Archive for May, 2010

In order to give an opportunity to the defaulting companies to enable them to make their default good by filing belated documents and to become a regular compliant in future, the Ministry has introduced a Scheme namely, ‘Company Law Settlement Scheme, 2010,’ for condoning the delay in filing documents with the Registrar, granting immunity from prosecution and charging additional fee of 25 percent of actual additional fee payable for filing belated documents under the.. Full Article

In order to give an opportunity to the defunct companies, for getting their names struck off from the Register of Companies, the Ministry of Corporate Affairs has decided to introduce a Scheme namely, ‘Easy Exit Scheme, 2010’ under Section 560 of the Companies Act, 1956. Full Article

Intimations of refunds and demands undelivered by the postal authorities, thanks to incomplete address, and those unclaimed for were returned to the income tax department’s centralized processing centre. The undelivered intimations are available with the public relations office at CR Buildings, ground floor, Queen’s Roa. They can be obtained by producing identity proof on any working day between 2.30 pm and 6 pm. The list of such relevant PANs is available on www.inc.. Full Article

The Ministry of Corporate Affairs (MCA) has decided to relax the norms for companies to maintain minimum paid-up capital. According to the Companies Act 1956, the minimum paid-up capital for a private company is Rs 1 lakh and for a listed company Rs 5 lakh. According to official sources, while a company can be set up with any amount, but within a time-frame of two years it should raise the capital to Rs 1 lakh and Rs 5 lakh for unlisted and listed companies, respectively.. Full Article

WITH computerisation gaining pace in the Income Tax Department, and the policy makers' reliance on machine increasingly growing, the CBDT has finally decided to switch over computer-generated certificates and do away with the manual exercise for issuing withholding tax certificates under Sec 197. In its latest direction to the field formations, the CBDT topbrass has issued Instruction No 04/2010, directing Assessing Officers (AOs) to mandatorily issue Sec 197 Certificate.. Full Article

The Income-tax department can tax even a payment made to a foreign entity outside India, if the transaction has a business connection within the country, according to a verdict passed last week by the Income Tax Appellate Tribunal, Mumbai. Full Article

Sweeping changes to tax laws not only cause problems but also complicate business matters. Senior citizens or foreign entities that do not have a fixed place of business in India must be exempt from the requirement of having a PAN. All countries want a share of the tax pie, but the law should not be complex. Full Article

FOREIGN investors will be required to give a commitment that they will not do anything detrimental to India’s interest as the government looks to tighten scrutiny of foreign direct investment, but experts say the regulation is not so innocuous. The department of industrial policy and promotion or DIPP, the key government body for policy on foreign direct investments, has initiated discussions with concerned ministries including finance, law, home, and the RBI. Full Article