One of the principal underpinnings of good corporate governance is that shareholders and other stakeholders are provided with detailed information on financial and operating results in order to understand the current state of affairs, like balance sheet, profit and loss account and notes thereto, directors report, auditors report and management discussion & analysis.
Corporate affairs minister Salman Khurshid has said the Competition Act amendment bill, seeking to invest the competition watchdog CCI with powers to vet big-ticket takeovers, is likely to be tabled in the Monsoon session.
Notification No. S.O. 62/2010-Income Tax In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes number S.O. 732(E) dated 3rd July, 2001, namely:-
Finance minister Pranab Mukherjee today assured the states that the Centre will fully compensate them on possible losses arising from implementation of the goods and services tax (GST) regime. “No state would be allowed to suffer any loss and would be fully compensated by the Central government,” he said at a meeting of the National Development Council here today, attended by most of the state chief ministers.
If a written complaint, alleging any definite charges of misbehaviour or incapacity to perform the functions of the office in respcet of a Presiding Officer is received by the Central Government, it shall make a preliminary scrutiny of such complaint.
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby exempts the goods described in the Schedule annexed hereto, when imported into India for display or sale in the ‘INDIPEX 2011’
Since the assessee disclosed additional income consequent to the search and seizure proceedings, the A.O. and the CIT(A) were correct in levying penalty.
Circular No.22 / 2010-Customs the import of ‘worn clothing’ should be adjudicated and fine in lieu of confiscation and penalty imposed keeping in view the ‘margin of profit’ on such unauthorized import and also the fact that such consignments should not get cleared by paying only nominal fine and penalty in future.
A circular dated 5 May 2010 is issued by Employee Provident Fund Organization (Ministry of Labour & Employment, Govt of India) in relation to implementation to EPFiGMS. This circular is issued by the Central Provident Fund Commissioner to Additional / Regional Provident Fund Commissioners and related officers.
Wage Limit increased from Rs. 10,000 to Rs. 15,000 for coverage of an employee under the ESIC Act:- The Government of India through notification in the Official Gazette has amended the Employees’ State Insurance (Central) Rules, 1950. Accordingly, as per rule 50, the wage limit for coverage of an employee under Employees State Insurance Act has been enhanced from Rs. 10,000 to Rs. 15,000 with effect from 1st May 2010.
