Suppose Firms A & Co, B& Co. merge in C & Co during the year (a) All three firms are empanelled in bank branch auditor’s panel and audit is allotted to M/s B& Co. only. In the above case, B& Co. will be allowed to take up the audit assignment in the name of C […]
The government has withdrawn tax benefits enjoyed by consortia of foreign and Indian engineering firms undertaking infrastructure projects, in a move that may hit the sector plagued by severe capacity deficit. The Central Board of Direct Taxes (CBDT) has withdrawn a 20-year-old instruction that provided tax exemption and lower tax rates to foreign firms setting up […]
The Competition Act, 2002 inter-alia provides for regulation of combinations in accordance with the provisions contained therein. However, the provisions of the Competition Act, 2002 relating to regulation of combinations, including mergers and amalgamations have not yet come into force as the same have not been notified. This information was given today by Shri Salman Khurshid, […]
Government is considering the inclusion of new provisions in the existing tax laws, called Controlled Foreign Corporation (CFC) laws, as suggested by the Kelkar Task Force on tax reforms.In view of a spurt in overseas investment by Indian companies, it has become necessary to frame CFC laws to prevent loss to the exchequer, the official […]
The Minister for Corporate Affairs, Mr Salman Khurshid, Yesterday introduced the Companies Bill, 2009 in the Lok Sabha. The main objectives of the Companies Bill, 2009 are as follows –(a) to revise and modify the Companies Act, 1956 in consonance with the changes in the national and international economy;(b) to bring about compactness by deleting […]
In the recent past the global & national economic environment has witnessed many a financial failures, which has drawn the attention of the world on the quality of Accounts & Audit practices being followed. In its proactive pursuit to upgrade and maintain audit quality, Peer Review Board was established by ICAI to ensure high standards of […]
Reporting of Inter-Scheme Transfers of Corporate Bonds by Mutual Funds on SEBI Authorized Trade Reporting Platforms at NSE/ BSE/ FIMMDA SEBI/IMD/DOF-1/BOND/Cir-3/2009, Dated: July 31, 2009 Sub: Reporting of Inter-Scheme Transfers of Corporate Bonds by Mutual Funds on SEBI Authorized Trade Reporting Platforms at NSE/ BSE/ FIMMDA 1. SEBI vide circulars No. SEBI/ CFD/DIL/BOND/1/2006/12/12 dated December 12, […]
Dear CA Pariwar, The Union Budget for 2009-10 presented by honble Finance Minister Shri Pranab Mukherjee has now been analysed, debated and discussed. Contrary to market expectations, it has turned out to be more a budget for the common man. The main focus of the Budget has been on continuing the efforts to […]
Most countries have Controlled Foreign Corporation (CFC) laws that enable authorities to levy such taxes. These laws effectively check the governments’ revenue loss due to the transfer of undistributed dividends to offshore tax havens like Isle of Man, Cayman Islands and Mauritius. Indian tax authorities, for long, have maintained that there is a need to […]
Section 14A of the Central Excise Act provides that:- If at any stage of enquiry, investigation or any other proceedings before him, any Central Excise Officer not below the rank of an Assistant Commissioner of Central Excise or Deputy Commissioner of Central Excise having regard to the nature and complexity of the case and the […]
