Insurance regulator IRDA today made it mandatory for insurers to seek prior approval in case of stake transfer to domestic entities or financial institutions and set guidelines for seeking approval. As per a IRDA circular, the regulator will carry out the requisite due diligence of the proposed transferee or shareholder prior to grant of approval for registration of transfer of shares under the provisions of section 6A(4) of the Insurance Act, 1938 and for issue of shares to the proposed transferee or shareholder.
DCIT Vs Summit Securities Limited (ITAT Mumbai Special Bench)- Notwithstanding the fact that the substantial question of law raised in the order of the earlier Bench has been admitted by the Honourable High Court, there are no fetters on the Tribunal in hearing the case in Special Bench and rendering the decision which would prevail upon and become a binding precedent for the other Benches of the Tribunal. The learned Counsel for the assessee could not point out even a single judgment in which the Honourable High Court abstained the Tribunal from deciding the issue through Special bench during the pendency of appeal before it. With utmost humility there cannot be such a decision for the manifest reason that the justice delivery system has to take its own course and cannot wait in eternity for a higher judicial body to decide the issue first.
If some one has done mistake in early then it does not make sense that every time it will repeat the mistake. S&P has done the perfect thing that this time it has went ahead and declared the most vulnerable danger awaiting for the world market. In other words what the 12000 Dow Jones and Mr.Obama administration was trying to hide was reveled by S&P.
Union Finance minister Pranab Mukherjee said there would be no more tax-free zones in the country. Tax-free zone status in Himachal Pradesh and Uttarakhand was being withdrawn gradually following opposition by different states, Mukherjee said. Renewal of tax free zone status of Sikkim, which would expire in 2017, would be reviewed on the basis of the socio-economic conditions of the state at that time, he told reporters.
With recent fraught of Europe the US banks are very much on the verge of peril. Three US banks are having great numbers of exposure in European debts. Citigroup ,JPMorgan Chase and Bank of America are having have billions of dollars exposed to European banks and debt. U.S. banks are most at risk in Europe because of the gyrations of the overseas debt markets and potential inability to undertake fixed-income underwriting securities from European economy. The respective exposures being taken by the 3 banks of US are as follows
Application in prescribed format is invited from Students presently pursuing ICWAI Final Course, for being considered as an eligible student, to receive ‘Compendiums’, free of cost, on the following subjects: Group III: Paper 11: Capital Market Analysis & Corporate Laws Paper 12: Financial Management & International Finance Paper 13: Management Accounting: Strategic Management Total No. of compendiums for Gr.III = 3 (Three)
With an aim to shielding investors from vested interests and potential corporate scams, market regulator the Securities and Exchange Board of India (Sebi) has proposed to frame a strict set of rules for research analysts and wants an independent oversight body for auditors. At the same time, the market watchdog is planning to prescribe a fresh set of guidelines for dealing with conflict of interest of associated persons in the market. It would also set up a separate unit for monitoring ‘Systemically Important Financial Institutions’ or very-large market entities.
Gross direct tax collections during the first four months of the current fiscal (April – July 2011) were up by 26.63 percent and stood at Rs.1,32,542 crore as against Rs.1,04,668 crore during the same period in last fiscal. Gross collection of corporate taxes in this period was up by 29.56 percent to Rs.85,222 crore as against Rs.65,776 crore during the same period in last year while gross collections of personal income tax rises by 21.64 percent during this period and stood at Rs.47,214 crore as against Rs.38,816 crore during the same period in last year.
Section 253 Of The Income-Tax Act, 1961 – Appellate Tribunal – Appeals To – Instructions Regarding Standard Operating Procedure On Filing Of Appeals To ITAT Under Section 253 And Related Matters. INSTRUCTION NO. 08/2011 [F NO. 279/MISC./M- 43/2011-ITJ], DATED 11-8-2011 With a view to streamline the process of filing appeals to ITAT and in suppression of the existing Instructions on the subject in general, and Instruction No. 1274 dated 10-8-1979, Instruction No. 1353 dated 9-9-1980, Instruction No. 1387 dated 3-3-1981, Instruction No. 1493 dated 18-11-1982, Instruction No. 1570 dated 4-7-1984, Instruction No. 1894 dated 16-6-1992, and Instruction No. 1921 dated 23-1-1995, in particular, the following Instructions are issued herewith for compliance by all concerned:
Statistics are displayed only for the software vendor where number of correction statements uploaded is more than 100. Software vendor wise percentages are computed on the total statements prepared using that software. Statistics of TANs registered at TIN website to download consolidated file, Form 16A, etc. are indicated in column % TAN registered at TIN. Correction statements with provisional receipt date greater than the date of request for TDS/TCS consolidated file from TIN, which are rejected at TIN central system are considered. The name of software vendor is in alphabetical order.
