Clarification Regarding Body Corporate for the Purpose of Section 226 (3) (A) of the Companies Act, 1956
Posted Date : 27-May-2011 , 09:25:07 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has clarified that Limited Liability Partnership of Chartered Accountants will not be treated as body corporate for the limited purpose of section226 (3) (a) under the Companies Act, 1956. Accordingly, a notification has been sent for publication by the Ministry.
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Corporate Law |
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Modification in the instruction regarding payment of MCA fees in electronic mode
Posted Date : 27-May-2011 , 09:24:09 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has instructed that from Monday next, i.e. May 29th, 2011 the payment of less than Rs. 50,000/- through electronic mode will be permissible in the “Investor Education and Protection Fund” through “Pay Misc. Fee functionality”. This facility w...
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Corporate Law |
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0 | Hits : 1069
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RBI asks banks to reimburse failed ATM transactions in 7 days
Posted Date : 27-May-2011 , 06:54:42 am | Posted By CASANSAAR
The Reserve Bank today directed banks to reimburse customers for amounts wrongfully debited from their accounts in failed ATM transactions within seven days of an account holder's complaint or else pay a Rs 100 per day compensation."The time limit for resolution of customer complaints by the issuing...
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RBI |
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0 | Hits : 885
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India inks DTAA with Ethiopia to check tax evasion
Posted Date : 26-May-2011 , 09:19:43 pm | Posted By CASANSAAR
India has signed a Double Taxation Avoidance Agreement (DTAA) with Ethiopia to check tax evasion and facilitate exchange of banking information.The agreement was signed by External Affairs minister S M Krishna and Ethiopia's minister of Finance and Economic Development Sufian Ahmed, in the pre...
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Income Tax |
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0 | Hits : 1303
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EPFO to contest tax demand on PF from CBDT, CBEC
Posted Date : 26-May-2011 , 09:15:17 pm | Posted By CASANSAAR
The Employees Provident Fund Organisation (EPFO) is ready to take on the tax departments over the issue of income tax and service tax demands raised on the organisation.
The EPFO had approached the finance ministry for help, which advised it to go through the legal procedure. Accordingly, E...
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Income Tax |
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0 | Hits : 873
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Pay savings a/c interest quarterly: RBI to banks
Posted Date : 26-May-2011 , 11:36:15 am | Posted By CASANSAAR
After asking banks to calculate the savings deposit rates on day to day basis at 4%, the Reserve Bank of India wants banks to pay the interest to depositors at a uniform period of three months.
At present, each bank follows its own schedule including monthly, quarterly and and half ...
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Banking |
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3 | Hits : 1700
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RBI to soon release guidelines on new bank branches
Posted Date : 26-May-2011 , 11:31:03 am | Posted By CASANSAAR
The Reserve Bank will soon release guidelines for implementing its proposal to locate at least a quarter of the new bank branches in the unbanked areas, which generally fall in the rural areas."RBI will issue guidelines for 25 per cent rural branches soon," said a banker present at the central...
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Banking |
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1 | Hits : 869
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DLF gets Rs 1,700 crore tax notice
Posted Date : 25-May-2011 , 08:48:46 pm | Posted By CASANSAAR
Realty major DLF has said income tax authorities have slapped additional tax notices for over Rs 1,700 crore pertaining to 2008-09 assessment year after being disallowed its profits in SEZ projects. The company said it is challenging the orders with appropriate authorities and hopes that these deman...
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Income Tax |
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0 | Hits : 744
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NSE pronounced guilty by CCI for unfair trade practices
Posted Date : 25-May-2011 , 11:26:21 am | Posted By CASANSAAR
Competition watchdog CCI today pronounced the National Stock Exchange (NSE) guilty of abusing its dominant market position by adopting unfair trade practices in connection with currency derivatives trading.However, the quantum of fine to be levied on NSE is yet to be ascertained."The Commission has ...
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General |
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1 | Hits : 988
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RBI panel for tighter reporting norms for derivatives
Posted Date : 25-May-2011 , 11:20:37 am | Posted By CASANSAAR
In order to improve transparency and avoid build up of a financial crisis, a Reserve Bank panel today suggested tighter norms for reporting and monitoring of interest rate and forex derivatives.The report of the Working Group set up by the Reserve Bank suggested that Clearing Corporation of In...
