"24 April 2009" Archive

Notification No. G.S.R 284(E), dated 24/04/2009

Notification No. G.S.R. 284(E) 24/04/2009

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....

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Notification No. 38/2009 – Income Tax Dated 28/4/2009

Notification No. 38/2009 - Income Tax 28/04/2009

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-t...

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ICAI selects 1,240 CA firms for peer review

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 [&he...

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Posted Under: Company Law |

PwC auditors 'ignored' Satyam fraud for exorbitant audit fee

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 se...

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Posted Under: Company Law |

SEBI : Amendments to Equity Listing Agreement

SEBI/CFD/DIL/LA/1/2009/24/04 24/04/2009

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. ...

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IRDA not to have panel of auditors for statutory audit

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. Th...

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Posted Under: Company Law |

Agricultural land which is gifted cannot be taxed as income from other sources

ITO Vs Komal Kumar Bader (ITAT Jaipur 'A' Bench)

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...

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RBI proposed Payment of Interest on Savings Bank Account on a Daily Product Basis from 01.04.2010

RBI/2008-09/ 452 DBOD. No. Dir. BC.128/13.03. 00/2008-09 24/04/2009

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 ...

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75-year-old former Income Tax Officer wins defamation case against CBDT chairman and 2 Commissners with damages worth Rs 5L

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 [...

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Posted Under: Company Law |

RBI to phase out high value clearing for Cheques drawn over 1 Lakh Rupees

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 […]...

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