Companies need Central Govt approval to pay over 10% of net profit to directors Posted: 27 Aug 2012 07:35 PM PDT Registered companies in India can't pay more than 10% of net profit as remuneration to board-level directors overall without the government's approval, the Ministry of Corporate Affairs said today. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | CBDT aims faster & accurate Income Tax refunds Posted: 27 Aug 2012 07:12 PM PDT The Income Tax department will aim to issue faster and accurate refunds this financial year and introduce new taxpayer friendly services. In her maiden interaction with the top IT brass, newly-appointed CBDT Chairperson Poonam Kishore Saxena has asked officials to ensure timely refunds and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Basic & Faq on Taxation of Construction Developers Posted: 27 Aug 2012 06:58 PM PDT The Government of Maharashtra has amended the definition of Sale under the Maharashtra Value Added Tax Act, 2002 with effect from 20th June 2006 thereby including in the said definition the transfer of property in goods involved in the execution of works contract, including an agreement for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Shipping Profits Under DTAA & taxation of Income from slot charter Posted: 27 Aug 2012 01:13 PM PDT There is no distinction in principle between a slot charter and a voyage charter of a part of a ship. They are both in a sense charterers of a space in a ship. The phrase "operation of ships" in Article 9 must be understood in the context of the phrase "the business of operation of ships" in s.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | In fresh assessment passed pursuant to remand by ITAT income cannot be enhanced Posted: 27 Aug 2012 12:59 PM PDT It is now a settled proposition of law that the Appellate Tribunal under section 254(1) of the Act, had no power to take back the benefit conferred by the Assessing Officer or enhance the assessment. Once the matter has been restored by the Tribunal, the income cannot be enhanced from what was... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | SEBI requires all DPs to make available basic services Demat Account Posted: 27 Aug 2012 12:16 PM PDT With a view to achieve wider financial inclusion, encourage holding of demat accounts and to reduce the cost of maintaining securities in demat accounts for retail individual investors, it has been decided that all depository participants (DPs) shall make available a Basic Services Demat Account... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Rationalization of process relating to surrender of registration by sub-brokers Posted: 27 Aug 2012 11:39 AM PDT Considering the present role of sub-broker where he is not permitted to deal with funds and securities of the investors, in consultation with the major stock exchanges and stock brokers' associations, it has been decided to rationalize the procedure for surrender of sub-broker registration, as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | FM to Address Chief Commissioners/DGs of Customs, Excise & Service Tax Tomorrow Posted: 27 Aug 2012 09:11 AM PDT The Conference of the Chief Commissioners and Directors General of Customs, Central Excise and Service Tax will be held in New Delhi tomorrow. The Union Finance Minister, Shri P. Chidambaram will inaugurate the Conference and also interact with the tax officials in the open house discussions. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | If claim not considered by AO, there is no change of opinion Posted: 27 Aug 2012 12:21 AM PDT Assessee put forth his claim for exemption under section 10(23G) of the Act with respect to three different incomes, namely, (1) interest from SSNNL bonds, (2) interest from GIPCL bonds, and (3) capital gain from sale of shares by GPEC. Such claim was supported by the notes forming part of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Regarding issue of 'proper officer' under the Customs Act, 1962 Posted: 26 Aug 2012 07:20 PM PDT Notification No. 76/2012-Customs (N.T.) Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 40/2012-Customs (N.T.), dated the 2nd May, 2012, published in the Gazette...
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