Archive for July, 2010

The Government has said that a number of steps have been taken to make the ‘Easy Exit Scheme- 2010’ effective. Giving this information in written reply to a question in the Rajya Sabha, Shri Salman Khurshid, Minister of Corporate Affairs, said that the steps include conducting seminars and workshops involving all stakeholders, to sensitize the scheme and advertisements in newspapers, banners, etc. Full Article

The Government has said that steps have been taken to enumerate or identify such registered companies which are inactive, dormant and have been in such mode for at least last ten years. Stating this in written reply to a question in the Rajya Sabha, Shri Salman Khurshid, Minister of Corporate Affairs, said that many promoters want to de-register these inactive companies to save themselves from perennial troubles. Full Article

The Enforcement Directorate is set to file cases against Rajasthan Royals and the Board of Control for Cricket in India (BCCI) after its investigations found violations of foreign exchange rules, an official familiar with the development said. Full Article

The UK-based Vodafone Group Plc is confident that it would not have to shell out income tax in India for the Group's $11.2-billion acquisition of local mobile operator Hutchison Essar Ltd in 2007. The Netherlands- based unit of Vodafone — Vodafone International Holdings BV had acquired a 67 per cent stake in Hutchison Essar, which has since been renamed as Vodafone Essar. Full Article

The assessee, a foreign company, without a presence or PE in India, earned long-term capital gains which were exempt u/s 10(38). The assessee applied for a ruling on whether it was liable to pay Minimum Alternate Tax (MAT) u/s 115JB on the said gains. HELD ruling in favour of the assessee: Full Article

In various Courts, the statistical data indicates that, on account of delay in process serving, arrears keep on mounting. In Delhi itself, the input indicates that fifty per cent of the arrears in Courts particularly in commercial cases is on account of delay in process serving. Full Article

As you are aware the last date for filing of your company's annual return & balance sheet for the current year is round the corner. These documents have to be filed in electronic form online into the MCA21 portal. Since the size of each document is huge (2MB or more), the last minute rush creates a congestion in the system which is then unable to process pending requests fast. Full Article

In view of the closure of bank on account of weekly holiday on Sunday i.e.1st August, 2010, it has been decided that the last date for registration to Integrated Professional Competence Course (IPCC) is extended upto 2nd August, 2010 for being eligible to appear in the Integrated Professional Competence Examination (IPCE) to be held in May, 2011. Full Article