Winding-up – a brief: The Companies Act, 1956 contain elaborate provisions as to when a Company is to be wound-up, the procedure for initiating winding-up proceedings, the role of the managerial personal if the company is wound-up by the Company Court and the liquidation process to be conducted by the Official Liquidator appointed by the Company Court.
FM has put more money in the hands of a large section of tax-payers. There are also some additional tax breaks in the form of investments made into infrastructure bonds and health insurance. Our Personal Finance team speaks to experts on the best way to manage the additional income depending on your age group. If you earn between Rs 1,60,000 and Rs 5,00,000
With high paced growth in industrial sector, India will need at least 50,000 company secretaries (CS) by 2020, Institute of Company Secretaries of India (ICSI) said on Sunday. According to data released by ICSI, there has been over 70% growth in students enrolment for CS programme in last few years.
“With fixed deposit rates from banks coming down, investors seeking higher returns from fixed income products are investing in company fixed deposits,” says Aseem Dhru, MD & CEO of HDFC Securities, which has recently started distributing company fixed deposits. Company fixed deposits work for investors seeking assured returns higher than that offered by bank fixed deposits.
In a bid to salvage auditing profession’s credibility following the Satyam fraud, the Institute of Chartered Accountants of India (ICAI) said on Tuesday that it was considering making public the names of auditors found guilty in scams. ICAI is the regulatory body of chartered accountants in India.
I need not reiterate the fact that Company Law is complicated everywhere in view of its exposure, the interest of the stake holders, plethora of regulations, the stakes and the responsibility of the state or the statutory authorities. As everybody knows, in India, the jurisdiction to decide company disputes substantially rests with the Company Court and the Company Law Board.
Tax slabs liberalized :-The most significant and far reaching change proposed is the amendment in the income tax slabs. This move is a definite step towards taking the tax slabs to the proposed Direct taxes code (DTC) to be implemented in next year.
Real Estate sector which is slowly coming out of the Mid 2008 slump, has received good support from Union Budget 2010-11. While the budget has encouraged affordable housing below Rs 20 lakhs with 1% interest subvention for housing loan upto 10 lakhs and extension of benefits available under section 80IB by one more year, extension of some services are extended so as to bring under service tax impacting the industry in difficult times.
Following eight new services are proposed to be introduced: Services of promoting, marketing or organizing of games of chance, including lottery [Section 65 (105) (zzzzn)]. Health services, namely, health check up undertaken by hospitals or medical establishments for the employees of business entities; and health services provided under health insurance schemes offered by insurance companies.[Section 65 (105) (zzzzo)]
The assessee procured a foreign currency loan for expansion of its existing business. To ensure availability of foreign currency, the assessee booked forward contracts with a bank. The contract was for the entire amount and delivery of foreign currency was obtained from the bank for the installment due from time to time.
