Please refer to our circular RPCD.CO.RRB.BC.No. 20/03.05.33/2007-08 dated August 22,2007 on lending to priority sector, in terms of which finance granted by banks to micro and small enterprises as defined under the Micro, Small and Medium Enterprises Development (MSMED) Act,2006,is eligible for classification under priority sector.
The Securitisation Company or Reconstruction Company shall take the measures specified in sections 9(a) of the Act, in accordance with instructions contained in Circular DNBS/PD (SC/RC) No. 17/26.03.001/2009-10, dated April 21, 2010 as amended from time to time.
The following draft rules further to amend the Employees’ State Insurance (Central) Rules, 1950 were published as required under sub-section(1) of section 95 of the Employees’ State Insurance Act, 1948 (34 of 1948) in the notification of the Government of Indian in the Ministry of Labour & Employment vide No. G.S.R.164 (E), dated the 26th February, 2010, in the Gazette of India, Part II, Section 3, Sub-section (i), dated 27th February, 2010
Notification No. 25/2010-Income Tax In exercise of the powers conferred by Explanation 2 to section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Hong Kong Special Administrative Region of the People’s Republic of China” as ‘specified territory’ for the purposes of the said section.
Whereas, in the matter of imports of Phenol (hereinafter referred to as the subject goods), falling under sub heading 2907 11 10 or 2707 99 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act), originating in, or exported from, Thailand and Japan
Whereas, in the matter of imports of 1, 1, 1, 2-Tetrafluoroethane or R-134a of all types (hereinafter referred to as the subject goods), falling under sub heading 2903 3919 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act), originating in, or exported from, People’s Republic of China and Japan
In the said notification, A. In the opening paragraph, -(a) in clause (i), the word “and” wherever it occurs shall be omitted;(b) for clause (ii), the following shall be substituted, namely:-“(ii) chewing tobacco falling under tariff item 2403 99 10 of the said Tariff Act; and(iii) Jarda scented Tobacco falling under tariff item 2403 99 30 of the said Tariff Act,” (c) for the words, brackets and figure “column (6)”, the words, brackets and figures “column (6) or column (7)” shall be substituted;
Notification No. 23/2010-Income Tax As per section 56(2)(vii)(c)(ii) of the Income-tax Act, 1961 (the Act) if an individual or a Hindu undivided family receives any property other than immovable property on or after 1 October 2009 for a consideration which is less than the Fair Market Value (FMV) of the property by an amount exceeding fifty thousand rupees then aggregate fair market value of such property exceeding such consideration will be treated as income of the receiver.
Notification No. 24/2010-Income Tax The Central Government have approved notification of ten year Deep Discount Bond (Zero Coupon Bond) of Rural Electrification Corporation Limited (REC) to be issued by 31st March 2011 as specified bonds for the purpose of sub-section 48 of section 2 of the Income Tax Act, 1961. The number of bonds approved for issue are 25,00,000 with maturity value of Rs.30,000 each having life period of 10 years. Income from such bonds will be taxed as capital gain only on transfer or redemption or maturity.
Provided that benefit of exception provided in sub-clause (vii) shall not be available if the acquisition of securities in the process of market making or subscription to the unsubscribed portion of issue results in change in control over the target company, directly or indirectly.
