NOTIFICATION NO. 46 /2009-14 “2.1 Transitional arrangements allowed under Para 1.5 of the Foreign Trade Policy, 2009-2014, shall, in public interest, not be applicable to the restrictions imposed as above vide this notification.”
S.O. 1217(E). In exercise of power by sub section (2) of section 1 of the Payment of Gratuity (Amendments) Act, 2010(15 of 2010), the central Government hereby appoints the 24thday of May, 2010 the on which said act will come into force.
The Finance (No.2) Bill, 2009 had introduced a new section 206AA in the Income-tax Act, 1961 (ITA), which provides that every recipient of income is required to furnish its Permanent Account Number (PAN) i.e. tax registration number to the payer. From the new financial year, Assessees will have to pay a higher income tax at source if they do not have a Permanent Account Number (PAN). Tax at higher of the prescribed rate or 20 percent will be deducted on all transactions liable to tax deduction at source (TDS), if the person liable to the tax does not possess a PAN.
ICAI has recently conducted examination for CA students in May 2010. In examination in the paper of Corporate law and Accountancy ICAI has asked questions on topics which were excluded by ICAI by various announcement from the syllabus. Students were asked 18 Marks questions from the subjects which were not part of the syllabus. Considering the fact that CA students fail to pass the CA examination by just one mark, It seems to be injustice with them if they don’t be given credit for the questions which were not part of the syllabus.
Patent Co-operation Treaty (PCT) was entered on June 9, 1970. On 7th December, 1998 India became the 98th contracting state of the PCT. Signatory countries formed a Union for co-operation in filing, searching, and examination of applications for protection of inventions and rendering special technical services.
The ministry of corporate affairs (MCA) has started a round of consultations with the law ministry on the feasibility of setting up a National Company Law Tribunal (NCLT) in the next one year.
Over 40% of foreign investment inflows to India is routed through Mauritius, a significant portion of which is believed to be third country funds and Indian money routed through the island nation to avoid taxes. India loses over $600 million in revenues annually due to the tax treaty with Mauritius.
The Income Tax (I-T) department seems to have mastered the art of getting more for less. No strong-arm tactics here; it is just that the department has improved what it calls the effectiveness of its search operations through better targeting.
The Income Tax Department needs to immediately add 30,000 more employees to carry out its existing operations, a senior Finance Ministry official said.“To avoid affecting the overall revenue collection and delivery of tax payer services, the department immediately requires 22,000 additional employees apart from filling up the 8,000-odd vacant positions,” the official said.
Life insurance companies anticipate a fall in premium collected through unit-linked pension products. This is due to the Insurance Regulatory and Development Authority (IRDA) making life cover compulsory with pension plans.
