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Archive: 05 October 2011

Posts in 05 October 2011

Remuneration not allowed if not specified in Partnership Deed

October 5, 2011 8962 Views 0 comment Print

Sood Bhandari & Co. Vs. CBDT (P & H HC)- Section 40(b)(ii ) contemplates the authorization of remuneration or interest. The authorization does not mean an agreement to pay, but to quantify the amount of salary or the rate of interest payable to the partners. If the said aspects are not determined prior to the financial year, the same are capable of adjustment at the end of the financial year keeping in view the profits earned with a view to increase expenditure and reduce income.

Notification No. G.S.R. 749(E), dated 05/10/2011

October 5, 2011 2331 Views 0 comment Print

These rules may be called the Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2011. (2) They shall come into force with effect from 6th October, 2011. 2. In the Companies (Central Government’s) General Rules and Forms, 1956, after Form 23ACA, the following Forms shall be inserted, namely:-

Companies who need to file B/S & P/L Account in XBRL have to file form 23AC-XBRL & 23ACA-XBRL

October 5, 2011 6870 Views 0 comment Print

The following class of companies have to file their Balance Sheet, Profit and Loss Account and other documents as required under section 220 of the Companies Act, 1956 with the Registrar using the Extensible Business Reporting Language (XBRL) taxonomy given in Annexure enclosed to the rules for the financial year ending on or after 315t March, 2011 with e-Form no. 23AC-XBRL and 23ACA-XBRL specified under the Companies (Central Government) General Rules and Forms, 1956, namely:-

Quartely Result of Listed Companies should disclose figures in respect of immediately preceding quarter and shall be accompanied by limited review report

October 5, 2011 3230 Views 0 comment Print

(a) Amendments to Clause 41 – Disclosure of quarterly financial results- i) In order to give a better comparative picture of the quarterly financial results, listed entities shall disclose figures in respect of immediately preceding quarter as well in addition to the existing requirements. ii) Listed entities shall also submit the last quarter results along with the audited annual results. (b) Amendments to Clause 41 – Submission of financial results- It is being observed that certain listed entities, while submitting their interim financial results, submit unaudited financials first and subsequently submit the limited review report after a lag. It is hereby clarified that submission of unaudited results shall be accompanied by the limited review report of the auditors.

Sebi announces Uniform Know Your Client (KYC) Requirements for the Securities Markets

October 5, 2011 3500 Views 0 comment Print

Capital market regulator Sebi vide CIRCULAR MIRSD/SE/Cir-21/2011 , Dated- October 5, 2011 announces introduction of uniform forms and documents for the purpose of customer identification by different market intermediaries like stock exchanges and mutual funds, a step intended to bring uniformity to the process. The new rule will be effective from January 1 next year.

RBI relaxes domestic money transfer norms for those who do not have access to formal banking channels for want of proof of identity/address

October 5, 2011 1862 Views 0 comment Print

At present only banks are permitted to initiate money transfers in the country subject to adherence of KYC/AML guidelines. A large number of people, particularly the migrant population, do not have access to formal banking channels for want of proof of identity/address. Consequently, they face difficulties in using the authorized channels for transferring funds. Reserve Bank has been receiving frequent representations to open up the formal banking channel to facilitate fund transfers of small value, subject to monthly ceilings and monitoring, to give impetus to the process of financial inclusion. We are issuing these guidelines after having reviewed the related issues. These relaxations are expected to provide money transfer facilities in a safe, secure and efficient manner across the length and breadth of the country.

Demand of dues after settlement amounts to extortion of money from complainant by the bank

October 5, 2011 1123 Views 0 comment Print

Censuring Standard Chartered Bank for raising undue credit card bills against a customer and trying to ‘extort’ money from him, a Delhi district consumer forum has asked the bank to pay him Rs 1.1 lakh as damages.The District Consumer Disputes Redressal Forum said raising undue credit card bill of Rs 74,000 and putting the customer’s name in defaulters’ list due to which he could not avail the services of any other bank was illegal and asked Standard Chartered to desist from such activities in future.

Supreme Court interprets choice of SIAC Rules as exclusion to the applicability of Part I of the Indian Arbitration Act

October 5, 2011 3881 Views 0 comment Print

Yograj Infrastructure Ltd Vs Ssang Yong Engineering & Construction Co. Ltd. (Supreme Court of India)- SC ruled that where the seat of arbitration was Singapore, rules governing the arbitration were of the Singapore International Arbitration Centre (SIAC) and the substantive law of contract was Indian law, then Part I of the Arbitration and Conciliation Act, 1996 (the 1996 Act) was excluded by implication.

Exposure Draft of Amendments to Ind AS 12 Income Taxes (Comments to be received by 5 November 2011)

October 5, 2011 576 Views 0 comment Print

Following is the Exposure Draft of the Amendments to Indian Accounting Standard (Ind AS) 12, Income Taxes, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

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October 2011