The Ministry of Corporate Affairs had decided to introduce a Scheme namely, ‘Easy Exit Scheme, 2011’ under Section 560 of the Companies Act, 1956 for the period 01.01.2011 to 31.01.2011, in order to give an opportunity to the defunct companies, for g
In a new twist to the black money issue, Tehelka on Friday released the names of 15 Indians, including three trusts, who it claimed had stashed their wealth in the LGT bank in Liechtenstein, a well-known tax haven. Revealing only the names but not th
Income tax department officials on Friday conducted searches in the office and residence of TDP MP Nama Nageswara Rao. I-T officials raided Nageswara Rao’s construction firm Madhucon in his native Khammam town besides premises at Hyderabad, sources s
Insurance – Guidelines on Outsourcing of Activities by Insurance Companies Reference: 1. INV/CIR/031/2004-05 dated 27th July, 2004 2. INV/CIR/058/2004-05 dated 28th December, 2004 3. RBI/2006/167 DBOD.NO.BO.40/21.04.158/2006-07 4. Regulation 7(c) of IRDA (Registration of Companies) Regulations, 2000 IRDA/LIFE/CIR/GLD/013/02/2011, DATED 1-2-2011 1. Introduction 1.1 Insurers in India are increasingly using outsourcing, as a means of both reducing […]
Insurance – Creation of Reserve for Unexpired Risk (URR) by the Non-life Insurance Companies for Health Segment CIRCULAR No. IRDA/F&I/CIR/F&A/015/02/2011, dated 2-2-2011 Authority vide Circular No. IRDA/F&A/ClR/49/Mar-09, dated March 24, 2009 had relaxed the requirement of section 64(1)(ii)(b) of the Act for computation of Reserve for Unexpired Risk for Health segment for the year 2008-09 […]
According to new rules, which will come into force from April one (next financial year), the ITO in ‘small cities and mofussil areas’ will now handle non-corporate returns up to Rs 15 lakhs (Rs 1.5 million) and corporate returns up to Rs 20 lakhs (Rs
As Indian companies farm out across the globe chasing business where they can through a slew of M&As and joint ventures, stodgy Indian banks are spreading following suit, as much to retain clients as to chase profits.
Business disallowance under section 40(a)(ia) – Payment to resident without deduction of tax-Amendment in section 40(a)(ia) by the Finance Act, 2010-Nature of amendment-Amendment made by the Finance Act, 2010 in section 40(a)(ia) is of clarificatory nature and hence would apply retrospectively from 1-4-2005.
Deemed dividend under section 2(22)(e)-Money advanced to shareholder for specific purpose-Where the company advanced certain sum to a shareholder for a specific purpose then the amount so advanced cannot be treated as deemed dividend under section 2(22)(e)
Despite the clear regulations in the Companies Act, 1956 as to how every Company should record its transactions, maintain books of account and should submit the approved Financial Statements with the ROC, financial transactions in some closely held companies would be really interesting to note and dealing with the cases of this kind would really be very complicated. The logic behind the settled accounting principles, the provisions of Companies Act, 1956 dealing with maintenance of accounts, Accounting Standards etc., can very easily be understood.
