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Archive: 13 August 2012

Posts in 13 August 2012

Company wind-up power is conferred on Court & notwithstanding any arbitration agreement

August 13, 2012 846 Views 0 comment Print

Power of winding up of a company was conferred on the Court and notwithstanding any arbitration agreement between the parties the arbitrator would have no jurisdiction to pass the said order. We fail to appreciate, how this decision would help us to decide the present controversy.

FAQs- Domestic / NRI Deposits, Advances against Shares and Debentures, Donations, Loans for Premises and Service Charges

August 13, 2012 261 Views 0 comment Print

RBI FAQs ON DOMESTIC DEPOSITS, DEPOSITS OF NON-RESIDENTS INDIANS (NRIs),  ADVANCES, ADVANCES AGAINST SHARES AND DEBENTURES, DONATIONS,  LOANS FOR PREMISES AND  SERVICE CHARGES Department of Banking Operations and Development Central Office I. DOMESTIC DEPOSITS Q 1. Whether banks can accept interest free deposits? Ans. Banks cannot accept interest free deposits other than in current account. […]

Extension of due date for filing MVAT return for the period ending 30th June 2012

August 13, 2012 2511 Views 0 comment Print

The due date for the return period ending June 2012 (i.e. for monthly and quarterly filers) was 21st July 2012. By virtue of the Para 5 of Trade Circular 1T of 2009 dated 12th January 2009 the additional 10 days period was provided for uploading of the return provided that these dealers made the payment of tax due as per return on or before the prescribed due date.

Cost to be allocated for credit monitoring by Indian branch for its peer foreign branch

August 13, 2012 997 Views 0 comment Print

The assessee had submitted that direct salary cost should be considered and indirect overhead cost should not be considered as concerned employees performed insignificant role for the credit monitoring assistance done for the overseas associate enterprises. However, it is true that no fresh ECB loans have been granted during the year under consideration, but services indeed have been rendered by the assessee to its overseas entities.

Contractor to deduct TDS u/s. 194C on work he got done from sub-contractor even if sub-contractor raises bill directly in the name of party

August 13, 2012 13852 Views 0 comment Print

Entire nature of work comes squarely within the realm of ‘carrying out any work in pursuance of a contract’ as stipulated in section 194C. ‘Carrying out any work’ has a very wide import, which includes within its ambit not only simply works contract but also all kind of work, which a person carries out in pursuance of a contract.

SEBI – Business Responsibility Reports – Amendment in Listing Agreement

August 13, 2012 1104 Views 0 comment Print

At a time and age when enterprises are increasingly seen as critical components of the social system, they are accountable not merely to their shareholders from a revenue and profitability perspective but also to the larger society which is also its stakeholder. Hence, adoption of responsible business practices in the interest of the social set-up and the environment are as vital as their financial and operational performance

Activities of ROC and SFIO

August 13, 2012 1703 Views 0 comment Print

The ROC and Serious Fraud Investigation Office (SFIO) are not engaged in similar work. ROCs primarily work as Registrar/Regulators for administration of the various provisions of the Companies Act, 1956 and SFIO is responsible for investigation of serious nature of financial irregularities/frauds committed by companies, entrusted to it by the Central Government.

No exemption provided to any Sector under the Competition Act, 2002

August 13, 2012 547 Views 0 comment Print

The Competition Act, 2002 does not provide exemption to any sector including telecom and banking sectors from its ambit. This was stated in the Rajya Sabha by Shri R.P.N. Singh, Minister of State in the Ministry of Corporate Affairs in reply to an USQ question today. Department of Financial Services has approached Ministry of Corporate […]

Manner of Dealing with Audit Reports filed by Listed companies

August 13, 2012 1776 Views 0 comment Print

. SEBI, in its continuous endeavor to enhance the quality of financial reporting being done by listed companies, has now decided to put in place a system to monitor the audit qualifications contained in the audit report accompanying the audited annual financial statements submitted by listed companies. The exact text of amendments to Equity Listing Agreement in this regard is given in the Annexure to this circular.

Provisions of Section 44AD – As Amended by Finance Act 2012

August 13, 2012 155340 Views 43 comments Print

i. Section 44AD is a part of the Presumptive Scheme of Taxation which reads as Special Provisions for computing profits and gains of business on presumptive basis. ii. Such presumptive taxation u/s 44AD and 44AE was introduced by Finance Act 1994 w.e.f. A.Y. 1994-95. Under that regime, section 44AD was applicable to assessees engaged in the business of civil construction or supply of labour for civil construction.

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