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Archive: 10 January 2012

Posts in 10 January 2012

Section 80CCF – Salient Features of L&T Infra Long Term Infrastructure Bonds 2012A Series

January 10, 2012 24422 Views 15 comments Print

The Indian economy is on a robust growth trajectory and the best way to be a part of Indias growth story is to invest in its lifeline – its infrastructure. L&T Infrastructure Finance Company Ltd. has played an important role in financing projects, funded through long term investment instruments for Infrastructure development and construction across the country. L&T Infra to bring to you, for the second year running, the Long term Infrastructure Bonds. These tax-saving bonds let you invest indirectly on a long term basis, in infrastructure projects across the country and aid in the growth of India

PMS transactions taxable as business profits – ITAT’ takes Contrary View

January 10, 2012 4365 Views 0 comment Print

Radials International Vs. ACIT (ITAT Delhi)- The assessee had made investment under PMS. The profit has not arisen directly from the deposits made, but from the securities purchased from such deposits, which were traded by the portfolio manager on behalf of the assessee. The quantity of share traded is huge as is evident from the list appended with the assessment order. The shares have been traded frequently with a motive to maximize profit and not with a view to hold them as investment. The volume of the transaction is very high. All these facts indicate that the portfolio manager had in fact done trading on behalf of the assessee.

Property license fees is income from other sources and can not be treated as income from house property

January 10, 2012 2406 Views 0 comment Print

CIT v. ASK Bros. Family Trust -(Karnataka High Court) – It is clear from the above said clauses that the intention of the parties while entering into the agreement dt. 1.4.1994 was only to grant license to the respondent and it cannot be said to be a lease deed. Further, having regard to the nature of consideration to be paid by the licensee as per clause 3 referred to above and the schedule mentioned in the agreement,

Govt notifies 100 Per Cent FDI in Single Brand Retail

January 10, 2012 1249 Views 0 comment Print

Department of Industrial Policy and Promotion Ministry of Commerce and Industry notified the decision to allow 100 per cent FDI in Single brand retail today via Press Note No.1 (2012 Series). The Union Minister for Commerce Industry and Textiles said Cabinet took the conscious decision to liberalise policy for FDI in single brand retail. FDI in single brand has led to emergence of some global majors in Indian market

Price Waterhouse files suit against former chairman of Satyam B Ramalinga Raju, demands 100 crore damages

January 10, 2012 1836 Views 0 comment Print

Audit firm Price Waterhouse has filed a suit against former chairman of Satyam B Ramalinga Raju and others claiming damages of Rs 100 crore for ‘deliberately’ concealing key information that led to the Rs 14,000-crore accounting fraud. A day after Tech Mahindra-acquired Satyam filed a suit against its former Board of Directors, certain employees and Price Waterhouse seeking damages for perpetrating a fraud three years ago, PW officials revealed that they have already filed a similar suit in a Andhra Pradesh court against the software firm on January 7, 2012.

Profession Tax – States wants increase in Upper limit of Rs 2,500

January 10, 2012 3929 Views 0 comment Print

The Empowered Committee of State Finance Ministers here today demanded that the upper limit on levying the professional tax be removed. The panel after deliberating on the issue of professional tax came to the conclusion that the upper limit of Rs 2,500 imposed by the Constitution in 1988 should be waived [removed] forever,

RBI – Complain to Local Police/Cyber Crime Authorities against Fictitious Offers of Money from Abroad

January 10, 2012 919 Views 0 comment Print

The Reserve Bank of India has today advised members of public to immediately register a complaint with the local police/cyber crime authorities when they receive fictitious offers of money from abroad or if they are victims of such offers. It has also placed, on its website, the list of such nodal agencies with whom the public can register complaints.

The salient features of Draft National Competition Policy

January 10, 2012 988 Views 0 comment Print

Government had constituted a Committee for drafting the National Competition Policy with a view to achieve highest sustainable levels of economic growth, entrepreneurship, employment, higher standards of living for citizens, protect economic rights for just, equitable, inclusive and sustainable economic and social development, promote economic democracy and support good governance by restricting rent seeking practices. The Committee has already given its report. The salient features of the policy proposed by the Committee are as follows: –

If the working condition and responsibilities and nature of duties are same than all staff should be equally paid -HC

January 10, 2012 1256 Views 0 comment Print

Central Provident Fund Commissioner Vs. Central Provident Fund Employees’ Union (Delhi HC)- Though some merit is found in the contention of the petitioner employer that the award does not render any finding of parity in educational qualification, method of recruitment, duties and responsibilities of the Assistants/Stenographers/Hindi Translators/Superintendents employed with the petitioner employer and persons with the same designation in the Central Secretariat and a perusal of the records of the

GST – State FMs agrees to concept of services tax based on the ‘negative list’

January 10, 2012 2014 Views 0 comment Print

The Empowered Committee of State”s Finance Ministers on GST today agreed in principle to the concept of services tax based on the ‘negative list’ and suggested that the Centre could prepare such a list which would help widen the tax base. The committee headed by Deputy Chief Minister of Bihar Sushi Kumar Modi met here today to deliberate on the concept paper of taxation of services based on the negative list.

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