"07 June 2011" Archive - Page 3

Registration of companies in 24 hours from first week of July

From Next month you can register a company in India in 24 hours! The Union ministry of corporate affairs has set the first week of July as the target date for launching a completely digitised service that will allow anyone with all relevant documents and approvals to complete the process of registering a company in one day....

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Posted Under: Company Law | ,

Promotional expenses incurred by cosmetic company on Testers, and merchant display which were supplied free of cost to the retailers are revenue in nature

ITO Vs. M/s Elka Cosmetic Pvt. Ltd. (ITAT Delhi)

ITO V. M/s Elka Cosmetic Pvt. Ltd. ( ITAT Delhi) - The issue is whether the promotional expenses incurred by a company engaged in business of cosmetics on 'Testers', and 'merchant display' which were supplied free of cost to the retailers are capital in nature merely because it also promotes goodwill of the company. It was held that nat...

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Reopening U/s. 147 invalid If Reason reasons recorded have not escaped assessment

Ranbaxy Laboratories Limited Vs CIT (Delhi High Court)

Ranbaxy Laboratories Limited Versus CIT (Delhi High Court)- The Tribunal was right in holding that the Assessing Officer had the jurisdiction to reassess issues other than the issues in respect of which proceedings are initiated but he was not so justified when the reasons for the initiation of those proceedings ceased to survive. Consequ...

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Service Tax on Air Travel – IATA put India on Wall of Shame

The government was put on the Wall of Shame at the annual general meeting of the International Air Transport Association in Singapore, along with the European Union Parliament and the governments of the UK, Germany and Austria, for imposing high taxes on air travel....

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Posted Under: Company Law |

Interest to be paid on those PPF (HUF) accounts, which had attained maturity after 13-5-2005 but closed by subscribers before 7-12-2010

Letter [F.NO.7/4/2008-NS.II] (01/06/2011)

Some of the subscribers of PPF (HUF) accounts had closed the accounts on maturity or thereafter between 13th May, 2005 to 7.12.2010 (before the issue of the aforesaid amendment). Some of such account holders, were not paid interest at PPF rates on the deposits retained beyond the maturity period (without further subscriptions). Those subs...

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Net direct tax collection down 48 percent in April-May while Gross collection up by 37 per cent

The net direct tax collection during the first two months of the current fiscal fell by 47.93 per cent, mainly on account of dolling out of large refunds by the IT department. Net direct tax collections, gross collections minus refunds, were down by 47.93 per cent at Rs 12,954 crore during the first two months of the current fiscal, the f...

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Posted Under: Company Law |

Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode – General Circular 37/2011

General Circular No. 37/2011 (07/06/2011)

In supersession of this Ministry's Circular No. 9/2011, dated 31-3-2011 and 25/2011 dated 12-5-2011, Ministry of Corporate Affairs hereby mandated certain class of companies to file Balance sheets and Profit and loss Account along with Director's and Auditor's Report for the year 2010-11 onwards by using XBRL taxonomy. The Taxonomy Busin...

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Guidelines for Fast Track Exit mode for defunct companies

General Circular No. 36/2011 (07/06/2011)

In order to provide regular route for fast track exit by defunct company, for getting its name struck off from the register of companies, Ministry of Corporate Affairs (MCA) has decided to modify the existing route through e-form 61 and has introduced Fast Track Exit mode for defunct companies under section 560 of the Companies Act, 1956...

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