Impact Of Global Financial Crisis On India, Incidents Of Financial Crisis, Creation Of Cibil, Tax Re-Forms, Need To Regulate Foreign Investment , International Investments Treaties Vis-À-Vis India, The Commercial Division Of High Courts Bill, 2009, Introduction Of The Regulation Of Factor (Assignment Of Receivables) Bill, 2011, Amendments To The Arbitration And Conciliation Act, 1996, Role Of International Private Law In Providing Stability For International Dealings, Role Of International Institutions Guarantee The Security Of Investments
Income Tax department on 20.05.2011 releases official downloadable Online Income Tax Return Preparation / Filing Software- ITR-4 and ITR 4-5 Applicable for Assessment year 2011-12 / Financial Year 2010-11. Income Tax Department has already released software in repsct of IT -1, ITr-2 and ITR-3. Download ITR 4 and ITR-4S Excel Utility for A.Y. 2011-12
Download Form 16A and form 16 (Salary Certificate as applicable for A.Y. 2011-12 F.Y. 2010-11) and onwards in Excel Format alongwith Annexures for Government and non Government Employers.
While the intentions of the State Government are clear as to non levy of VAT on Fabric, but due to some misdrafting of the rules and notifications, the general public is put under severe confusion as to whether a specific levy is applicable to it or not. In the case of Fabric, the same is the situation. After all amendments, the position of law that remains on the statute book. This situation has first arrived when Entry-45 of Schedule A which contains Fabric was amended in such a way that declared goods were removed from Schedule A and shifted to Schedule “C” by bifurcating the existing entry 101 into two parts
The Central Board of Excise and Customs (‘CBEC’) has issued a clarification vide Circular No 141/10/2011 – TRU dated 13 May 2011 (‘Present Circular’) with regard interpretation of the term used outside India under the Export of Services Rules, 2005 (‘Export Rules’) for the period upto 27 February 2010. Under the Service tax legislation for certain specified taxable services1 (Category 3 services), one of the conditions to be satisfied for qualifying as export (under the erstwhile Export Rules), was that the said services should be used outside India.
CBDT has recently vide Circular No. 3/2011 [F.No. 275/34/2011-IT(B)] (Circular) dated 13 May 2011 permitted issue of certificate for tax deducted at source (TDS certificate) with digital signature for TDS from income other than salary income (non-salary TDS) in Form 16A. The extant rules provide an option to persons withholding tax (deductors) to issue TDS certificate with digital signature only for TDS from salary income (in Form 16). Non-salary TDS certificates in Form 16A are required to be issued in hard copy format with authentication by manual signature. The Circular now extends the option of digital signature to Form 16A also. The deductors exercising this option need to download Form 16A from the Tax Information Network (TIN) website.
In order to cut timelines and an another step towards “Green Initiative” it has been decided that all certificates and standard letters issued by the Registrar of Companies will now be issued electronically under the Digital Signature of the Registrar of Companies. The Digital Certificates are being developed and will be available for issue by 30th June, 2011 in phased manner.
The Ministry of Corporate Affairs has clarified that that a shareholder of the company may participate in a general meeting under the provisions of Companies Act, 1956 through electronic mode. The Clarification is a sequel to the representations being received by the Ministry from various Industry bodies to recognize participation by shareholders in meetings under the Companies Act, 1956 through electronic mode after it took a Green initiative in the Corporate Governance by allowing paperless compliances by the Companies after considering sections 2, 4, 5, 13 and 81 of the Information Technology Act, 2000 for legal validity of compliances under Companies Act, 1956 through electronic mode.
The government today allowed companies to hold annual general meetings through video conferencing, with a view to provide larger participation and for curbing costs, borne by the shareholders to attend AGMs. Accordingly, a company would have to send a notice informing shareholders about “the availability of participation through video conference, and provide necessary information to enable shareholders to access the available facility of videoconferencing”, the Corporate Affairs Ministry said in a notification.
The Securities and Exchange Board of India (Sebi) has halted the listing of Vaswani Industries and launched investigations into the issue. Around 3,000 retail applicants withdrew their applications and several others were disqualified due to stop-payment of cheques. Sources say Sebi’s concerns emerge from fears that a majority of the applicants could be dummy investors, acting on behalf of a few big operators.
