India Inc is not on board with the government on several key issues pertaining to independent directors, managerial remuneration and rotation of auditors, as proposed in the Companies Bill, a senior official said on Thursday.
Sebi has proposed a new reporting system for mutual funds based on XBRL technology — a globally accepted standardised business reporting tool that enables easy dissection of bulk documents without delay.
The government on Thursday said it will soon notify the format that companies will have to follow while preparing their account books as per the international accounting norm IFRS from next fiscal. In an official statement, the Corporate Affairs Mini
“Ill gotten gains” are not the ill-ones if caused due to the interpretations of law. To survive in the cut-throat competition, the EOUs were allowed to clear the goods in Domestic Tariff Area. Being allowed the benefits like duty free import of input
Punjab and Haryana High Court in a recent case namely Tata Sky Limited v State of Punjab and another has held that levy of entertainment duty on providing entertainment by broadcasting signals on TV sets is intravires of the powers of the State Legislature. The Petitions of TATA Sky Limited challenging the levy of entertainment duty under Punjab Entertainment Duty Act 1955, has been dismissed.
In view of the above, it has been decided that banks should not, henceforth invest in ZCBs unless the issuer builds up a sinking fund for all accrued interest and keeps it invested in liquid investments/securities (Government bonds). The other instructions contained in paragraph 2 (iii)(c) of circular dated January 30, 2009 remain unchanged.
In line with similar agreements earlier with Singapore and South Korea, India signed a two-way Comprehensive Economic Partnership Agreement (‘CEPA’ or ‘the Agreement’) with Japan on 16 February 2011. CEPA would provide a framework for enhanced cooperation between the two countries and is aimed to facilitate trade in goods and services and increase investment opportunities, besides protecting intellectual property rights. The Agreement is likely to be implemented from 1 April 2011.
Now, therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 143/2009-Customs, dated the 22nd December,2009, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R.918(E), dated the 22nd December,2009, namely: –
The Assessee had a unit at Bhopal which was not functioning since the assessment year 1997-98. For the assessment year 1998-99, the assessee claimed depreciation in respect of closed unit at Bhopal on the ground that depreciation would be allowable s
As on 11/2/2011 it has processed over 34.1 lakh e-filed returns of AY 2010-11 in all categories of ITRs including Corporate Returns and generated refunds in over 8.6 lakh cases. The Income Tax Department has now extended the last date for sending ITR
