"October, 2008" Archive - Page 4

Income Tax Department To Share Info On Tax Evasion With MCA

The Ministry of Corporate Affairs (MCA) has asked the income-tax department to provide all information on tax evasion by listed companies so that it can see whether these firms have violated the provisions of Companies Act as well. “MCA is trying to develop a system that whenever the I-T department finds any such case where there is inc...

Read More
Posted Under: Income Tax |

Larger SC Bench Reverses Law on Penalty & Circulars

In a crucial judgment on the scope of penalty provisions in tax and other civil liability laws, the Supreme Court has significantly broadened their scope (Union of India v. Dharmendra Textile Processors, CA Nos. 10289 – 10303 of 2003, decided on September 29, 2008, per Pasayat J.). The judgment of the three-judge Bench on a reference fr...

Read More
Posted Under: Income Tax |

SEBI Asks Brokers To Get Auditing From Independent CAs, Others

Market regulator Securities and Exchange Bureau of India (SEBI) has asked stock brokers and trading members to complete internal auditing on a half yearly basis from chartered accountants, company secretaries or cost and management accountants. ...

Read More
Posted Under: Income Tax |

Notification No. 50 (RE-2008)/2004-2009, Dated: 23.10.2008

Notification No. 50 (RE-2008)/2004-2009 (23/10/2008)

Import permitted freely provided cif value is US $ 50 & above per square metre except, in case of import of the product from Nepal. However, the said exemption shall be applicable only on such imports, which have been processed/ manufactured out of marble mined in Nepal. The facility will not be available on products which have been manuf...

Read More

Notification No. 49 (RE-2008)/2004-2009, Dated: 23.10.2008

Notification No. 49 (RE-2008)/2004-2009 (23/10/2008)

The importer shall furnish quarterly returns of the quantity and value of the imports made by him to the Ministry of Finance for the quarters ending 30th June, 30th September, 31st December and 31st March of each financial year, within 30 days of the close of the quarter concerned....

Read More

Corporate Governance in listed Companies–Clause 49 of the Listing Agreement

SEBI/CFD/DIL/CG/2/2008/23/10 (23/10/2008)

All Stock Exchanges are further advised to communicate to SEBI, status of implementation of the requirements of this circular in their quarterly report for the quarter ended March 31, 2009....

Read More

SEBI : Foreign investments in infrastructure companies in securities markets

MRD/DSA/SE/Dep/Cust/CIR-30/08 (23/10/2008)

whereby the policy decision of the Government of India regarding foreign investments in infrastructure companies in securities markets, viz. stock exchanges, depositories and clearing corporations was communicated....

Read More

Notification No. 81/2008-Income Tax Dated 23/10/2008

Notification No. 81/2008-Income Tax (23/10/2008)

Notification No. 81-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2370(E) dated 23rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 21, ext...

Read More

Now CS, Cost Accountant and Others Can Be a Partner with CA

Institute of Chartered Accountants of India has issued a notification no. Na.1-CA(7)/116/ 2008 dated 25-9-2008 incorporating various amendment to the Chartered Accountants Regulations, 1988.There are 16 amendments to the regulations. One of the major amendments is provisions relating to multidisciplinary partnership firm....

Read More
Posted Under: Income Tax |

DCA Proposes To Enable Companies to Hold the Board Meetings through Electronic Means

The Department has received proposals to allow such meetings and it has held extensive consultation with various shades of opinion. It also asked the Institute of Company Secretaries to examine this matter and to organize consultation with companies and other stake holders. Finally, the Department has decided to allow such meetings of the...

Read More
Posted Under: Income Tax |