing these concerns.

SEBI- Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes(PNs) activity

May 12, 2011 1289 Views 0 comment Print

Please refer to SEBI Circular No. CIR/IMD/FIIC/1/201 1 dated January 17, 2011 related to the new reporting format of ODIs/PNs activity. Subsequently, SEBI received representations from a number of FIIs seeking various clarifications on the new reporting format. While these clarifications sought by the FIIs are being addressed by SEBI, it has been decided to defer the implementation of the new reporting format.

Sam Pitroda gets ITU World Telecommunication and Information Society Award 2011

May 12, 2011 652 Views 0 comment Print

The International Telecommunication Union (ITU), the leading United Nations agency for Information and Communication Technology, is marking its 146th anniversary of establishment on 17 May this year by recognizing eminent personalities who have made a significant contribution in using ICT for social development to unleash the digital revolution.

Export Grows 34.4 Percent in April 2011 – Commerce Secretary

May 12, 2011 384 Views 0 comment Print

India’s exports have registered a growth of 34.4% during April 2011, at US $ 23.9 billion. Stating this at a press interaction here today, Shri Rahul Khullar, Commerce Secretary, informed that during the interaction, with press, India’s imports in April 2011 were US $ 32.8 billion, which is up by 14.1% Balance of trade for the month of April stood at -8.9 billion US $.

Black money case – SC pulls up Enforcement Directorate

May 12, 2011 670 Views 0 comment Print

The Supreme Court today pulled up the ED for filing a charge sheet against Pune-based stud farm owner Hasan Ali Khan in a case of alleged money laundering without informing a high-level committee formed by the government to monitor probe in sensitive cases.

Karnataka launches e-payment for commercial tax payers

May 12, 2011 1499 Views 0 comment Print

Karnataka today became the first state in the country to launch an e-payment system for commercial tax payers. Speaking at the launch, Reserve Bank of India Deputy Governor Shyamala Gopinath wanted such a system to be adopted by other states. The system enables dealers to remit their commercial taxes anytime, anywhere, without physically approaching an office of the Commercial Taxes Department (CTD).

SC asks Centre to frame guidelines on phone tapping

May 12, 2011 318 Views 0 comment Print

The Supreme Court today asked the Centre to frame guidelines for interception of telephone conversations in order to prevent illegal phone tapping by service providers. The central government must frame certain statutory guidelines in this regard to prevent interception of telephone conversations on unauthorised communication, a bench of justices GS Singhvi and AK Ganguly said.

Edelweiss Tokio Life Insurance Company Limited Registered with IRDA to carry the Life Insurance business in India

May 12, 2011 804 Views 0 comment Print

Edelweiss Tokio Life Insurance Company Limited, a joint venture life insurance company promoted by Edelweiss Capital Limited and Tokio Marine and Nichido Fire Insurance Company, Japan has been registered as a Life Insurer under Section 3 of the Insurance Act, 1938 with the Authority. The Certificate of Registration (Forms IRDA/ R3) has been issued by the Authority on 10.05.2011. With this registration, the total number of Life Insurers registered with the Authority has gone up to 24.

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