An eye on compensation for revenue losses and tough posturing have marked positions taken by some states as they buckle down for another round of negotiations on the transition to a goods and services tax (GST). The fear of losing autonomy over levy of taxes has led to some states striking a tough stance against the GST architecture suggested by the 13th Finance Commission (TFC).
SEBI is again taking up for hearing the case relating to the role of audit firm PriceWaterhouse in the multi-core Satyam fraud. This follows the rejection by SEBI of the audit firm’s application for a consent settlement earlier this month, a source said.
To reinforce control over auditors, the government is planning to give the regulator-Institute of Chartered Accountants of India-more teeth. Among the options being considered by the ministry of corporate affairs is to make it mandatory for a firm- Indian or foreign-doing audit to get a no-objection certificate from the regulator before it gets registered as a company or a limited liability partnership (LLP).
Section 282B was inserted by the Finance Act (No. 2) Act, 2009, with effect from the 01-10-2010. Under this provision, an income tax authority is required to allot a computer generated Document Identification Number before issue of every notice, order, letter or any correspondence to any other income tax authority or assessee or any other person and such number shall be quoted thereon.
The Income Tax Act, 1961 provides an incentive for units in SEZs under section – 10AA. The exemption is required to be calculated based on profits earned by such units from their export. The provision of Sec – 10AA(7) provides the way in which the exempted profit is required to be determined as under:
This section was introduced by the Finance Act, 2007, for encouraging investment in the hotels and convention centers in the National capital territory of Delhi and the districts of Faridabad, Gurgaon, Gautam Budh Nagar and Gaziabad. This provision was introduced specifically for giving impetus to investment for ensuing common wealth games.
Section 80IB(10) allows 100% of the profits as deduction from a housing project, provided it complies with various conditions stipulated therein. The said section provided that the housing project should be completed on or before the 31st March, 2008 (for projects for which the approval was granted prior to 1.4.2004) or before expiry of a period of 4 years from the date of approval (in cases where the approval was granted after 1.4.2004).
Under the existing provisions, benefit of any deduction Under Chapter VIA is denied to the businesses which are specified businesses, irrespective of any claim being made and / or allowed. The Finance Bill 2010 proposes to amend section 35AD(3) and Section 80A to provide that the deduction Under Chapter VIA will be denied for the specified business only if the deduction U/s. 35AD is claimed and allowed. The proposed amendment by the Finance Act, 2010 substituting sub-section (3) may give rise to certain interpretational issues.
The Finance Bill, 2010 proposes that the assessee is required to make available such proportion of its total pipeline capacity as specified by regulations made by the Petroleum and Natural Gas Regulatory Board established under Section 3(1) of the Petroleum and Natural Gas Regulatory Board Act, 2006 instead of 1/3rd of its total pipeline capacity. It may be mentioned that the concerned authority has provided in its regulation that gas pipeline network should have 1/3rd of the common carrier capacity, whereas petroleum pipeline network should have 1/4th common carrier capacity.
Corporate affairs minister Salman Khurshid said his ministry is studying ways to prevent over-pricing of initial public offers and monitoring the end use of funds raised through IPOs to prevent fund diversion.Khurshid also said his ministry is examining the report of the expert group to suggest steps for monitoring the end use of IPO funds.
