Income Tax
Tax-free infra bonds to have minimum tenure of 10 years
The tax-free infrastructure bonds proposed in this year’s budget will have a minimum tenure of 10 years and a lock-in period of at least five years, allowing lenders to raise the much-needed long-term funds for the sector. The guidelines issued by the government said that only a select financial institution will be allowed
Mandatory for Companies to File E- Returns with Digital Signature
The Central Board of Direct Taxes (CBDT) has amended the Rules relating to electronic filing of income tax returns vide Notification No.492010 dated 9th July 2010. The amended Rules will apply with effect from the date of notification in the official gazette. As per the amended Rules, it is now mandatory for all companies to..
CBDT: Direct tax collections may double on tax code, GST
Direct tax collections in the country are likely to double after the proposed Direct Tax Code (DTC) and the Goods and Service Tax (GST) regime come into effect, a top government official has said. “We are moving towards a scenario where I think there will be a substantial increase in collection of taxes when DTC
80CCF deduction on long-term infrastructure bonds notified
Notification No. 482010[F.No.149842010-SO(TPL)],dated 9-7-2010 In exercise of the powers conferred by section 80CCF of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies bonds, subject to the following conditions, as long-term infrastructure bonds for the purposes of the said section namely :- (a) Name of the bond
E-filing for Professionals earning above 10 Lacs made compulsory
Professionals, including doctors, lawyers and chartered accountants, earning over Rs 10 lakh annually will be required to file income tax returns electronically, the finance ministry said. Besides, all business entities and Hindu undivided families (HUFs) with a business income of over Rs 40 lakh per annum will also be required to mandatorily file income tax
Parliament panel seeks info on IPL team’s tax evasion
A Parliamentary panel sought details from the government on investigations into the alleged tax evasion by the Board of Control for Cricket in India (BCCI) and Indian Premier League (IPL) franchisees, owners of the high-profile Twenty-20 cricket teams. The Parliamentary Standing Committee on Finance, which met here under the chairmanship of BJP leader Yashwant Sinha,
Tax-free infra bonds capped at 25% of investment
An infrastructure finance company can issue only 25 percent of its incremental investment as tax-free infra bonds in a year, says the finance ministry. “The volume of issuance (of tax free bonds) during this financial year will be restricted to 25 percent of the incremental infrastructure investments made by the issuer during the fiscal 2009-10,”
I-T staff to boycott search, seizure operations from July 20
The employees of the Income-Tax Department plan to boycott all search and seizure operations as well as survey operations from July 20 to secure their charter of demands, said Mr Ashok B. Salunkhe, All-India Secretary General of the Income Tax Employees Federation. Over 50,000 employees and officers of the Income-Tax Department had gone on
Compulsory e-Filing for Ind, HUF & Firms to whom provisions of sec 44AB are applicable
CBDT has issued a notification 492010 dated 09.07.2010, vide which few changes has been made in the process of filing of Income tax return from Assessment year 2010-11. Now every person (including individual and HUF) and Firms, who are covered under section 44AB audit case are liable to file their return through e filing mode
Sec 54: Problem assessee faces in capital gains
This article is based on a real life situation related to the sale of apartment and the consequent capital gains tax. By way of a background, readers would be aware that exemption from tax on long-term capital gains arising from sale of a residential house is available under Section 54 if the taxpayer purchases
Finmin rejects NRI special tax-free bonds to mobilise funds for infra sector
The finance ministry has turned down a suggestion that government mobilise funds for infrastrucure sector from non-resident Indians through special tax-free bonds. “It may not be a very viable plan as it could lead to losses at the time of redemption because of fluctuation in the Indian currency,” a senior government official said. The government
ICAI
Inviting Articles for Students’ Journal
The Student’s Journal – The Chartered Accountant Student is an important interface between the Institute and the students pursuing CA course. It carries useful and contemporary articles and write- ups authored by eminent people in their respective fields and also by students. Besides, students get regular academic updates on various subjects of CA curriculum & …
