"26 August 2010" Archive

FAQs and answers on Limited Liability Partnership

NATURE OF LIMITED LIABILITY PARTNERSHIP (LLP) 1. Concept of “limited liability partnership” LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership....

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Posted Under: Corporate Law |

Delhi I-T dept fails to produce 95 percent of records asked by CAG

The Delhi income tax (I-T) department is facing criticism for its administrative inefficiency by failing to produce 95.4 per cent of records asked by the Comptroller and Auditor General of India (CAG) for its performance audit for financial year 2009-10. This is the highest failure rate of I-T department in providing records to the CAG. ...

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Posted Under: Corporate Law |

IRDA Circular on Medical insurance policies and cashless facilities

Circular No. IRDA/HLT/MISC/CIR/139/08/2010, (23/08/2010)

Medical insurance policies offered by different insurers to policyholders are contracts of reimbursement. However, several policies under these contracts offer a cashless facility as a facility of convenience in their Preferred Provider Network (PPN) of hospitals. This PPN is dynamic and subject to change from time to time. With effect fr...

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Supreme Court rules that an element of human intervention required for taxing a payment as ‘fees for technical services’

A recent ruling of the Supreme Court (SC) in a batch of cases, with the lead case being that of Bharti Cellular Ltd. (Taxpayer), on whether any manual intervention is involved in the technical operations by which a cellular service provider, such as the Taxpayer, is given facility for interconnection. If manual intervention is involved, t...

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Posted Under: Corporate Law |

MCA issues instruction on filing of Annual Returns with ROC

TO AVOID LAST MINUTE RUSH AND SYSTEM CONGESTION IN MCA21 DUE TO HEAVY FILING IN LAST 10 DAYS OF THE MONTHS OF OCTOBER AND NOVEMBER 2010, IT IS REQUESTED THAT FILING OF ANNUAL RETURN AND BALANCE SHEET MAY BE DONE IN THE FOLLOWING ORDER:-...

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Posted Under: Corporate Law |

High Court refuses to direct state government to recover entertainment tax on IPL matches

The Bombay High Court, on Tuesday, refused to direct the state government to recover entertainment tax on Indian Premier League matches played in the state during its last season. It also observed that central and state ministers should stay away from sporting bodies like the Board of Control for Cricket in India (BCCI)....

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Posted Under: Corporate Law |

IPL tax case: Sharad Pawar gets clean chit

Giving a clean chit to Sharad Pawar, the Bombay High Court on Tuesday said there was "nothing on record" to show that the Union Minister influenced the Maharashtra government's decision to exempt Indian Premier League matches from entertainment tax....

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Posted Under: Corporate Law |

Government may soon allow foreigners to set up LLP in sectors where 100% FDI is allowed

The government may soon allow foreigners to set up limited liability partnerships in sectors where 100% foreign investment is allowed, taking a decisive step after much flip-flop over funding guidelines for this form of business organisation, favoured globally for its flexibility....

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Posted Under: Corporate Law |

Income-tax exemption rate for interest on Recognised Provident Funds fixed at 8.5 per cent with effect from 1 September, 2010

Notification No. 69/2010-Income Tax (26/08/2010)

Notification No. 69 /2010-Income Tax CBDT NOTIFICATION No. 2091(E) dated 26.08.2010—ln exercise of the powers conferred • by clause (b) of Rule 6 of Part A of the Fourth Schedule to the Income-tax.Act,1961 (43 of 1961), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue...

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No Income Tax raid for next one month

An outsourcing contract to Infosys, India’s second-largest software company, has resulted in an unexpected reprieve for those with income to hide from the taxman. Irked by the contract, under which Infosys is processing tax returns filed online, and rattled by the prospect of more outsourcing, officials of the investigation wing of the ...

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Posted Under: Corporate Law |

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