"04 August 2011" Archive

Competition Law – CCI (Form and Time of Preparation of Annual Report) Amendment Rules, 2011 – Amendment in Schedule

Notifcation No. G.S.R. 398(E) (24/05/2011)

These rules may be called the Competition Commission of India (Form and Time of Preparation of Annual Report) Amendment Rules, 2011. They shall come into force from the date of their publication in the Official Gazette....

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Vodafone – Overseas transactions between two foreign companies cannot be taxed in India under present Income Tax Act

Resuming its arguments against Rs 11,000-crore tax demand by the Income Tax (I-T) department, the British telecom giant Vodafone today contended before the Supreme Court that the present Indian income tax laws do not cover gains from overseas transactions. Senior advocate Harish Salve appearing for Vodadfone submitted before the apex cour...

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Posted Under: Corporate Law |

ICAI issues Know Your Client (KYC) norms for members in Practice

All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms) at it’s 307th Meeting held on 13th July, 2011, which shall be recommendatory in nature, and apply only in case of attest function....

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Posted Under: Corporate Law | ,

ICWAI – President Message August, 2011

In the current era of the Indian Growth story, the need for delivering the results faster, smarter and wider have never been felt so much. This council will focus on deliverables within specific time frame to address the requirements of Students, Members in Employment and in Practice, Brand Enhancement through National and International T...

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Posted Under: Corporate Law |

ICD Merripalem, Guntur District, (AP) included under para 4.19 of HBP v.1 for availing export promotion benefits

Public Notice No.69 (RE-2010)/2009-2014 (04/08/2011)

Sub: Inclusion of ICD Merripalem Guntur District, (AP) as a Port of Registration under Para 4.19 of HBP v.1...

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Company Secretaries can also verify Company Information in Winding up Cases

ICSI is pleased to inform that the Ministry of Corporate Affairs vide its General Circular No. 58/2011 dated 01.08.2011 has now modified clause (c) of General Circular no. 54/2011 dated 26.07.2011 providing that in each case the Official Liquidator will file an application praying to the Court to direct the management of the company to su...

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Posted Under: Corporate Law |

Investor can now file their complain on MCAs website

Complainant is free to file fresh complaints on the Ministry’s website - www.mca.gov.in/MCA21/, in respect of the unresolved complaints filed earlier on the website- www.investorhelpline.in. Further, the members of the public are informed that henceforth they may file their grievances online on the Ministry’s website – www.mca.gov....

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Posted Under: Corporate Law |

ICAI put on hold its notice dated 23.06.2011 related to Period of validity of Registration in CA Course

In continuation of Institute’s Announcement dated June 23, 2011 on Institute’s website and in the Chartered Accountants Students Journal (July, 2011 issue) regarding Period of Validation of Registration in Chartered Accountancy Course, it is informed that the referred announcement is put on hold till further clarification/ announcemen...

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Posted Under: Corporate Law |

Supreme Court- Proviso to s. 14A bars reassessment but not original assessment on the basis of the retrospective amendment

Honda Siel Power Products Ltd Vs DCIT (Supreme Court of India)

Honda Siel Power Products Ltd Vs DCIT (Supreme Court) - Failure on the part of the AO to apply section 14A of the Act when he passed the original assessment order had prima facie resulted in escapement of income. The object and purpose of the proviso to section 14A of the Act is to bar reassessment/ rectification of past cases which have ...

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States FMs panel on GST to meet on Aug 19

Empowered Committee of State Finance Ministers on GST, under its new chief Sushil Modi, will meet on August 19 to discuss various issues related with the roll out of the ambitious indirect tax regime....

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Posted Under: Corporate Law |