Central Government specifies LLP as a body corporate for the limited purpose of section 226 (3) (a) which deals with appointment of auditors vide notification dated 23.05.2011.The notification given clarifies that LLP will not be treated as body corporate for the purpose of f section 226(3)(a) of the Companies Act 1956 which is related to appointment of statutory auditor and put restriction on appointment of body Corporate as statutory auditor. The circular paves the way for appointment of LLP as statutory auditor of the company. It is to be noted that MCA has already allowed vide General Circular No. 10/2011 dated – 04.04.2011 to the CA/CS/CWA to practice under LLP in partnership with other fellow members of same institute and in case of CS, also with members of such recognized profession as may be prescribed.
Ministry of Corporate Affairs
Notification
New Delhi the 23/05/2011
S.O. 1152(E). – In exercise of the powers conferred by clause (c) of sub-section (7) of section 2 of the Companies Act, 1956 (1 of 1956), the Central Government hereby specifies, for the purpose of the said clause, the Limited Liability Partnership, a body corporate, incorporated under clause (1) of section 3 of Limited Liability Partnership Act, 2008 (6 of 2009), for the limited purpose of clause (a) of sub-section (3) of section 226 of the Companies Act, 1956.
[F No 2/2/2011-CL.V]
Win Director
Note:- The Principal notification was published vide number G.S.R. 1883 dated the 20th December, 1965
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Baba Ramdev and Black Money
There is no doubt that a billion Indians will support Baba Ramdev in his campaign to bring back black money.
But even if he succeeds, new black money will replace the old black money !
You cannot cure a disease by treating its symptoms.
We must find a way to “ stop “ the generation of black money in the first place.
New finance minister of West Bengal, Dr. Amit Mitra recently confirmed that out of every rupee of revenue, 35 paise goes towards interest payment on state borrowings and 58 paise goes to pay salaries of Govt. staff, leaving a measly 7 paise for development.
So the honest tax-payer is asking :
“ When I pay the government, one rupee by way of tax, I get back only 7 paise worth of infrastructure / housing / education / healthcare etc. Then why pay taxes ? Why not finance these needs directly on my own – bypassing the tax authorities ? “
And this is true of nearly all the states of India.
My suggestion :
If a tax payer invests any amount into Govt approved Special Purpose Vehicles ( SPV ), solely devoted to create infrastructure / housing / education / healthcare etc, let that money be tax-free, with no questions asked as to its source. All the profits / dividends earned by an individual thru such investments must be made 100 % tax-free and forever .
Just imagine what an annual investment of $ 100 billion ( Rs.5 lakh crores ) on activities like these can do to our economy !
Within 5 years, it will pull-up 500 million people above the “ Poverty Line “.
My request to Baba Ramdev :
Please refocus your strategy. We are with you all-the-way.
With regards
hemen parekh
Jobs for All = Peace on Earth