Results of the CA Final & CPT Examinations likely to be declared on 19th July
Results of the Chartered Accountants Final and Final (New Course) Examinations held in May, 2010 and Common Proficiency Test (CPT) held in June, 2010 are likely to be declared on Monday, the 19th July, 2010 The results of the Chartered Accountants Final and Final (New Course) Examinations held in May, 2010 and Common Proficiency Test …
SEBI
SEBI proposes a standard set of disclosure norms for MFs
The Securities and Exchange Board of India (SEBI) is planning a standard set of disclosures for mutual fund fact sheets, advertisements and scheme information documents (SID). This will not only give a clearer picture about the performance of the schemes, but will also help investors compare similar schemes of different fund houses. The regulator is …
PWC moved to Court challenging SEBI jurisdiction to investigate in Satyam fraud
Audit firm Price Waterhouse has moved the Bombay High Court challenging the Securities and Exchange Board of India’s jurisdiction to investigate its role in the multi-crore Satyam fraud. The audit firm filed a petition in the Bombay High Court, seeking a stay on the SEBI proceedings on the grounds that the capital market regulator has …
SEBI allows physical & cash settlement in futures and options trading
Market regulator SEBI allowed stock exchanges to go for both physical and cash settlement in futures and options trading. As of now only cash settlement is allowed by stock exchanges. With SEBI’s new guidelines, bourses can now opt for physical settlement in F&O. Under physical settlement, the derivatives contract has to be settled with the …
FEMA
Prohibition of Indian currency notes of denomination above Rs.100
As you may be aware, the export and import of currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs.100 in either case) is not allowed to and from Nepal and Bhutan in terms of Notification No. FEMA 6 RB-2000 dated 3.5.2000 issued under Foreign Exchange Management (Export and Import of Currency) Regulations, 2000 by the Reserve Bank of India. Similarly, the Indian currency notes in the denomination of Rs.1000 and Rs.500 are…
FDI minimum lock-in period in real estate may apply to ‘original’ $5 m
Foreign players in the real estate business will soon have a reason to cheer. The department of industrial policy and promotion (DIPP) is considering a proposal which seeks to enable foreign players repatriate profits from their investments in the country save the ‘original investment’, which is $5 million. This means that the minimum lock-in period …
Company Law
MCA Secy: New Companies Act Bill likely to be cleared by year-end
The Parliament Standing Committee is in the final stages of processing the new Companies Act and the Bill is expected to be cleared by this year-end, Corporate Affairs Secretary R Bandyopadhyay said. “The committee is in the final stage of processing it. The draft will be submitted in the Parliament within two-three months and (it …
Service Tax
A new category Brand Ambassador service is introduced Wef July 1
With effect from July 1, 2010, a new service category called Brand Ambassador service is introduced. The taxable service definition is as under: “Service provided to any person, by any other person, through a business entity or otherwise, under a contract for promotion or marketing of a brand of goods, service, event or endorsement of …
IFRS
Transition to IFRS would be costlier for unlisted Indian Inc
The transition to International Financial Reporting Standards (IFRS), from the Indian Accounting Standards, effective April 1, 2011, would require companies to incur direct and indirect costs in areas such as training employees, hiring consultants and trainers and adding new features to revamp IT systems. While the compliance costs for large companies such as Tata Steel …
General
EPF int rate may be fixed at 8.5%
The Employees Provident Fund (EPF) is expected to retain the interest rate for its six crore account holders at 8.5 per cent in 2010-11, with a formal announcement likely to be made in August. “I hope that the recommendation of 8.5 per cent by the Finance and Investment Committee of the EPFO will be retained,” …
Brokers want Stamp Act amended to lower duty burden
With brokers troubled over the levy of stamp duty by states, the Association of National Exchange Members of India (ANMI) has proposed amendments to the Indian Stamp Act, 1899. The proposal, say ANMI members, was given to the government a fortnight ago and seeks a review of two issues. Brokers say the amount of stamp …
