Notification No.41/2011 – Income Tax [F.NO. 187/11 /2009-ITA.I], DATED 19-8-2011 – In the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 62/2010, dated 27-7-2010 bearing S.O. 1843(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated 27th July, 2010, in the Schedule for Serial number 112 at column No. 6(b)
The salient features of LLP Act, 2008, inter alia, are as follows: 1. It is a body corporate with separate legal entity from its partners. The mutual rights and duties of the partners of an LLP are governed by LLP Agreement. 2. LLP is liable to the extent of its assets. Partner’s liability is limited to the extent of agreed contribution (capital) in the LLP Agreement. 3. No partner is liable on account of the independent or unauthorized action of other partners or for their misconduct.
The report submitted by the Expert Group on Valuation Professionals Bill including the comments received in this regard from the stakeholders are under consideration of this Ministry and No definite time frame can be given at this stage.
Since 2006, this Ministry has implemented MCA-21, an e-Governance project, which has increased transparency as the data available in the public domain can be viewed by any person. The Ministry has also evolved a system generated ‘Early Warning System’ to help in detecting likely fraud at an early state. In the process of development of Early Warning System (EWS), the Ministry has identified certain Risk Parameters which can be run on the data available with the MCA, on financial statements furnished by the companies in e-forms developed by the Ministry.
The Competition Commission of India consists of a Chairperson and not less than two and not more than six other Members. Under Section 18 of the Competition Act, the functions of the Commission inter-alia are to eliminate practices having adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade carried on by other participants, in markets in India.
The Ministry of Corporate Affairs has simplified procedures under MCA-21 to enable registration of a company within 24 to 48 hours where there is no difficulty about availability of name etc. The various elements of this process are; (i) Director Identification Number is allotted online on the basis of verification certificate given by the practicing Chartered Accountant or Company Secretary or Cost Accountant.
Society For The Small & Medium Exporters Vs DIT (ITAT Delhi)- In a case where the objects of the society may be charitable, but, in the absence of carrying on those activities despite the fact that the activities which were carried on were for the purpose of generating income, the society is not entitled for registration for that year. Therefore, it is held that for assessment year 2008-09 and for subsequent years in which the assessee does not carry out charitable activity, the assessee has been rightly refused to get benefit of registration as charitable institution. The only activity which has been carried out is for the purpose of generating income, which is not a charitable activity in itself. Therefore, it is held that learned DIT (E) has rightly refused to grant registration to the assessee and his order is upheld.
F. No.450/81/2011-Cus.IV Attention is invited to para 5 of the ‘Handling of Cargo in Customs Areas Regulations, 2009’ which requires certain conditions to be fulfilled by Customs Cargo Service provider (CCSP) for custody and handling of imported or export goods in a customs area to the satisfaction of the Commissioner of Customs like infrastructure, equipment and adequate manpower for handling of imported or export cargo in a Customs area.
The Committee reviewed the global and domestic macroeconomic developments. It felt that the global macroeconomic situation had worsened with the uncertainty clouding the increase in the US debt ceiling issue and continuing problem in the euro area. If the US debt crisis was not resolved satisfactorily, it would have serious ramifications for the global economy. They were also concerned that if the euro area sovereign debt problem spilled over to Spain and Italy, the consequences could be serious. While the international commodity prices had softened, the outlook was still uncertain. Members also expressed concerns over rising incipient inflationary pressures in advanced economies, even as the emerging market economies (EMEs) were still battling with high inflation.
The guiding objectives of foreign exchange reserves management in India are similar to those of many central banks in the world. The demands placed on the foreign exchange reserves may vary widely depending upon a variety of factors including the exchange rate regime adopted by the country, the extent of openness of the economy, the size of the external sector in a country’s GDP and the nature of markets operating in the country. While liquidity and safety constitute the twin objectives of reserve management in India, return optimisation becomes an embedded strategy within this framework.
