The SEBI Act (Section 11) has wide amplitude and empowers the regulator SEBI to take within its sweep a CA, if his activities are detrimental to the investors or the securities market, the Bombay High Court observed in its order on the Price Waterhouse vs SEBI case.
The Insurance Regulatory and Development Authority (IRDA) told insurance companies to abstain form doing business with 884 corporate agents who had not registered their PAN (permanent account number) with the agency licensing web portal.
The regulator, IRDA has no plans to cap charges on traditional products and also assures on approving new ULIPS on time. The Insurance Regulatory and Development Authority (IRDA) has said it has no plans to cap the charges levied by life insurance companies on traditional products. The regulator also assured it would approve new unit-linked insurance plans (Ulips) on time so that insurers could sell them from September 1 onwards.
Notification No. 69/2010-Income Tax In exercise of the powers conferred by clause (b) of rule 6 of Part A of the Fourth Schedule to the Income-tax Act, 1961 (43 of 1961), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 484(E), dated the 30th May, 2001, the Central Government hereby fixes, with effect from the 1st day of September, 2010, 8.5 per cent., as the rate referred to in the said clause.
This is the time of the year when tax payers look forward to getting refunds from the IT Department if eligible. But for roughly seven out of 10 cases, income tax refunds have remained elusive for no fault of the tax payers. The income tax department maintains that it is also not at fault. According to senior taxmen, they reject an overwhelmingly large number of eligible cases every year for what they call the incidence of missing entries.
The matter has been examined. As regards the classification, with effect from 01.06.2007 when the new service ‘Works Contract’ service was made effective, classification of aforesaid services would undergo a change in case of long term contracts even though part of the service was classified under the respective taxable service prior to 01.06.2007. This is because ‘works contract’ describes the nature of the activity more specifically and, therefore, as per the provisions of section 65A of the Finance Act, 1994, it would be the appropriate classification for the part of the service provided after that date.
The Reserve Bank of India released today its Annual Report for 2009-10. This statutory Report of the Board of the Reserve Bank focusses on: (a) an analytical assessment of the key policy issues and macroeconomic challenges faced during the year, (b) the range of policy actions taken to address the challenges, besides initiatives launched during the year in relation to the broad macro-financial objectives of the Reserve Bank,
In order to give immediate relief,a bonus incentive (over and above the present benefits) of two per cent has been announced by Commerce and Industry Minister Anand Sharma to sectors like handicrafts, handloom, silk carpets, leather and leather manufacturers, sports goods, toys and select bicycle parts. The extra sops are two per cent of the export value.
As per information available with the Ministry of Textiles, a total of 334 textile mills were enlisted with the Textile Commissioner’s Office, Mumbai, during the Eleventh Plan. These included 177 non-SSI spinning units, 11 non-SSI composite mills, 138 SSI spinning units and 8 Exclusive Weaving Mills. Information relating to the units that came up in the decentralized segments such as knitting, processing, garmenting and made-ups is not available.
Paragraph 32 of the Employees’ Pension Scheme, 1995 provides for annual valuation of the Pension Fund by valuer appointed by the Central Government.
