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

In a setback to stockbroker Bhupen Dalal, an accused in the 1992 securities scam, a special court has allowed his posh flat in upscale Altmount Road area here to be auctioned to recover income tax dues running into crores of rupees. Justice D K Deshm Full Article

Incensed over the planting of articles and wrongful advertisements in the run up to a company's public offer, market regulator Sebi today pulled up merchant bankers and said it is considering coming out with revised norms on IPO advertisements. Full Article

The International Air Transport Association (IATA) has termed the service tax charged on air tickets by the Indian government as illegal according to the Chicago Convention. “According to the Chicago Convention, service tax on air tickets charged by Full Article

Takeover Regulations Advisory Committee (TRAC) of SEBI was set up to improve upon the existing regulations for Takeover of listed companies. Before providing the regulation wise detailed comments, following are some of our observations on the fundamental issues: Full Article

The Cabinet today approved the proposal for introducing the National Identification Authority of India Bill, 2010 in Parliament. The Bill proposes to constitute a statutory authority to be called the National Identification Authority of India and lay down the powers and functions of the Authority, the framework for issuing UID numbers (aadhaar numbers), major penalties and other related matters through an Act of Parliament. Full Article

Please note that the due date of filing of I-T returns for corporate taxpayers is 30th September, 2010 for AY 2010-11. In case you have not already E-filed your I-T return, please do so immediately without waiting till the last minute. The following are the important points to be noted: 2. Amendment to Rule 12 - Making Digital Signature Mandatory for Companies- Vide notification dated 9th July 2010 amending Rule 12, the CBDT has made it mandatory all Companies filing ITR.. Full Article

Appointment of Statutory Central Auditors (SCAs) in Public Sector Banks :- Government of India vide their letter D.O..No.1/1 4/2004-BOA dated August 31, 2010 have advised that we may forward a list of eligible audit firms containing the names of firm Full Article

Notice for Empanelment:-United Bank of India intends to empanel Chartered Accountant Firms for Concurrent Audit of Branches located in North Eastern states, Chartered Accountant Firms located in the area and fulfilling the following criteria may submit their application with din -date for the empanelment. Full Article