Amendment to the format of disclosure under clause 35:-Currently custodians are classified as a separate category other than promoters and non – promoters. Henceforth, shares held by custodians shall be disclosed as a part of the promoter/ promoter g
Section 80IA(4)(i) of the Income-tax Act, 1961 (the Act) provides for a tax holiday to an undertaking engaged in developing, or operating and maintaining, or developing, operating and maintaining any infrastructure facility subject to satisfaction of certain conditions mentioned in the Section.
Under Section 80CCF, any individual or Hindu undivided family can invest up to Rs 20,000 in infrastructure bonds and avail of tax benefits. This will be over the Rs 1-lakh deduction allowed under Section 80C. So, an investor in the tax bracket of 30
THE Delhi high court has ruled that the tax authorities cannot initiate assessment proceedings simply on belief of escapement of tax, or belief that some income has escaped tax, effectively curbing powers of the revenue department to open past cases.
The Reserve Bank of India has sent to the finance ministry a draft of its discussion paper on conversion of foreign bank branches into wholly-owned subsidiaries. The draft is understood to recommend compulsory local incorporation, coupled with increa
Settling or putting an end to the disputes among shareholders by the Company Law Board under section 397/398 of the Companies Act, 1956 is a complicated job. When where exist serious difference of opinion among the minority and majority shareholders in a Private Limited Company, it would really be difficult for the Company Law Board to put an end to the matters complained of or to regularize the affairs of the Company.
The CIT is primarily responsible to submit the proposal in time. He cannot merely point out delay by the AO or Counsel. He has to explain action taken by him against officers responsible for delay and steps taken by him to prevent recurrence of such delay in future.
The Enforcement Directorate has registered a case for violation of Foreign Exchange Management Act as part of its probe into the alleged corruption in the run-up to the Commonwealth Games. Official sources said Central Bureau of Investigation has a
The Income Tax department is preparing a family tree of all senior officials, individuals and their relatives who have bagged Commonwealth Games contracts and also of consortiums which entered into joint ventures with foreign entities to float firm
Satyam founder B Ramalinga Raju on Wednesday said he never admitted to fraudulently appropriating money from the IT company. Defending the bail granted to him in the Supreme Court, Raju, interestingly, thanked the government for its efforts of putti
