In the meeting held on 29th March, 2010, the Core Group deliberated and approved the Roadmap recommended by Sub-Group I in respect of insurance companies, banking companies and non-banking finance companies. The Roadmap recommended by Sub-Group I for such classes of companies is as under:-
bulk consumer is a person, establishment or industrial unit using or consuming more than ten quintals of sugar per month as a raw material for production or consumption or use in any manner other than sale. (ii) the said certificate shall be issued by the Chartered Accountant after taking into account monthly use or consumption of sugar by such person, establishment or unit in the last twelve months; and
Notification No. 27/2010 – 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 in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: –
Notification No. 19/2010-Income Tax S.O. It is hereby notified for general information that the organization B.M. Birla Scientific & Technology Centre, Jaipur has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said rules) from Assessment year 2009-2010 onwards
these guidelines will, however, not be applicable to restructuring of advances covered under the paragraph 14.1 of the Master Circular on IRAC Norms (Advances classified as Commercial Real Estate exposures; Advances classified as Capital Market exposure; and Consumer and Personal Advances) which will continue to be dealt with in terms of the extant provisions i.e paragraph 14.1 of the aforesaid circular.
While presenting the budget for the year 2010-11, Hon. Finance Minister announced that the exemption granted to some essential commodities up to 31-3-2010 would be extended till 31-3-2011 or till the date of implementation of Goods and Services Tax, whichever is earlier. In pursuance of the announcement made by Hon. FM, the Govt. has issued a notification referred as above on 30-3-2010.
For serial number 80 and the entries relating thereto, the following serial number and entries shall be substituted namely.
The Circular is a convenient compendium of the FDI Policy of the Government of India. Some of the salient features highlighted in this alert reflect changes in interpretation of FDI Policy which have now been clarified. Also clearer guidance has been provided with regard to the intent of the FDI policy. It is likely that some of these changes may have an impact on existing foreign investments, which would need to be reviewed on a case specific basis.
Notification No. 21/2010-Income Tax In exercise of the Powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the income-tax authorities specified in column (2) of the Table below shall, for the purposes of the functions under section 144C of the said Act, be subordinate to the income-tax authority specified in column (1) of the said Table, namely
The Finance Department, Government of Maharashtra has examined and considered the request for extension of due date for submission of Audit Report. Accordingly, it has been decided to extend the due date for submission of the Audit Report in Form 704 for the period 2008-09 from 31st March 2010 to 30th April 2010.
