The CBDT has decided to extend the due date of filing of Income Tax returns from 31st July 2010 to 4th August 2010. All paper returns or e-returns filed on or before 4th August, 2010 would be considered as filed within the due.
The Takeover Regulations Advisory Committee constituted under the Chairmanship of Shri. C. Achuthan submitted its report to SEBI Chairman Shri. C. B. Bhave today. Considering the substantive changes recommended upon review of the existing law governing substantial acquisition of shares and takeovers, the Committee has comprehensively re-written the regulations. The draft Regulations form an integral part of the report.
PRESS RELEASE NO. 402/92/2006 – MC (35 OF 2010) The Central Board of Direct Taxes (CBDT) has amended the Rules relating to electronic filing of income tax returns vide Notification No.49/2010 dated 9th July 2010. The amended Rules will apply with effect from the date of notification in the official gazette.
Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent. Growth in Corporate Taxes was 21.65 percent (Rs.43,439 crore as against Rs.35,709 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 1.24 percent (Rs.24,075 crore as against Rs.23,780 crore).
In the insurance sector, like in any other financial service sector, keeping the vulnerable public protected from unfair practices is of utmost importance. Unfair practices could arise in a scenario of increasing number of insurers, intermediaries and insurance products and severe competition for business.
Reserve Bank of India Foreign Exchange Department, vide circular No. RBI/2009-10/445 A.P. (DIR Series) Circular No. 49 dated May 04, 2010 has notified change in pricing guidelines of equity shares, compulsorily convertible preference shares and compulsorily convertible debentures (Equity instruments) to be issued / transferred to a resident outside India. The guidelines are applicable to an Indian Company in sectors other than financial sector.
The Central Board of Direct Taxes has approved notification of ten lakh rupees as the maximum amount of gratuity entitled to exemption under sub-clause (iii) of clause (10) of section 10 of the Income Tax Act 1961. The notification will be applicable to employees who retire, or become incapacitated before retirement, or expire, or whose services are terminated, on or after the 24th May 2010.
The Reserve Bank of India today posted on its website the draft guidelines on minimum holding period and minimum retention requirement for securitisation transactions undertaken by NBFCs. The draft guidelines contain modification of the extant guidelines issued on February 01, 2006 and also introduce two new aspects, namely, defining a minimum holding period before selling an asset to an Special Purpose Vehicle and retention of a minimum portion of the loan prior to securitisation.
CBDT Press Release No. 402/92/2006-MC (27 of 2010) The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No. 41/2010; SO No. 1261(E) dated 31.05.2010. The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010.
The offer documents of companies raising capital shall contain disclosures from directors if they were directors of any company when the shares of the said company were suspended from trading by Stock Exchange(s) for more than 3 months during last 5 years or delisted.
