The Finance Minister in his Budget Speech 2005-06 announced the proposal to set up Large Taxpayer Units ( hereinafter referred to as LTUs) in the country in line with the international practice, which would service large taxpayers paying excise duty, corporate tax/income-tax and service tax under a single window. The Government has decided to implement the LTU scheme in a phased manner
This has reference to Circular No.MIRSD/DR-1/FC/Cir-15/2006 dated September 29, 2006 regarding payment of fees by stock brokers pursuant to Notification No.S.O.1600 (E) dated September 25, 2006 amending SEBI (Stock brokers and Sub brokers) Regulations, 1992.
make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately.
This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
applications, duly time-stamped as above shall be maintained by the mutual funds at least for the minimum period mentioned in regulation 50(2) of the Regulations and shall be open to inspection by the Board or the auditors appointed by the Board.
Attention is invited to the Board’s Circular issued vide F.No. 467/79/2005-Cus.V, dated 12.01.2006 [Circular No.05/2006] on the above subject, wherein, it was conveyed that all pending provisional assessments in respect of importation prior to 02.03.2001 may be finalised by not including ship demurrage charges in the assessable value in the light of the Hon’ble Supreme Court judgement in the case of M/s. Indian Oil Corporation [2004 (165).
Subsequent to the issue of above-referred SEBI Circulars, market participants have made further representations and suggestions and sought clarifications on the various issues from SEBI.
It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories on or before 31.07.2006.
Pending cases may be decided on the basis of above instructions. A suitable Public Notice and Standing Order may be issued for the guidance of the trade and staff. Difficulties faced, if any, in implementation of the Circular may be brought to the notice of the Board at an early date.
The issue is whether any club or association that enjoys exemption under the provisions of Income Tax Act on the ground of being a public charitable institution gets automatically excluded from levy of service tax under section 65(105)(zzze) read with section 65(25a) of the Finance Act, 1994
