S. 10(23C)(vi) provides that the income of any university or other educational institution existing solely for educational purposes and not for purposes of profit shall be exempt. The assessee was running a school solely for educational purposes and claimed exemption u/s 10 (23C) (vi).
A new section 144C was inserted in the Income-tax Act, 1961 vide Finance (No. 2) Act of 2009. Section 144C provides for constitution of a Dispute Resolution Panel (DRP) to decide cases of an eligible assessee as defined in sub-section (15) of section 144C of the Income-tax Act. The Dispute Resolution Panel Rules were notified vide SO No. 2958 (E) dated 20th November 2009.
RBI has increased cash reserve ratio by 75 bps to 5.75 Percent , the hike would happen in two stages, the first stage of hike of 50 bps will be effective from February 13 and the next 25 bps from February 27. RBI has not touched the the reverse repo rate which is at 3.25 percent and repo rate which is at 4.75 percent. CRR hike would suck out Rs 36,000 crore liquidity from the system.
Based on the feedback and inputs received from them transparency in ‘grievance redressal’ is identified as a key area to augment investor protection. It is envisaged that transparency will also improve the general functioning of the market by providing investors the wherewithal to make informed choice.
NOTIFICATION NO 10/2010-CUSTOMS (N.T.) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India
It is official. The much-anticipated Goods and Services Tax (GST), which will replace most of the indirect taxes levied by the Centre and states, will not be introduced from the targeted date of April 1. The Bills pertaining to the introduction of a new law and amendment to the Constitution will not be tabled in the coming Budget session of Parliament. Finance Minister Pranab Mukherjee and state finance ministers will meet in April to decide a new date for the GST rollout.
Department of Revenue has agreed to most of the recommendations put forward by Empowered committee in FDP on GST relating to harmonious structure of rate, taxation base, exemptions, chargeability, definition of taxable event, taxable person, valuation, classification etc.However, there are certain areas where Department of Revenue has suggested changes or deviated from FDP. The said areas of differences are discussed below:
On the basis of the current macroeconomic assessment, as set out in the Third Quarter Review of Monetary Policy 2009-10 issued on January 29, 2010, it has been decided to increase the Cash Reserve Ratio (CRR) for Scheduled Commercial Banks by 75 basis points from 5.00 per cent to 5.75 per cent of their net demand and time liabilities (NDTL) in two stages, effective the fortnights as indicated below:
In a ruling that will provide great relief to corporates planning to restructure their businesses, the Authority for Advance Ruling (AAR) held that restructuring of businesses cannot be construed as an exercise for avoiding tax in India. AAR, a quasi judicial body for settling tax disputes involving foreign entities, in an order last week on an application filed by the Star Group companies
An attempt by the state government to regulate non-banking financial companies (NBFCs) operating in the state failed when justice Jayant Patel of the Gujarat high court ruled that NBFCs can’t be put under the purview of the Money laundering act (ML Act). The judgment is significant in the present scenario as scores of NBFCs in the state and thousands of people are getting advances through such companies regularly. The NBFCs were irked when the registrars of the co-operative department had issued them notices in 2009.
