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In exercise of the powers conferred by sub-section (1) of section 642 read with section 61013 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules to amend the Companies (Central Government’s) General Rules and Forms, 1956, namely.
Notification No. 38/2009 – Income Tax It is hereby notified for general information that the organization Beach Candy Medical Research Centre, Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1.4.2003 in the category of
The Institute of Chartered Accountants of India (ICAI), the apex body to regulate the profession of chartered accountancy in the country, has selected 1,240 listed firms for peer review. According to ICAI President Uttam Prakash Agarwal, the peer review of these firms will be completed on a fast track basis and till now 4,000 firms […]
Two PricewaterhouseCoopers auditors were aware that accounts of Satyam, the IT outsourcer at the centre of India’s biggest corporate fraud, were being misstated but signed them off in return for an “exorbitant audit fee”, Indian investigators have alleged. The Central Bureau of Investigation (CBI), which looks into India’s most serious and complex crimes, has filed […]
Uniformity in dividend declaration – Insertion of clause 20A It has been decided to mandate that listed companies shall declare their dividend on per share basis only.
The Insurance Regulatory and Development Authority (IRDA) has refrained from directly appointing statutory auditors, by retaining the practice of prescribing eligibility criteria for appointment of auditors by insurers. IRDA would not have a panel of auditors and would not appoint auditors, as demanded by accounting regulator ICAI. The regulator has not been maintaining panel of auditors since 2005 and instead […]
It is an admitted fact that the donor had agricultural land in question in her possession and she had been showing agriculture income also from the land. She has been staying with her husband who is a well known architect. For her livelihood, she was not depending on the agriculture land gifted but only on her husband. As long she was not living alone and independent, capacity of her family cannot be ignored.
At present, interest on savings bank accounts is calculated on the minimum balances held in the accounts during the period from the 10th day to the last day of each calendar month. Several banks have suggested that interest on savings bank accounts may be calculated either on the minimum balances in the deposit accounts during the period from the first to the last day of each calendar month or on a daily product basis. The matter was referred to the IBA, which was of the view that payment of interest on a daily product basis would be feasible only when computerisation in banks is completed.
Justice prevails finally after a long legal battle for 10 years when of a former I-T officer, PR Toora aged about 75 year old got back his “lost reputation” when Additional District Judge Arun Kumar Arya directed two Income Tax commissioners, chairman of Central Board of Direct Taxes (CBDT) and the ministry of revenue liable […]
High value clearing, the facility that enables depositors to encash cheques drawn for over Rs 1 lakh the next day, is set to be phased out. The Reserve Bank of India (RBI) has increased the minimum value for high value clearing to Rs 5 lakh from May. This will be increased further to Rs 10 […]
