eMinds Legal Advocates & Solicitors
eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.
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Significant Rise in Allocation to Farm Sector
As against budget provision of Rs. 17,867.32 crore (Revised Estimates 2012-13), the amount released as on 11.3.2013 is Rs. 16,666.45 crore. These schemes would be continued, rationalized into five missions, five central sector schemes and one state plan scheme in order to improve focus and to avoid overlap. An allocation of Rs. 21,609 crore has… Read More
Public Investment in Farm Sector Rises in Recent Years
As per the latest estimates supplied by Central Statistics Office (CSO), Public investment/Gross Capital Formation (GCF) in agricultural sector has increased from Rs.9239 crore in 1991-92 to Rs.22095 crore in 2011-12 at 2004-05 prices. Present rate of public investment (GCF) in 2011-12 in the agriculture and allied sectors is at 3 per cent of agricultural… Read More
Fertilizer JVs with Foreign Countries
At the behest of the Government, Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Krishak Bharati Cooperative Limited (KRIBHCO) have collaborated with Oman Oil Company to set-up a Joint Venture entity namely ˜Oman India Fertilizer Company™(OMIFCO) for production of urea and ammonia. Under this arrangement, OMIFCO is supplying its urea to the Government of India at… Read More
Issue of Taxability of Family Settlements – A High Court’s perspective
CLR Editorial Notes: The case involves a dispute between two groups in a family. While the litigation between the two groups on the family dispute was pending in the court, both the parties agreed to divide the assets and businesses owned by the family into two lots containing two units each of the business in… Read More
Income not offered to taxation due to an inadvertent mistake does not attract a penalty under section 271(1)(c)
CLR Editorial Note: The case involved an assessee who had claimed deduction/ exemption of interest on tax-free bonds of a certain amount. The assessee had inadvertently treated taxable interest of Rs. 75 lakhs as being tax-free and offered the said sum to tax. The Assessing Officer levied a penalty u/s 271(1)(c) for concealment of income/ filing… Read More
High Court shows displeasure At CBEC’s Tax Recovery tactics
CLR Editorial Notes: The Hon'ble Punjab and Haryana High Court had to two issues to consider in the writ petition filed by the assessee. (i) whether the revenue department is justified in initiating a recovery proceeding on the basis of a Circular dated 01.01.2013, even when an application for waiver of pre-deposit is pending before the Appellate… Read More
Implementation on National Child Health Programme under Under National Rural Health Mission
Under National Rural Health Mission, the following interventions are being implemented to improve child health situation in the country: 1. Promotion of Institutional Delivery through JananiSurakshaYojana (JSY) and JananiShishuSurakshaKaryakram (JSSK): Promoting Institutional delivery to ensure skilled birth attendance is a key to reducing both maternal and neo-natal mortality. JSY incentivizes pregnant women to opt for… Read More
Health Insurance Scheme: Over 3.41 Crore Cards Issued
As informed by the Insurance Regulatory and Development Authority (IRDA), a study conducted by the National Council of Applied Economic Research, on behalf of IRDA, and based on the survey of 30,200 respondents spread over 29 States and Union Territories, indicate that with regard to health insurance, the level of awareness is quite low since… Read More
GoI Statement on Steps to Check Inflow of Illegal Money
Reserve Bank of India (RBI) has issued comprehensive instructions/guidelines to banks on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002. Also under PMLA 2002, the reporting entities, including banks, financial institutions and intermediaries of securities market, payment system operators and authorized persons which include Money… Read More
Newly Created Income-tax Overseas Units in 8 countries
Income-tax Overseas Units (ITOUs) manned by tax officers at the level of First Secretary have been established in Mauritius and Singapore in May/June, 2010. Further, posting orders in respect of officers to be posted to newly created ITOUs in Indian missions at Cyprus, France, Germany, Japan, Netherlands, UAE, UK and USA have been issued. The… Read More
SEBI observes Irregularities in Acquisition of Shares under SAST Regulations
Securities and Exchange Board of India (SEBI) has not observed any irregularities in acquisition of shares by promotes in open offers. However, SEBI has observed instances where promoters have acquired shares without fulfilling the obligation to make an open offer. The data regarding the total number of cases where violation of SEBI (Substantial Acquisition of… Read More
Government Steps to Tackle Black Money Stashed Abroad
The Government has been receiving a number of representations from public, demanding disclosure of the names of black money depositors in banks located abroad. Since the information received from the Foreign Governments is covered by the confidentiality provisions of Double Taxation Avoidance Agreements (DTAAs) and Tax Information Exchange Agreements (TIEAs), the Indian government cannot disclose… Read More
Case Filed with Economic Officers Wing against Singapore Telecommunications Limited for violation of India Telegraph Act
During a routine inspection carried out by Department of Telecommunications (DoT), it was found that an unlicensed foreign entity M/s Singapore Telecommunications Limited (STL) was providing international Private Lease Circuits (IPLC) to the customers in India and issuing bills to the customers in India resulting into loss of revenue to the Government. M/s STL had… Read More
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