Having a website with up-to-date information at any given point of time will become mandatory for all the listed companies with effect from tomorrow — a move aimed at providing investors with easy access to information. A notification by market regulator Sebi, which makes it mandatory for listed companies to have a functional website with latest details of various investor-sensitive information about them, will come into effect from April 1.
Ministry of Finance has today issued the above Notification amending Point of taxation Rules, 2011. Rules 7 has been substituted by a new Rule whereby, point of taxation in respect specified service providers which includes Chartered Accountants (individuals or proprietary firms or partnership firms) will be the date on which payment is received.
In view of the Bank Holiday on 1st April, 2011, last date for registration to Common Proficiency Course (CPC) is extended upto 5th April, 2011 for being eligible to appear in the Common Proficiency Test (CPT) to be held in June, 2011.
“ICICI is an Indian bank, but it is over 50 per cent (equity) foreign owned, it is owned by foreigners in that sense…for downstream investment it is a foreign company…,” Department of Industrial Policy and Promotion (DIPP) Secretary R P Singh told reporters here.The government today said that ICICI Bank and other lenders whose more than 50 per cent equity is owned by overseas entities will be treated as a foreign company for the purpose of computing FDI.
The government will set up seven Indirect Tax Ombudsmen for quick redressal of grievances relating to customs, excise and service taxes. These adjudicating offices will be set up in Delhi, Mumbai, Kolkata, Chennai, Bangalore, Ahmedabad and Lucknow. The decision was approved in a meeting of the Union Cabinet chaired by Prime Minister Manmohan Singh, which also approved the Indirect Tax Ombudsman Guidelines, 2011.
Bihar government has decided to impose professional tax on central and state governments officers and employees, Railways, boards and corporation on the pattern of Maharashtra, West Bengal and other states, official sources said today. The state assembly adopted the Bihar Profession, Trade, Livelihood and Employment Tax Bill, 2011, yesterday paving the way for the imposition of the tax.
Five crore commemorative coins of Rs 5 denomination, unveiled recently to celebrate 150 years of taxation, will be minted for public distribution soon. The coins, released by Finance Minister Pranab Mukherjee on February 26, will be put in public domain and will be a collector’s item. These will have no extra price, a senior Finance Ministry official said. The special coin was unveiled along with a coin in the denomination of Rs 150 on the occasion of completion of 150 years of taxation and also of the Income Tax department from 1860 to 2010.
Rates of Income Tax as applicable to Individuals, Hindu Undivided Families (HUF) and Artificial Jurisdictional Person: Rates For the Assessment Year 2011-2012 Net Income Range Income Tax Rates Tax Upto Rs. 1,60,000 Nil Nil Rs. 1,60,000 – Rs. 5,00,000 10% 10% of total income minus Rs. 1,60,000 See Notes Rs. 5,00,000 – Rs. 8,00,000 20% […]
India Thursday announced an updated foreign direct investment (FDI) policy that simplifies joint venture norms and opens up new areas for overseas funds. The updated policy allows overseas firms in existing joint ventures to operate separately in the same business segment. Earlier, they needed prior approval from their Indian partners. ” FDI policy is part of ongoing efforts of procedure simplification and foreign direct investment rationalisation, which will go a long way in inspiring investor confidence,” Commerce and Industry Minister Anand Sharma said in a statement.
The Finance Ministry will conduct a study on the modus operandi of concealment of blackmoney in the country by major business and public sectors and other channels. The study report will be based on the investigation and intelligence reports of the Income Tax department which conducts nation-wide searches and raids in the country to unearth tax evasion and flow of blackmoney. The I-T orders and tax demand notices which were raised after such searches will form a part of this report which will have both public and restricted versions. These will be put in public and departmental domain respectively, a senior Finance Ministry official said.
