In exercise of the powers conferred by Sub-Section (2) of Section 22D of the Chartered Accountants Act, 1949 [as amended by the Chartered Accountants (Amendment) Act, 2006] read with Section 22A of the Company Secretaries Act, 1980 [as amended by the Company Secretaries (Amendment) Act, 2006] and Section 22A of the Cost and Works Accountants Act, 1959 [as amended by the Cost and Works Accountants (Amendment) Act, 2006], the Appellate Authority hereby makes the following rules, namely- These rules shall be called ‘Appellant Authority (Procedure) Rules, 2011’.
State-owned Bank of India (BoI) today raised fixed deposit rates on various maturities by up to 2.5 per cent. The bank increased the interest rate by 250 basis points (2.5 per cent) to 5.50 per cent for term deposits of 31-45 days” tenor. The deposit rate increase is the maximum in this slab, the bank informed the Bombay Stock Exchange (BSE).
The Government of India notified the Double Taxation Avoidance Agreement (DTAA) with the Government of Mozambique for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 31st May, 2011. The DTAA provides that business profits will be taxable in the source state if the activities of an enterprise constitute a permanent establishment in the source state. Examples of permanent establishment include a branch, factory, office, place of management, etc. Profits of a construction, assembly or installation projects will be taxed in the state of source if the project continues in that state for more than 12 months.
Humanity & another Versus State of West Bengal & Ors. (Supreme Court) – Several writ petitions were filed in public interest before the Calcutta High Court challenging the allotment of land given in favour of Mr. Sourav Ganguly (hereinafter referred to as allottee), by the State of West Bengal. The High Court, by its judgment dated 12.4.2010, upheld the allotment of plot of land being plot no. CA-222 by allotment letter dated 17.2.2009. It disposed of all the petitions by a direction that in order to retain leasehold rights and possession of the said plot in Sector-V, Salt Lake City (Bidhannagar), Kolkata, the allottee has to pay the State Government a sum of Rs. 43,25,500/-, failing which the lease deed dated 1.4.2009 shall be treated as invalid and possession of the land shall be handed back to the State Government.
General Circular No. 38 /2011 TMCA has blocked filing of various forms by companies who have failed to file annual accounts and return for any financial year from 2006-07 to 2009-10. The only forms permitted are Annual Accounts, Annual Return, Compliance Certificate, DIN-3, Form 32 for change in directors, Form 21 for Court / Tribunal / CLB orders, IEPF forms. ROC has been directed not to accept any forms (except those mentioned above) in respect of other companies where the Directors of the defaulting company are directors.Company Secretaries and Auditors are not permitted to file forms for these companies as well.Necessary action would be taken against the defaulting directors and officers. This would take effect from 3 July 2011
Centre has sought the views of State Governments and Political Parties on certain issues related to drafting of Lokpal Bill. The text of the letter written by the Chairman of the Drafting Committee, Shri Pranab Mukherjee is as follows: The issue of setting up of a Lokpal to curb corruption in high places has been under the consideration of the Government of India for some time. In this context, the Legislative Department had prepared a draft Lokpal Bill in 2010, a copy of which is annexed. Simultaneously, some members from civil society have been advocating setting up of a Lokpal and a draft bill prepared by them is also annexed.
Concerned over low tax-GDP ratio, Home Minister P Chidambaram has pitched for higher taxes on luxury products and imposing inheritance tax. Chidambaram, who is a former finance minister, had expressed these views at the full Planning Commission meeting headed by Prime Minister Manmohan Singh last month.
Let the faith of people of the world be restored in democracy for good, where the supreme power lies with the citizens who themselves elect people to represent them; democracy needs to be celebrated and kept alive by all possible means. Father of our Nation Mahatma Gandhi agrees to its value and suggests that actions inspired by tolerance, nonviolence and love could lay stronger foundations of democracy, and a change of heart can possibly be a better device to change the spirit of democracy, if required and desired. Violence is never a weapon of strong and brave people; it can only represent our moral and intellectual bankruptcy, Mahatma opines. The spirit of democracy has to come from within.
The Delhi High Court today asked Competition Commission to provide the NSE by friday its complete order including views of members dissenting with the majority ruling that held the bourse guilty of abusing market dominance.
CIRCULAR [F. NO. A. 35017/35/2011-AD.II], DATED 30-5-2011 – I am directed to state that seven (7) posts of Indirect Tax Ombudsman at 7 stations, viz., New Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Ahmedabad and Lucknow (in the HAG + pay scale of Rs. 75,500-80,000 per month) have been created vide Sanction Order No. 92/2011, dated 5-5-2011 issued from File No. A-11011/1/2006-Ad.I of this Department.
