The government has taken a cautious approach towards allowing FDI in the hitherto untried LLP format of business, mostly preferred by professionals, experts said today. The government has allowed FDI in Limited Liability Partnership (LLPs) only in sectors where 100 per cent FDI is allowed under the automatic route. But still government approval is must for FDI in LLPs even in sectors where 100 per cent overseas investment is allowed.
The Union Finance Minister Shri Mukherjee said that for the Financial Year 2011-12, the Income-tax Department has been given a tax collections target of about Rs.5.33 lakh crores, which is at 20 per cent growth over the actual collections of the preceding year i.e. 2010-11. He said that the 13th Finance Commission (2010-15) has projected direct tax revenue collection at Rs.8.3 lakh crore by 2014-15 and direct tax GDP ratio at 7.62 per cent. The Direct tax GDP ratio as of now is 5.66 per cent. The targets are very steep and challenging.
There have been newspaper reports on the Textile Mills stopping production for one day on 23.05.2011 to protest the withdrawal of incentives and curbs on cotton yarn exports. Of the 3300 registered textile mills, 1998 mills were reported to have participated in the closure. Cotton yarns Exports are already on OGL w.e.f. 1st April 2011; there is no curb on yarn exports presently.
Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act.
In an effort to improve due diligence, the Reserve Bank of India (RBI) on Monday asked banks to seek information from their directors on any adverse strictures passed by financial sector regulators against them. The banking regulator has partially modified the format of ‘Declaration and Undertaking’ prescribed for the purpose of conducting due diligence to determine the ‘fit and proper’ status of directors. Banks should get information whether the director at any time come to the adverse notice of a regulator such as the Securities and Exchange Board of India and the Insurance and Regulatory Development Authority.
Amid controversies over its use of US business visas, Infosys today said an American court has sought documents and records related to the company’s sponsorships and utilisation of B1 business visas. The development comes at a time when Infosys is facing a lawsuit by a former employee Jack Palmer, alleging that he was asked by the firm to sign on documents which said workers were heading to the US to have meetings rather than to work there.
9TH All India Moot Court Competition 2011 Organized by Western India Regional Council of ICSI And Hosted by Pune Chapter of WIRC of ICSI. Rules for the Competition -Eligibility – Only registered students of ICSI. Only team entries are allowed. Practicing Advocates, Chartered Accountants & Cost Accountants are not eligible to participate.
J K College Of Nursing & Paramedicals vs. UOI & ORS (Delhi High Court)- It was held that if any establishment or employer claims to be not covered under the said Act, then it is for the employer to place sufficient cogent and convincing material before the designated authority in an enquiry under Section 7A of the Act, so as to satisfy the Authority with regard to non-applicability of the Act and further held that on failure to place any such material, the onus cannot be shifted on the EPF authorities to prove the applicability of the Act. It was yet further held that the EPF authorities under no circumstances can be in possession of necessary records evidencing the extent of strength of employees in any particular establishment.
Sri Rajeswari Agencies V. Additional Deputy Commercial Tax Officer II, Sales Tax – Declaration Forms – Arrears Of Tax – C Form Cannot Be Refused To Be Issued On Ground Of Arrears Of Tax – Central Sales Tax Act (74 Of 1956), S. 9(2) – Central Sales Tax (Registration And Turnover) Rules, 1957, Form C.
Manori Properties Pvt. Ltd., Vs. Income Tax Officer 6(3)(3), Mumbai.The appellant has purchased debts of amount due to Rose Patel Mercantile Co. Ltd. for Rs.10,85,000/- by paying the said amount on 10-1-1996 Rs. 5,00,000/- and on 29-1-1996 Rs. 5,85,000/-. The amount was due from Qualitron Components Ltd. Unfortunately due to losses the company closed down its operations and ultimately wound up by the order of Gujarat High Court. The Assessing Officer has clearly pointed out that the said debts of Rs. 10,85,000/- was not trading debt. Therefore the conditions specified u/s. 16(1)(vii) r.w.s. 36(2) is not fulfilled as the amount has not been taken into consideration while arriving to the profit of the appellant company.
