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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.
In a bid to reach out to yoga guru Ramdev who has threatened to go on hunger strike over blackmoney issue, the government has deputed a team of high ranking officials led by CBDT Chairman to brief him on the steps being taken by the Centre to deal with the menace. CBDT Chairman Sudhir Chandra along with other tax officials briefed Ramdev last week.
The Competition Commission of India (CCI) today ruled out any conflict with Sebi over the recently notified merger and acquisitions (M&A) norms, saying the new regime would not clash with the market regulator’s takeover code. In an interview to PTI Bhasha, CCI Chairman Dhanendra Kumar said listed companies can hold shareholder meetings and follow Sebi’s listing procedures, even while its mergers proposals are being scrutinised by the competition watchdog.
UBD.BPD.(PCB) CIR No. 49/09.14.000/2010-11 Consequent upon the enhancement in gratuity limits following the amendment to Payment of Gratuity Act 1972, UCBs and their Associations have expressed that it would be difficult to absorb the large amount involved in a single year. The expenditure, if not fully charged to the Profit and Loss Account during the financial year 2010-11, be deferred over a period of five years beginning with the financial year ended March 31, 2011 subject to charging to the Profit and Loss Account a minimum of 1/5th of the total amount involved every year.
Amid fears of slowdown in tax collection in the current fiscal, the Finance Ministry today indicated that it may go slow on disbursement of pending income tax refunds. The indication was given by Revenue Secretary Sunil Mitra at the annual conference of chief commissioners and directors general of income tax here.
Finance Minister Pranab Mukherjee today exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money. Income Tax Department is engaged in ways to tackle with black money, he told reporters on the sidelines of an income tax conference here.
The government has taken a cautious approach towards allowing FDI in the hitherto untried LLP format of business, mostly preferred by professionals, experts said today. The government has allowed FDI in Limited Liability Partnership (LLPs) only in sectors where 100 per cent FDI is allowed under the automatic route. But still government approval is must for FDI in LLPs even in sectors where 100 per cent overseas investment is allowed.
The Union Finance Minister Shri Mukherjee said that for the Financial Year 2011-12, the Income-tax Department has been given a tax collections target of about Rs.5.33 lakh crores, which is at 20 per cent growth over the actual collections of the preceding year i.e. 2010-11. He said that the 13th Finance Commission (2010-15) has projected direct tax revenue collection at Rs.8.3 lakh crore by 2014-15 and direct tax GDP ratio at 7.62 per cent. The Direct tax GDP ratio as of now is 5.66 per cent. The targets are very steep and challenging.
There have been newspaper reports on the Textile Mills stopping production for one day on 23.05.2011 to protest the withdrawal of incentives and curbs on cotton yarn exports. Of the 3300 registered textile mills, 1998 mills were reported to have participated in the closure. Cotton yarns Exports are already on OGL w.e.f. 1st April 2011; there is no curb on yarn exports presently.
Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act.
In an effort to improve due diligence, the Reserve Bank of India (RBI) on Monday asked banks to seek information from their directors on any adverse strictures passed by financial sector regulators against them. The banking regulator has partially modified the format of ‘Declaration and Undertaking’ prescribed for the purpose of conducting due diligence to determine the ‘fit and proper’ status of directors. Banks should get information whether the director at any time come to the adverse notice of a regulator such as the Securities and Exchange Board of India and the Insurance and Regulatory Development Authority.
