"02 June 2010" Archive

Income Tax department decided to set up nine more help centres

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 pa...

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Posted Under: Income Tax |

ICAI President’s Message – June 2010

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 fu...

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Posted Under: Income Tax |

Packing the dispute of branded goods on packing material

There are already two articles published on our website www.capradeepjain.com 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 amendmen...

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Posted Under: Income Tax |

All about Arbitrage

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....

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Posted Under: Income Tax |

Frequently Asked Questions on Company Law Settlement Scheme, 2010

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...

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Posted Under: Income Tax |

Frequently Asked Questions on Easy Exit Scheme, 2010

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....

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Posted Under: Income Tax |

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

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...

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Posted Under: Income Tax |

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

01/01/1970

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....

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Posted Under: Income Tax |

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

01/01/1970

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)....

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Posted Under: Income Tax |

New changes in TDS Rules

CBDT Press Release No. 402/92/2006-MC (27 of 2010) 02/06/2010

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 amend...

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