The Corporate Affairs Ministry today said it may initiate further probe into the IPL franchisees caught in the middle of a controversy over ownership pattern and bidding process. The Ministry is analysing the reports submitted by the Registrar of Companies (RoCs) on 10 IPL franchisees. The reports include details on the bidding process, sweat equity, memoranda of association and also franchise agreements.
The committee, which had representations from stock exchanges, law firms, brokerages and depositories, among others, reviewed the eligibility norms for market intermediaries including merchant bankers, asset management companies (AMCs), credit rating agencies, brokers and depositories. Public comments can be submitted until June 14.
The ICAI is pleased to note that its suggestion relating to exemption of capital gains in the hands of shareholders consequent to conversion of a company into a LLP, has found favour with the Government. It is also heartening to note that one out of the three amendments made while passing the Finance Bill, 2010 was in accordance with the suggestion given in the Post-Budget Memorandum, 2010 submitted by the Direct Taxes Committee of ICAI. One of the other two proposals is an extension of relief granted unilaterally by the Honourable Finance Minister.
Cheque is not a mere a piece of paper. It’s imperative for you to know more to ensure that you don’t end up losing your hard-earned money. Bearer cheque and an A/c payee cheque:-A bearer cheque can be encashed over the counter by the person who presents it in the bank. However, in case of an A/c payee cheque, the money would be credited into the account of the person to whom the cheque is addressed.
Direct Taxes Code Bill, 2009, could soon set the tone for all our future wealth-creation decisions. If enacted, the bill will not only change the amount of tax you pay, but also transform how you invest, borrow and spend your money. While most tax breaks may be taken away, the process of filing taxes will be simpler.
In order to provide prompt services to the expanding base of members and students, the ICAI is launching its e-Sahaayataa service on June 1, 2010. The e-Sahaayataa shall act as the only e-channel for the entire base of members and students of the Institute and other stakeholders of the profession at large wherein all their queries/complaints/grievances pertaining to the day to day working shall be catered to and be resolved by ICAI within 3 – 7days from the date of entering such query/complaint/grievance.
If you are looking for complete business solution provider, then end your search by participating in Special Placement Programme organized by Committee for Members in Industry (CMII) of The Institute of Chartered Accountants of India, wherein you would have access to a vast database of experienced Chartered Accountants and also fresh Chartered Accountants.
Notification No. 64/2010-Customs, New Delhi, dated the 14th May, 2010. G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India,
Only in the cases where the assessment order is erroneous and prejudicial to the interests of the revenue and not prejudicial to the interest of the assessee can be reopened under section 263 and the assessee is not eligible to claim any new benefit in the assessment proceedings pursuant to section 263.
People with more than Rs 10 lakh annual income may not get the tax relief originally proposed in the Direct Taxes Code, as the Finance Ministry is for tweaking slabs across the board to offset concessions elsewhere.
