law firms

The committee, which had representations from stock exchanges, law firms, brokerages and depositories, among others, reviewed the eligibility norms for market intermediaries including merchant bankers, asset management companies (AMCs), credit rating agencies, brokers and depositories. Public comments can be submitted until June 14. Full Article

The year 2009 saw mixed signals on business law and policy fronts. The New Year cheer on Press Notes 2, 3 and 4 fizzled with the implementation in sectoral tangles. But the year end's breaking news, the Bombay High Court judgement in the Lawyers' Collective case threatens to be a showstopper. The Court decision dwells on fundamental issues impacting our turf, whether foreign law firms can carry on non-litigious activity in India, the regulation of the legal profession, a.. Full Article

Foreign Law Firms are not eligible to open liaison offices or to practice law in India. Even giving an opinion on a legal matter amounts to “practise of law”. Non-Advocates cannot practise law. Full Article

The role of modern day accounting professionals has come a long way, from a core accounting function to that of being viewed as a corporate gatekeeper. Today’s professionals are not just auditors, certifying routine book of accounts, but also on the boards of companies as directors. This multi disciplinary role puts emphasis on "always taking the correct decisions and doing everything right". While accountants look to successfully achieve the set standards, they are in.. Full Article

The Supreme Court has decided to examine the issue of whether foreign law firms charging professional fees from Indian companies and businessmen are liable to pay income tax in the country. A bench headed by Justice S H Kapadia has issued notices to a London-based law firm on a petition filed by the Income Tax Department. Full Article

The government is working to bring limited liability partnerships (LLPs) within the scope of foreign direct investment guidelines, a move which will facilitate the inflow of overseas capital through a corporate structure that has just recently been allowed in India. Full Article

The Bar Council of India (BCI) recently sent a clarification to all lawyer associations in Pune that the service tax introduced for lawyers in this year’s budget is applicable only to legal firms and not to independent practicing lawyers.  There was confusion among lawyers regarding the introduction of service tax and the Pune Bar Association [...] Full Article

Many legal outfits will not come within the purview of the service tax proposed to be imposed on legal consultancy services as they operate as sole proprietorships, say experts. As the service tax will apply on advice provided by a business entity to another business entity, sole proprietorships will not come within the purview of [...] Full Article