"02 September 2010" Archive

Extension of CFC-MCA21 Scheme

Cost Accountants in practice who meet the eligibility criteria prescribed under CFC-MCA -21 Schemes launched by MCA for a period of 2 months w.e.f 01.07.2010 has been extended for a period of three months w.e.f. 01.09.2010...

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Posted Under: Company Law |

ICAI Presidents Message – September 2010

According to the UN, a ‘discrimination between human beings on the ground of race, colour or ethnic origin is an offence to human dignity and shall be condemned…as a violation of the human rights and fundamental freedoms… as a fact capable of disturbing peace and security among peoples.’ Our own Constitution in its Article 15(2) d...

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Posted Under: Company Law |

Relevance Of OECD Guidelines: Department’s View

In reply to a RTI application, the department has provided answers to questions on the OECD Guidelines and the effect of the same on the AO and the TPO....

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Posted Under: Company Law |

FM meets Income Tax officials and discussed investigation in tax evasion cases

Finance Minister Pranab Mukherjee on Wednesday held a closed-door meeting with officials of the Income Tax department in Mumbai in view of the increasing number of tax evasion cases being reported from the financial metropolis. The meet assumes significance as the Mumbai unit of the I-T department is handling probe into high-value cases ...

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Posted Under: Company Law |

IFRS may not put an end to the accounting scams : ICAI President

Corruption in the corporate world, the ones like the Satyam scam that shook the Indian corporate sector, cannot be eliminated using any accounting standards nor by an accountant as it happens due to the greed of the people at the helm and not due to any procedure, ICAI President Amarjit Chopra said today....

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Posted Under: Company Law | ,

IDBI done away with the concept of minimum balance

In a move aimed at increasing its share of current and savings account (CASA) deposits, IDBI has done away with the concept of minimum balance on these accounts and has waived off most service charges except those pertaining to bounced cheques. ...

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Posted Under: Company Law |

Government Proposes 5 Percent tax on Dividend distributed by mutual fund or life insurer

Investment in equity-linked mutual fund schemes and ULIPs will now be less profitable for investors, with the government proposing to levy a 5 per cent tax on the dividend paid by these entities. ...

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Posted Under: Company Law |

Both Houses of Parliament Pass Twenty four bills during Monsoon Session

The Monsoon Session, 2010 of Parliament which commenced on Monday, the 26th of July, 2010, concluded on Tuesday, the 31st of August, 2010. The Session was originally scheduled to conclude on Friday, the 27th of August, 2010 but the sittings of both the Houses were extended by two days i.e. up to Tuesday, the 31st of August, 2010 to tran...

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Posted Under: Company Law |

Non Resident women not entitled to Higher exemption limit

The Finance Act prescribes a higher exemption limit of Rs. 1.90 lakh only for “every individual, being a resident women in India” vide Item No. II of Part I of the First Schedule of the Finance Act. My non-resident cousin swears by para 16 of the instruction to Form ITR-2 allowing the higher limit “for women (other than women of age...

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Posted Under: Company Law |

Direct tax Code 2010: Capital Gains Tax

Income to be taxed in India if it accrues directly or indirectly through or from transfer of a capital asset situated in India. However, the transfer by a non-resident of any share or interest in a foreign company would not be treated as income unless, at any time in twelve months preceding the transfer, the fair market value of the asset...

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Posted Under: Company Law |