32. Whether gross expenses or net expenses (i.e. net of recovery) are to be considered for the purposes of FBT? For example, part of the expenses on various items like travel, may be recovered from the employees. Therefore, whether FBT would be levied on the gross travel expenditure or on the ‘net’ travel expenditure’? Where […]
The Central Board of Direct Taxes has issued a list of frequently asked questions with answers on Fringe Benefit Tax, clarifying some issues raised by the trade and industry at different fora after the presentation of the Finance Bill, 2005 and also after its enactment. 1. What are the prerequisites for the levy of FBT? […]
L.A.BILL No.XIV of 2009 A BILL Further to amend certain tax laws in operation in the State of Maharashtra WHEREAS it is expedient further to amend certain tax laws in operation in the State of Maharashtra, for the purpose hereinafter appearing; it is hereby enacted in the Sixtieth year of the Republic of India as […]
In view of the above, all Registrar of the Companies are requested to make a prayer before the Hon’ble Court to pass an order under section 614A(1) of the Act, while deciding the cases for violations of Provisions of Section 159/220 of the Companies Act, 1956 so that action as contemplated under penal provisions of section 614A(2) of the Companies Act,1956 could be taken against the accused directors of the companies.
Considering the genuine difficulty faced by the Trade in this respect, the instructions contained in Trade Circular No.8T of 2005 are being modified. Sales Tax authorities are instructed to also allow declarations in Form ‘I’ issued by Sales Tax authorities of other States. This will be applicable for a period of one year and the issue will be reexamined after that.
The Satyam scam had its auditors PWC red in the face. Raju had cooked the books for many years and did the auditors fail or were partners in the crime, is for the investigative agencies to find out.But life must go on for Satyam and that’s why the new management is making important changes on […]
Government Notifies Delisting Rules The Securities Laws (Amendment) Act enacted in 2005, incorporated section 21(A) in the Securities Contract Regulation Act (SCRA) to allow delisting of securities necessitating the creation of a delisting Framework. In order to provide statutory backing for the delisting framework, Rules dealing primarily with the substantive aspects and Regulations dealing primarily […]
Ministry of Law & Justice, Department of legal Affairs, New Delhi Notification Dated : 3rd June 2009 GSR 889 (E). In exercise of the powers conferred by the Proviso to section 309 of the Constitution
In exercise of the powers conferred by section 30 read with clause (ba) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Custodian of Securities) Regulations, 1996, the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 and
In exercise of the powers conferred by sub-section (2) of section 8C of the Customs Tariff Act, 1975 (51 of 1975), read with rules 10 and 14 of the Customs Tariff (Transitional Product Specific Safeguard Duty) Rules, 2002, the Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 26/2009- Customs, dated the 23rd March, 2009, which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 187(E) of the same date, except as respects things done or omitted to be done before such rescission.
