Delhi finally has its own excise Act. After years of preparation, the Delhi Excise Act 2009 came into effect from Monday. The Act replaces the outdated Punjab Excise Act 1914 and is modelled after the Model Excise Act suggested by the Centre.
Fearing that the government may soon make a company promoter liable for mistakes even though they are not actively a part of the board’s decision-making process, India Inc has asked the ministry of corporate affairs to reconsider the relevant proposa
The Union ministry of corporate affairs is likely to approach the Supreme Court for permission to appoint a new central administrative head for offices of the registrar of companies (RoC) spread across the country. The move comes against the backdrop
The finance ministry has assured the Employees Provident Fund Organisation , or EPFO, that the entire 9.5% interest on the accumulated corpus of account holders for the current fiscal will not be taxed, ending speculation that the government would st
The income Tax Department has demanded 570 crore from Mahindra Satyam (earlier Satyam Computer Services) for illegally claiming tax credit on fictitious income during the 2003-04 to 2008-09 period.
Borrowers often find their home or auto loan applications rejected due to credit rating scores from the Credit Information Bureau of India, or Cibil. And sometimes, even though they may not have defaulted, it can be the outcome of a dispute with a ba
However, in case the promoters fail to bring in their balance share of sacrifice within the extended time limit of one year, the asset classification benefits derived by banks in terms of para 14.2.2 of the above circular will cease to accrue and the banks will have to revert to classifying such accounts as per the asset classification norms specified under para 11.2 of our above circular.
CIT Vs. Saranapal Singh (HUF) (Punjab & Haryana Court)- In the instant case, it was held that where the assessee had received a certain amount as short term loan and was duly repaid the said amount could not be treated as income of assessee under section 56(2)(v) of the Act.
The proposed Direct Taxes Code (DTC) and the goods and services tax (GST) will likely be taught to commerce students in universities on the initiative of the Institute of Chartered Accountants of India (ICAI). The ICAI is in talks with several univer
The Institute of Chartered Accountants of India (ICAI), the national standard setting body of auditors, has proposed comprehensive changes to the current accounting practices in commercial banks to make bank audits foolproof and effective.
