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Major differences between the old and the new Sch VI. Applies to all companies following non-converged Indian Accounting Standards. No possibility of conflict between Accounting Standard and Schedule VI as on modification of accounting standards prescribed under the companies act, Schedule VI would stand modified accordingly
There can be disputes between majority group and minority shareholders in any Company and these disputes come very frequently in closely held companies or Private Limited Companies. The Companies Act, 1956 provides certain rights to the shareholders
Market experts are pitching for clarity in tax on long-term gains under the proposed DTC, a clear timeline for rolling out Goods and Services Tax among other key measures in the upcoming 2011-12 budget.Stock markets in February so far have plummeted by over 11 per cent on concerns over high inflation, rising interest rate and, low morale and confidence of the investors due to uncertainty caused by a series of high-profile scams.
As part of its efforts to make it easier for investors to enter the stock market through public issues, Sebi is considering making application forms simpler and shorter for the IPOs. The market regulator is also considering a common IPO application form for both ASBA and non-ASBA investors.
Indian Finance Minister Pranab Mukherjee has said about 500 tax information exchange agreements have been signed between different countries across the globe, a development that will help fight the menace of tax evasion and track ill-gotten money.
The Committee for Digitization of Balance Sheet and Annual Reports filed with MCA through MCA-21, Ministry of Corporate Affairs has proposed to implement e-filing in XBRL Format in phased manner starting from April 2011. In this connection, the Institute is planning to organize one full day Workshop on XBRL for practicing members on March 25, 2011 at ICWAI, 3, Institutional Area, New Delhi-110 003. CEP hours credit would be given as per the rules of the Institute. There is no fee chargeable as course fee for attending the workshop.
Section 65(24b) of the Finance Act, 1994 – Cleaning Activity Service – Fumigation of export cargo in compliance of export obligation – Whether taxable under ‘cleaning services’ – Corrigendum to Circular No. 132/1/2011-ST, dated 12-1-2011 CORRIGENDUM [F.NO.354/69/2010-TRU], DATED 20-1-2011 In the Circular of the Government of India in the Ministry of Finance (Department of Revenue), […]
The assessee is not entitled to adjustment of 5 per cent as stipulated u/s 92C(2), where only one of the several methods specified u/s 92C(1) is applied by the assessee to determine the arm’s length price
The instruction of the Board dated 31.10.07, sought to be relied upon by the department, is in the context of concluding proceedings on payment of service tax, interest and 25% of the amount as penalty on issue of show cause notice. In the present case, adjudication has been done by the original authority and penalties have been imposed under various sections including Section 78. Proviso to Section 78 clearly provides for payment of concessional penalty if the duty and interest determined by the authorities are paid within 30 days
Explore Chennai Water Board Tax Case with TDS on loss-making payee, interest levy, and proportionality issues under the Income Tax Act.
