The Income Tax Department has carried out search operations at companies engaged in real estate business, I-T department sources said here today. Over 50 premises including business and residence of five builders are being searched by more than 250 I-T sleuths, sources said, adding some of the business premises in Ahmedabad are also being searched.
In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue),
Revised discussion paper on the Direct Taxes Code (DTC) has suggested that donations be made taxable in the hands of the donor. At present, 50 per cent deduction is allowed on the donations made to religious institutions. So, if you donate Rs 1,001 to, say Tirumala Tirupati Devasthanams, you can claim a deduction of Rs 500 from your income. The first draft of DTC had proposed this deduction be available only if the funds are used for renovation or repair of a religious body.
“We cannot accept the argument that because the information held by ITAT is in the form of only judicial record, such record is outside the purview of the RTI Act. The Supreme Court of India and High Courts, all have rules for disclosure of information both administrative and judicial.
The Parliamentary Standing Committee on Finance has sought details of the financial dealings of the Indian Premier League from the UPA government. It has also questioned finance ministry and corporate affairs ministry officials on why no enquiry was conducted during the first two years of the the T20 extravaganza.
Clearing the confusion over honouring cheques with corrections, the Reserve Bank of India said this will be applicable only for cheques cleared under the image-based cheque truncation system (CTS). According to a RBI notification, this has been introduced to curtail cheque frauds on account of alterations in cheques and protect customers as well as banks.
After winning the turf war with market watchdog Sebi on ULIPs, insurance regulator Irda on Monday said it would frame new guidelines for these products to make them more attractive for policy holders. “Certainly, yes,” Insurance Regulatory and Development Authority chairman J Hari Narayan told PTI when asked whether the insurance regulator would unveil new guidelines for unit-linked insurance policies to make them attractive for investors.
“The tender process for auditing social sector schemes has led to deterioration in the quality of audit. Audit firms quote too low a price for procuring the auditing work of such schemes. However, low prices certainly are a cause of concern for us keeping in mind that the actual cost of such audits is higher,” Chopra said while expressing concern over the social sector audit in the country. He said that the institute would probe the reasons why audit firms quote such low prices in the tenders.
New rules have been introduced on Tax Deduction at Source, the latest in a set of recent changes. This will impact the manner in which individuals deal with their TDS certificates. There have been changes that will impact a lot of procedural areas. One set of aspects will impact those deducting the tax and paying this to the government. The other impact will be on the person whose amount is deducted.
Whereas, the designated authority vide notification No.15/27/2008-DGAD, dated the 31st March, 2009, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 1st April, 2009, had initiated review in the matter of continuation of final anti-dumping duty on Poly Vinyl Chloride Paste Resin also called as Emulsion PVC Resin (hereinafter referred to as the subject goods),
