Cricket won’t get any more free hits in Maharashtra. Rapped by the Bombay high court and the Comptroller & Auditor General (CAG) for the entertainment tax waiver on the IPL matches, the Maharashtra government has finally decided to levy the duty henceforth. And not just the IPL matches played in state but all other cricket encounters will attract the applicable entertainment duty. However, the state cannot recover the loss it has incurred on account of tax waiver for the last three years including two seasons of the IPL played in India.
Companies may have to pay stamp duty on mergers and acquisitions in states like West Bengal, which do not have their own Act in this regard. This will happen if the Finance Ministry”s suggestions on amendments to the over-a-century-old Indian Stamp Act are implemented without any change.
A host of companies from Mumbai, said to be 367 in number and mostly multinational in nature, have moved the recently set up dispute resolution panel (DRP) to resolve issues related to cross-border taxation. An official in the I-T department said except two, all of the companies have chosen DRP instead of the conventional channel of appeal — that of approaching the commissioner (appeal).
The expert group constituted by the Ministry of Corporate Affairs has specifically highlighted the need to develop cost accounting standards on the basis of generally accepted cost accounting principles. The cost accounting standards board is working to address the issue.
Everyone knows that we Indians invented the zero. Without zero and the decimal number system, writing and calculating really large numbers would be very difficult. This would be awful for people in the financial industry, whose work depends on having really big salaries. FortunatelyBrahmagupta came to their rescue.
As per the extant External Commercial Borrowing (ECB) policy, Infrastructure Finance Companies (IFCs) i.e. Non-Banking Finance Companies (NBFCs) categorized as IFCs by the Reserve Bank were permitted to avail of ECBs for on-lending to infrastructure sector under approval route subject to satisfaction of prescribed conditions.
Authority vide circular No. 46/IRDA/F&A/Nov.-07 dated 22.11.2007 has made it mandatory for to file quarterly report of solvency margin. The said circular mandates filing of Table II – Available solvency margin and solvency ratio as mentioned in IRDA (Assets, Liabilities and Solvency margin of Insurers) Regulations, 2000.
Authority vide Circular No. IRDA/F&I/CIR/012/01/2010 dated 28.01.2010, has introduced Public Disclosures by Insurers, which is comprehensive and covers all the important aspects of an insurer.
The present policy of Government of India permits 100% Foreign Direct Investment (FDI) under Government route Le. with prior approval of Foreign Investment Promotion Board (FIPB) in the manufacture of Cigars & Cigarettes, subject to obtaining industrial license under the Industries (Development & Regulation) Act, 1951.
Notification No. 61 /2010-Customs, entral Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), no. 26/2010-Customs, dated the 27th February, 2010, which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 139(E) dated the 27th February, 2010, except as respects things done or omitted to be done before such rescission.