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RBI |
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Clarification on Applicability of Provisions of Section 108 A to 108 I of the Companies Act, 1956
Posted Date : 25-May-2011 , 11:17:01 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has issued following clarification on applicability of provisions of Section 108A to 108 I of the Companies Act, 1956:
“Sections 108A to 108 I of the Companies Act, 1956 were inserted in the Companies Act, 1956 through Monopolies and Restrictive Trade Practic...
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Corporate Law |
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0 | Hits : 931
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Income below Rs 5 lakh? You need not file returns
Posted Date : 24-May-2011 , 09:51:46 pm | Posted By CASANSAAR
The government has exempt salaried people earning up to Rs 500,000 annually from filing income tax returns.
A move that will bring relief to about 80 lakh people was announced by the Finance Minister Pranab Mukherjee when he presented the Budget in February.
On Tuesday, Pranab M...
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Category :
Income Tax |
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3 | Hits : 4936
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Finance ministry may delay income-tax refunds
Posted Date : 24-May-2011 , 09:32:45 pm | Posted By CASANSAAR
The finance ministry may delay income-tax refunds to cushion strained resources as it fears a drop in revenue collection because of rising inflation and moderation in growth. "I would like to sound a note of caution in respect of targets for direct taxes that have been set for this year at Rs 5.32 l...
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Income Tax |
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0 | Hits : 922
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CBDT plans to use third parties to recover tax dues
Posted Date : 24-May-2011 , 09:28:30 pm | Posted By CASANSAAR
Agencies to help get data on assets of taxpayers. The Central Board of Direct Taxes (CBDT) is considering use of third parties to recover tax dues. This is part of a plan to control mounting tax arrears.
The plan has been envisaged because insufficient information on assets of taxpayers is ...
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Income Tax |
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0 | Hits : 886
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FM prods I-T dept to strive hard to achieve tax collection target
Posted Date : 24-May-2011 , 09:22:54 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee has asked income tax officials to strive hard to achieve the collection target for the financial year 2011-12 that may be difficult due to slowing economy. "International economic situation is not very conducive and highly uncertain... The targets are very steep and...
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Category :
Income Tax |
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0 | Hits : 781
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Govt cautious in allowing FDI in LLPs: Experts
Posted Date : 24-May-2011 , 06:44:22 am | Posted By CASANSAAR
The government has taken a cautious approach towards allowing FDI in the hitherto untried LLP format of business, mostly preferred by professionals, experts said today.The government has allowed FDI in Limited Liability Partnership (LLPs) only in sectors where 100 per cent FDI is allowed under th...
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Finance |
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0 | Hits : 932
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'Amended DTAAs to help dealing with black money'
Posted Date : 24-May-2011 , 05:18:34 am | Posted By CASANSAAR
Indian Finance Minister Pranab Mukherjee Tuesday exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money."Income Tax Department is engaged in ways to tackle with black money," he told reporter...
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Income Tax |
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0 | Hits : 729
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Bank directors must furnish info on regulatory strictures: RBI
Posted Date : 23-May-2011 , 09:05:55 pm | Posted By CASANSAAR
In an effort to improve due diligence, the Reserve Bank of India (RBI) on Monday asked banks to seek information from their directors on any adverse strictures passed by financial sector regulators against them.
The banking regulator has partially modified the format of ‘Declaration a...
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RBI |
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Non-profit sector under tax scanner
Posted Date : 23-May-2011 , 09:01:37 pm | Posted By CASANSAAR
The non-profit sector is expected to face tough scrutiny from the taxman in the coming days as the income tax department suspects that charitable institutions are being used to avoid tax payment. A senior official said the focus would specifically be on educational institutions, considering that sev...
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Income Tax |
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0 | Hits : 786
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Black money: Central Board of Direct Taxes on foreign bank account trail
Posted Date : 23-May-2011 , 08:59:21 pm | Posted By CASANSAAR
The Central Board of Direct Taxes has begun a crackdown on those found to have undislcosed foreign bank accounts, intensifying its drive against black money. The apex direct taxes body has asked income tax officials to initiate prosecution if a taxpayer is found to have assets overseas but has not d...
