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Archive: 20 February 2010

Posts in 20 February 2010

Petition under section 397/398 –Indian Company Law – Issue of subsequent events and happenings

February 20, 2010 900 Views 0 comment Print

I personally feel that an application under section 397/398 of the Companies Act, 1956 is a serious thing exposing serious misunderstandings between majority and minority group in the Company. We see this groupism in private limited companies and closely held public companies too at times.

If the sum not chargeable to tax in India, then tax not required to be withheld under Section 195 of the Act while making the remittance outside India

February 20, 2010 879 Views 0 comment Print

AAR Ruling: The amount received on account of assignment of rights, title, interest, obligations and duties in connection with the supply of products is not taxable in India in the absence of a Permanent Establishment and therefore, tax is not required to be withheld under section 195 of the Income tax Act while making remittance outside India [Laird Technologies India Pvt. Ltd. (AAR No. 793/ 2008)(2010-TIOL-06-ARA-IT)].

Advance ruling on taxability of salary of Indian working abroad

February 20, 2010 778 Views 0 comment Print

An individual who resides in India for a period of less than 182 days during the previous year and is residing outside India for the purpose of employment, then irrespective of the fact of his presence in India for the period of 365 days or more during the preceding 4 previous years, he cannot be treated as a resident of India for the purpose of taxing his salary income

Review of the Economy – 2009-10 Highlights

February 20, 2010 525 Views 0 comment Print

Dr. C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister released the document ‘Review of the Economy-2009-10’ at a Press Conference in New Delhi today. Following are the highlights of the document: Strong rebound in the second half of 2009-10 drives growth rate upwards

Maharashtra State Level Urban Co-op Banks & Credit Societies: Change in Empanelment and allotment procedure

February 20, 2010 3728 Views 0 comment Print

The Commissioner Co-operation has issued circular dated 27th January, 2010 and all of sudden changed the procedure for allotment of State Level Urban Co-operative Banks and Credit Co-operative Societies. This circular has also expanded the scope coverage of audit by the Certified Auditors and Government Auditors, by increase the limit (UCBs/Credit Societies having certain amount of deposit) upto that, they can audit.

Big four's promotions event may come under ICAI scanner

February 20, 2010 564 Views 0 comment Print

Big four watch out. The audit profession regulator, the Institute of Chartered Accountants of India (ICAI), plans to delve into some of the surrogate advertising practices of international firms with presence in India. In particular, awards given by them for entrepreneurial excellence and the promotions for such events are likely to come under the ICAI scanner, Mr Amarjit Chopra, new President of the CA institute, has said.

Customs Notification No 14/2010, Regarding anti dumping duty on Cold Rolled Flat Products of Stainless Steel

February 20, 2010 811 Views 0 comment Print

CUSTOMS Notification No 14/2010, Regarding anti dumping duty on Cold Rolled Flat Products of Stainless Steel, originating in, or exported from the People’s Republic of China (China PR), Korea, European Union, South Africa, Taiwan (Chinese Taipei), Japan, Thailand and United States of America (USA).

Tax havens hit exchequer, harm national security: India

February 20, 2010 483 Views 0 comment Print

“The opaque system of exchange of information in these tax havens and their non-compliant behaviour are matter of concern not only for revenue base but also linked to financing of activities which are detrimental to the national security interests,” Finance Minister Pranab Mukherjee said at a CBDT seminar on transfer pricing in New Delhi on Wednesday.

Five Insurance policies everyone must have

February 20, 2010 675 Views 0 comment Print

Protecting your most important assets is an important step in creating a solid personal financial plan. The right insurance policies will go a long way toward helping you safeguard your earning power and your possessions. In this article, we’ll show you five policies that you shouldn’t do without.

Delhi HC given provisional permission to US based CFA institute to conduct exams in India

February 20, 2010 708 Views 0 comment Print

The Delhi High Court has given ‘provisional permission’ to the US-based Chartered Financial Analyst (CFA) Institute to register candidates for its exam slated to be held in India this June.

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