"24 May 2011" Archive

CBDT briefs Baba Ramdev on govt steps to tackle black money

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 ...

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Posted Under: Income Tax |

CCI rules out any conflict with Sebi on merger and acquisitions norms

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 an...

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Posted Under: Income Tax |

UCBs – Enhancement in gratuity limits – Prudential Regulatory Treatment – UBD.BPD.(PCB) CIR No. 49/09.14.000/2010-11

RBI/2010-11/544 UBD.BPD.(PCB) CIR No. 49/09.14.000/2010-11 24/05/2011

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 Acc...

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Finance Min may go slow on Income Tax refunds

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....

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Posted Under: Income Tax |

Amended DTAA to help in dealing with black money – Pranab

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....

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Posted Under: Income Tax |

Government cautious in allowing FDI in Limited Liability Partnership (LLP)

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 a...

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Posted Under: Income Tax |

Finance Minister Inaugurates the 27th Annual Conference of Chief Commissioners and DGIT

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 ...

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Posted Under: Income Tax |

Policy Initiatives of Textile Ministry Bring Cotton and Yarn Price Stability

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; th...

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Posted Under: Income Tax |

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

New India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) APPEAL NO: WP(C) 7569/2007 & CMs 2454/2008, 9099, 11255/2009, 24/05/2010

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....

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Bank directors must furnish info on adverse strictures passed by financial sector regulators against them

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 condu...

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Posted Under: Income Tax |

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