hereby advised to send us a detailed progress report on the implementation of the above 5 suggestions immediately on receipt of this letter.
In terms of the Finance (No. 2) Act of 1991, section 43D of the Income-tax Act, 1961, came into force with effect from 1st April, 1991. However, it was inadvertently mentioned in para 22.3 of the boardýÿs Circular no. 621, dated 19th December, 1991, hat this provision would apply in relation to the assessment year 1992-93 and subsequent years. It is clarified that section 43D will take effect from 1st April, 1991 and will apply in relation to the assessment year 1991-92 and subsequent years.
It is requested that the fees already collected from members should be forwarded to SEBI forthwith. The remaining fees may be collected before the 21st December, 1992 and remitted to us immediately on receipt.
Circular No. 641- Income tax The Finance Act, 1992 has inserted a new Chapter XII-C in the Income-tax Act, which provides for a simplified scheme for payment of income-tax by small businessman. Comments or clarifications on some questions and doubts are mentioned below
to examine and recommend the various types of transactions, which may reasonably be taken into account to determine the turnover of stock brokers for purposes of levy of registration fees in accordance with Securities and Exchange Board of India (Stock-Brokers and Sub-Brokers)
SEBI : Submission of information
What part (in percentage terms) do the transactions bought and sold in a settlement cycle on the same account or vice-versa constitute a trading activity on the stock exchange. Specific figures for Group A shares and Group B may be indicated.
Circular No. 640-Income tax Clause (10C) of section 10 of the Income-tax Act, 1961, deals with income-tax exemption on payments received at the time of voluntary retirement. The provisions of this clause which covered earlier only the payments received by employees of public sector companies have been amended by the Finance Act, 1992, to include therein the payments received by employees of companies other than public sector companies also
Action initiated by the exchange against the erring companies. Kindly acknowledge the receipt of this letter.
regarding the proposed reforms in the constitution of the Governing body, the disciplinary committee, arbitration committee and the default committee of the stock exchange and the changes with regard to the appointment and duties of the Executive Director.
