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Archive: 02 June 2010

Posts in 02 June 2010

Income Tax department decided to set up nine more help centres

June 2, 2010 303 Views 0 comment Print

By the end of this fiscal, income tax payers will be able to get all their problems relating to filing of returns and obtaining of refunds, among others, addressed at nine more help centres. The Income Tax Department has decided to set up help centres at 12 cities, including Kolkata, Coimbatore and Surat, to address the problems of tax payers. At present, help centres exist at three places in the country.

ICAI President’s Message – June 2010

June 2, 2010 436 Views 0 comment Print

This story will get louder every summer in all our cities, towns and villages. Worse, crisis is here to stay. By 2011, our Capital will need to increase its water supply by almost 50 per cent to take care of the basic needs of its citizens. Not just deforestation and industrialisation are to be blamed. It appears that we are losing our fundamental battle for survival. It is, therefore, time to understand that these are more than warning signals, which call for responsibility in all our actions – in our respective capacities.

Packing the dispute of branded goods on packing material

June 2, 2010 1499 Views 0 comment Print

There are already two articles published on our website on this issue. The title of these articles was “SSI exemption: – The branded issue” and “Brand name for packing material: – all is well when ends well”. The budget has made further amendment while passing the budget to end the controversy. This amendment has prompted us to write this third piece on this very same issue. We will discuss the issue in brief to have a better understanding of the subject and thereafter will discuss the implications of this amendment.

All about Arbitrage

June 2, 2010 1988 Views 0 comment Print

In simple terms, Arbitrage is a system, or concept, that has been around for hundred of years, but there is still no any perfect definition of what it is. Your stock broker may give you one definition, while a commodities broker may tell you it’s something else. Hence, most investors have no clue what it’s about.

Frequently Asked Questions on Company Law Settlement Scheme, 2010

June 2, 2010 907 Views 0 comment Print

What is Company Law settlement Scheme, 2010 (CLSS), 2010? . “Company Law Settlement Scheme, 2010” is a scheme to give opportunity to the defaulting Companies to enable them to make their default good by filing belated documents and to become a regular compliant in future. Refer General Circular No 1/2010 available on MCA portal under News & Events and under heading Act, Bills and Rules.

Frequently Asked Questions on Easy Exit Scheme, 2010

June 2, 2010 675 Views 0 comment Print

Q. What is Easy Exit Scheme (EES), 2010? A. “Easy Exit Scheme, 2010” is a scheme to give opportunity to the defunct companies to get their names struck off from the register under Section 560 of the Companies Act, 1956.

Decision on company law tribunal may be referred back to apex court

June 2, 2010 361 Views 0 comment Print

The Corporate Affairs Ministry has termed the Supreme Court verdict disallowing civil servants belonging to the Indian Corporate Law Service (ICLS) from being members of the proposed National Company Law Tribunal (NCLT) as “disappointing.” The Ministry indicated that the matter may go back to a Constitution Bench of the apex court for a review.

Window for issuing warrants and partly-paid shares to non-residents is still open

June 2, 2010 796 Views 0 comment Print

The Centre has not closed the window for issuing warrants and partly-paid shares to non-residents even as the recently announced consolidated FDI policy framework excluded these instruments from the definition of “capital”, a senior Government official said.

Government decided to allow Indian companies to freely enter into share-swap deals with foreign firms to facilitate cross-border mergers and acquisitions

June 2, 2010 2629 Views 0 comment Print

The government has decided to allow Indian companies to freely enter into share-swap deals with foreign firms to facilitate cross-border mergers and acquisitions, provided such deals are consistent with the country’s policy on foreign direct investment (FDI).

New changes in TDS Rules

June 2, 2010 43131 Views 0 comment Print

CBDT Press Release No. 402/92/2006-MC (27 of 2010) The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No. 41/2010; SO No. 1261(E) dated 31.05.2010. The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010.

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