News on Tax, Corporate Law, Recent Judgement, Govt Policy

Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance) today announced profit growth of 109 per cent. Profit after tax for FY 2011-12 stood at Rs. 211 crores, up from Rs. 101 crores the previous year. The Company has wiped out all its accumulated losses and added Rs. 51 crores to its net worth which now stands at Rs. 613 crores. Full Article

Trade Mark registration is quasi-judicial process and tends to be time consuming as it involves various steps, inter-alia, examination, publication and disposal of opposition. Sharp increase in the applications filed in the recent years and shortfall in manpower are the other reasons for delay. Full Article

Reserve Bank of India (RBI) has informed that they have formulated an action plan to adopt the Basel III norms and have issued final guidelines on Basel III Capital Regulations to all scheduled commercial banks on May 2, 2012 which is available at RBI website www.rbi.org.in. RBI further informed that draft guidelines on Basel III – Liquidity Regulations have been issued on 21.02.2012 for public comments. Full Article

The Union Finance Minister Shri Pranab Mukherjee said that the primary benefit of the Goods and Services Tax (GST), when introduced, would be the removal of cascading effect of taxes which acts like a hidden cost and makes goods and services uncompetitive both in domestic and international markets. Full Article

Punjab VAT has notified all Tax Payers, VAT consultants, CA’s and all other stake holders that Department of Excise and Taxation, Punjab is proposing to amend forms VAT-1, VAT-4, VAT-15, VAT-18, VAT-19, VAT-23, VAT-24 and VAT 56 and to introduce forms VAT 61 and VAT 62 in Punjab Value Added Tax Rules, 2005, to make it compatible with the upcoming IT System and responsive to the needs of the taxpayers. Full Article

In pursuance of proviso to sub-regulation (1) of Regulation 10 of the Cost and Works Accountants Regulations, 1959 as amended, the Council of the Institute at its 274th Meeting held on 18th May, 2012 has decided that the Certificate of Practice of the members who have paid the prescribed fees and submitted the prescribed form for renewal of Certificate of Practice for 2012- 2013 within due date but not having requisite CEP credit hours, shall be renewed upto 31st March, .. Full Article

Patilputra Central Co-Operative bank for Statutory Audit invites Tender from CA /CA Frims for Audit of Its Head Office and Twenty Branches. Last date of Application is 24.05.2012 and more details can be found at http://prdbihar.gov.in/ Full Article

Generation of black money and its stashing abroad in tax havens and offshore financial centres have dominated discussions and debate in public fora during the last two years. Members of Parliament, the Supreme Court of India and the public at large have unequivocally expressed concern on the issue, particularly after some reports suggested estimates of such unaccounted wealth being held abroad. The Finance Minister, while responding to an adjournment motion on the ‘Sit.. Full Article