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Income Tax |
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0 | Hits : 1088
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'Actor' Tendulkar allowed to claim tax deduction - ITAT
Posted Date : 23-May-2011 , 08:57:46 pm | Posted By CASANSAAR
An Income Tax tribunal has allowed ace cricketer Sachin Tendulkar to claim deductions from his taxable income pertaining to earnings from modelling in advertisements.
The two-member tribunal, which gave its order on May 20, upheld the cricket legend's argument that he was an 'actor' while appearin...
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Income Tax |
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1 | Hits : 1105
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RBI backs holding co for banks, NBFCs
Posted Date : 23-May-2011 , 08:53:55 pm | Posted By CASANSAAR
Conglomerates like ICICI Bank, SBI and HDFC will find it easier to raise capital for new financial activities with the Reserve Bank of India favouring a holding company structure for both banking and non-banking financial groups. The central bank in its proposed norms for holding companies has said ...
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RBI |
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0 | Hits : 989
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2G: HC Rejects Bail Pleas of 5 Corporate Honchos
Posted Date : 23-May-2011 , 11:46:25 am | Posted By CASANSAAR
Five corporate honchos, including Unitech Group MD Sanjay Chandra and Group MD of Reliance ADAG Gautam Doshi, will remain in jail in the 2G case with the Delhi High Court today dismissing their bail pleas, saying "the gravity of offence itself is sufficient to deny bail".
Besides Chandra and Doshi,...
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General |
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New Initiatives of Ministry of Corporate Affairs for Corporate Governance
Posted Date : 23-May-2011 , 11:35:43 am | Posted By CASANSAAR
In order to save trees and environment by cutting down the consumption of costly paper habits, the Ministry of Corporate Affairs has taken a “Green Initiative in the Corporate Governance” by allowing paperless compliances by the companies under the provisions of the Companies Act, ...
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Corporate Law |
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0 | Hits : 1378
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Govt eases rules for incorporating not-for-profit companies
Posted Date : 23-May-2011 , 11:30:33 am | Posted By CASANSAAR
The government today eased rules for incorporating not-for-profit companies, by giving the Registrar of companies the power to directly issue licences.Besides, it has reduced the time taken for setting up Section 25 companies by doing away with some mandatory provisions, Ministry of Corporate Affair...
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Corporate Law |
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0 | Hits : 881
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Govt to soon finalise disinvestment roadmap, says DoD official
Posted Date : 23-May-2011 , 11:29:07 am | Posted By CASANSAAR
The government will soon finalise the roadmap to raise a whopping Rs 40,000 crore through disinvestment during the current fiscal.It will include sale of equity in blue chip companies like SAIL and ONGC."Cabinet has so far given approval for the disinvestment of four state-run firms - PFC, SAI...
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Finance |
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0 | Hits : 863
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SEC asks Wipro to prove its auditor KPMG India's independence
Posted Date : 22-May-2011 , 08:52:08 pm | Posted By CASANSAAR
US market regulator SEC has asked IT major Wipro to prove independence of its auditor KPMG India, failing which the company may have to appoint new auditors or get its business books audited again. "We have received a voluntary document request from the SEC's Division of Enforcement. The document re...
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Category :
Auditing |
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0 | Hits : 1002
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I-T starts scrutiny of frozen IPO scam demat accounts
Posted Date : 22-May-2011 , 10:23:09 am | Posted By CASANSAAR
The Income Tax Department has started scrutinising over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts."Investigation and intelligence wings have started looking into the frozen accounts with...
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Category :
Income Tax |
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0 | Hits : 741
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Finmin to set up criminal investigation unit by May
Posted Date : 22-May-2011 , 10:17:43 am | Posted By CASANSAAR
The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month."A dedicated unit called Directorate of Criminal Investigation will look into the nexus between black ...
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Finance |
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0 | Hits : 955
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Inflationary pressures to continue: Pranab Mukherjee
Posted Date : 21-May-2011 , 09:38:55 am | Posted By CASANSAAR
The country will continue to face inflationary pressures due to the high global commodity and oil prices, Finance Minister Pranab Mukherjee today said."We are told that there could be pressure on commodity prices because of shortage in production of certain essential food items," Mukherjee told repo...
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Finance |
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0 | Hits : 921
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