In a move that could leave more money in the hands of people, the Government on Thursday proposed to raise exemption limit on income tax from the present Rs 1.6 lakh to Rs 2 lakh. The Cabinet approved the much-awaited Direct Taxes Code (DTC) Bill, which is likely to be tabled in Parliament during the ongoing Monsoon session and thereafter it may be referred to standing committee.
Proposal for amendment of RTI Act is under consideration in the Ministry of Personnel, Public Grievances & Pensions. The proposal under consideration includes, inter-alia, amendment to enlarge the scope of suo-motu disclosure, to discourage frivolous or vexatious representations,
The Minister of Corporate Affairs has said that whenever any case of a company found violating the provisions of Section 383A of the Companies Act, 1956 comes to the notice, Show Cause Notices are issued to the company and defaulting directors. Giving this information in written reply to a question in the Lok Sabha today,
Investors can buy and sell shares through mobile phones now. The Securities and Exchange Board of India has allowed registered brokers who provide internet-based trading to facilitate securities trading using wireless technology, including mobile phones and laptops with data cards.
The Public Interest Disclosure and Protection to Persons making the Disclosure Bill, 2010, was tabled in the Lok Sabha today by Sh. Prithviraj Chavan, Minister of State for Personnel, Public Grievances and Pensions. The Bill is a stand alone legislation to, inter-alia, provide-
The above limitations have increased due to mandatory Digitally signing of ITR-6. To overcome this issue, CCA, through the request from ITD, has introduced a new filed in DSC issuing. In this, DSC can have PAN encoded in itself, so that it can help ITR filing.
The Delhi income tax (I-T) department is facing criticism for its administrative inefficiency by failing to produce 95.4 per cent of records asked by the Comptroller and Auditor General of India (CAG) for its performance audit for financial year 2009-10. This is the highest failure rate of I-T department in providing records to the CAG. Delhi is followed by Punjab (53.4 per cent), Orissa (50.9 per cent), Uttarakhand (47.7 per cent), Maharashtra (46.3 per cent) and Gujarat (39.9 per cent).
Medical insurance policies offered by different insurers to policyholders are contracts of reimbursement. However, several policies under these contracts offer a cashless facility as a facility of convenience in their Preferred Provider Network (PPN) of hospitals. This PPN is dynamic and subject to change from time to time. With effect from July 1, 2010, the four public sector general insurers have withdrawn the cashless facility to certain hospitals that were previously in the PPN at Mumbai, Delhi, Chennai and Bengaluru.
A recent ruling of the Supreme Court (SC) in a batch of cases, with the lead case being that of Bharti Cellular Ltd. (Taxpayer), on whether any manual intervention is involved in the technical operations by which a cellular service provider, such as the Taxpayer, is given facility for interconnection. If manual intervention is involved, the payments for such facility would be considered as ‘fees for technical services’ (FTS) under the Indian Tax Laws (ITL) and the Taxpayer would be required to withhold taxes. In this context, one may recall that the Delhi High Court (HC) [319 ITR 139] had earlier held that as these services do not involve any human interface, these cannot be regarded as FTS as contemplated under the ITL.
TO AVOID LAST MINUTE RUSH AND SYSTEM CONGESTION IN MCA21 DUE TO HEAVY FILING IN LAST 10 DAYS OF THE MONTHS OF OCTOBER AND NOVEMBER 2010, IT IS REQUESTED THAT FILING OF ANNUAL RETURN AND BALANCE SHEET MAY BE DONE IN THE FOLLOWING ORDER:-
