It is interesting to note the path of the Direct Tax Code from the 2009 Bill to the 2010 one. The promises of a lower corporate tax rate have not crystallised. However, relief has been given to SEZ developers & SEZ units by way of grandfathering clau
GST, when implemented, will replace many of the taxes and will obviously reduce the paper work, man power and money. Further, there are no. of ambiguities in certain cases which makes it difficult to ascertain as to which law is applicable. For eg. s
In 2010 Budget, infrastructure bonds were announced as one of the tax saving options to assessees whereby under section 80CCF of the Indian Income tax Act, investment upto Rs 20,000 in notified infrastructure bonds was allowed tax benefit by way of reduction from total taxable income. This is over and above Rs one lakh tax benefit available under sections 80C, 80CCC and 80 CCD.
Since Direct Taxes Code Bill, 2010 has already been introduced in the Parliament, it is, expected that the Finance Bill to be introduced in February, 2011 would not make significant policy changes at this stage.
With reference to a news item appearing in a certain section of the print media today, it is clarified that there is no move in the Ministry of Finance, Government of India for any change of financial year from April – March to January – December or
The Companies Bill 2009 has dealt with independent directors quite extensively. The Standing Committee has spent significant time on issues relating to independent directors as evident from the report of the Committee. This shows the criticality of the effectiveness of independent directors in corporate governance.
India’s largest distribution network with 1.55 lakh offices has been thrown open to the insurance industry with the industry regulator allowing IndiaPost to sell policies of multiple insurance companies. This opens a new distribution channel for insurers who have been desperately trying to poach bank distributors from rivals to increase their reach.
A district consumer forum recently brought to book a bank that made a couple run from pillar to post after they had expressed their willingness to close their housing loan account before maturity. Stating that the complainants experienced financial l
When its auditors were wrongly led to believe that the current asset figures given to it by Satyam Computers was prim and proper, the episode threw light on a fear that chartered accountants in the country have long harbored at the back of their mind
The introduction of joint audits could increase the likelihood of fraud according to a senior Big Four partner. The partner, who did not want to be identified, said the introduction of joint audits in the UK could increase the chance of fraud occurring and would not increase the audit quality. “A crook could deliberately see an advantage in having two sets of auditors,” he said. “It needs to be borne in mind that the biggest fraud that ever took place in the UK, namely BCCI, had joint auditors.”
