The stock exchanges may consider shifting the trading in these securities to normal Rolling Settlement subject to the following: (a) At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement. For this purpose, the listed companies shall obtain a certificate from its Registrar and Transfer Agent (RTA) and submit the same to the stock exchange/s. However, if an issuer-company does not have a separate RTA, it may obtain a certificate in this regard from a practicing company Secretary/Chartered Accountant and submit the same to the stock exchange/s.
The issue of semi-closed prepaid payment instrument upto Rs 10,000 without separate KYC being conducted by the issuer, for payment of utility bills/ essential services/ air and train travel under Para 6.4 (iii) was permitted on the premise that full KYC of the customer is already being done by the provider of such services. The control exercised by the issuer has been on the acceptance side, ie. utility of the card for the specific purpose at the specific merchant. Based on this rationale, it has been decided to redefine the merchant categories under Para 6.4 (iii). Accordingly Para 6.4(iii) of the guidelines dated April 27, 2009 (as amended by circular dated November 4, 2010) may now be read as:
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby amends the description of import item Tonsil Bleaching Earth appearing at Serial No.2 of SION E-125 under Food Product Group to read as Activated Bleaching Earth.
Notification No. 22/2012-Income Tax In exercise of the powers conferred by clause (48) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the national interest, hereby notifies for the purposes of the said clause, the National Iranian Oil Company, as the foreign company and the Memorandum of Understanding entered between the Government of India in the Ministry of Finance, De
Notification No. 41/2012-Customs e following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 38/96-Customs, dated the 23rd July, 1996, G.S.R. 290(E), dated the 23rd July, 1996, namely:-
Notification No. 40/2012-Customs Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the Table below, shall be amended or further amended, as the case may be, in the manner specified in the corresponding entry in column (3) of the said Table, namely :
Jammu Development Authority is an Authority established with the motive of profit constituted under the Jammu & Kashmir Development Act, 1970 and that the activities of such Authority are hit by section 2(15) of the Act read with first and second proviso and are not in line with the objects of the Authority/Trust so far as the activities relating to purchase and sale of properties, as mentioned hereinabove. Hence, the activities are not genuine to the extent, mentioned hereinabove and the Ld. CIT, Jammu, has rightly being satisfied held that the Jammu Development Authority is not entitled to registration and accordingly cancelled the registration so granted.
This Government has made a firm commitment to tackling tax avoidance. As part of our new approach to tax policy-making, we set out proposals to take a more strategic approach to the risk of avoidance by building in sustainable defences against avoidance opportunities. Through collaborative consultation and well-designed legislation, our aim is to prevent avoidance at the outset, reducing the need for counteraction.
Renting of Immovable property service is one among the services which has huge implication as to the coverage of number of assessees and the quantum of revenue collection. The levy came in to effect from 01-06-2007. Since renting is not a service in common parlance coupled with power to levy taxes on immovable properties is under state list, this levy created lot of ambiguity and required extensive judicial examination. All these have left behind the landlords and tenants under a puzzled situation as to compliance of the same. Therefore this article aims at giving an insight as to the development of the judicial decisions and the statutory amendments and the possible measures to be taken to obtain relief and to avoid litigation.
Government of Maharashtra hereby specify that, with effect from the 1st July 2012, every employer holding Profession Tax Registration Certificate shall pay tax, interest, penalty or any amount due and payable by or under the said Act, electronically in the manner as specified in the said rule 45A.
