Articles on Tax, Corporate Law, Recent Judgement

Under section 51 of PVAT Act 2005 information collection centers have been established by the Punjab Government at various places with a view to prevent and check the evasion and avoidance of tax under PVAT Act. Section 51(1) of PVAT Act authorizes the state government to establish such information collection centre or check posts by notification. Full Article

FIR means First Information Report i.e report about the happening of a crime. Whenever anyone meet with a crime or see the crime happening and he informs the police, it should constitute an FIR and police should not refuse to register it. Full Article

The Government of Himachal Pradesh has introduced a new Entry tax legislation wef 7 April 2010. The new Entry tax legislation (The Himachal Pradesh Tax on Entry of Goods into Local Area Act, 2010) seeks to levy Entry tax on specified goods brought into a local area for the purpose of use, consumption or sale therein. Full Article

MSK Projects India Limited (‘MSK’ or ‘the Target Company’), issued and allotted fully paid-up equity shares to Subhkam Ventures (I) Private Limited (‘Subhkam’), erstwhile Subhkam Holding Private Limited, on preferential basis representing 17.90 percent of the post preferential issued share capital of MSK (out of total issue of 19.91 percent). A Share Subscription and Shareholders Agreement (‘the Agreement’) was executed between Subhkam, the existing promo.. Full Article

Clarification on amendments to clause 41 of the Equity Listing Agreement.Securities and Exchange Board of India [SEBI] had, on 5 April 2010, directed Stock Exchanges to amend the Equity Listing Agreement [LA]. One of the amendments to Clause 41 of the LA relates to inter alia timelines for submission, disclosure and publication of quarterly and annual financial results. As per the amended Clause 41, listed entities shall disclose: Full Article

Services of promoting of a brand of goods, services, event, business entity etc is now proposed to be under service tax net from a notified date (not now). According to new clause (zzzq) of section 65(105) of Finance Act, 1994, any service provided or to be provided to any person, by any other person, through a business entity or otherwise, under a contract for promotion or marketing of a brand of goods, service, event or endorsement of name, including a trade name, logo.. Full Article

A tax authority has ruled in A.A.R. Nos 798-799 of 2008 that consortium members, which do not share profits or losses as a group and execute tasks requiring skills different from others, will be treated as separate entities. Full Article

The importance lies in the fact that we prepare accounts and financial statements, close our books of accounts based on financial year, we compute our taxes for the financial year, pay taxes and file returns based on turnover or income of the financial year only. Not only this, we ought to make investments to save on taxes within the financial year to avail tax benefits. Full Article

Basic exemption limit remains the same. The slab for 10% tax has been revised to Rs. 5,00,000/- from the existing Rs. 3,00,000/- in case of Individuals, HUFs, AOPs and BOIs. Surcharge of 10% applicable to domestic companies has been reduced to 7.5%. There is no change in the rate of surcharge of 2.5% in case of foreign companies. Full Article

Download tds rate for financial year 2010-11, Download tds rate for Assessment year 2010-11, TDs chart for f.y. 2010-11, tds chart for A.Y. 2011-12, tds changes in budget 2010, tds rates, tds calculator, tds rate for financial year 2010-11, tds rate for Assessment year 2010-11, Full Article