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.
Indian Judiciary is being criticized by all in the recent past. The media can criticize the judiciary and make it a news item using the general anger of the people on the Justice Delivery Mechanism in this country. But, in my opinion, many legal professionals, respected citizens and the respected judges too criticize the judiciary as it will cause a serious damage to the society if the judiciary and especially Higher Judiciary are not functioning as expected or as functioned in the past.
The Reserve Bank of India (RBI) will continue with prudential norms for banks, the Institute of Chartered Accountants of India (ICAI) has said. It also stated that International Financial Reporting Standards-9 (IFRS 9) for banks will not be adopted.
Three Months Residential Programme on Professional Skills and Development has been initiated by Board of Studies, ICAI for the benefit of Chartered Accountancy Students and newly qualified Chartered Accountants. All the students who have passed PCC/I
The President, in terms of the authority given to him by the Council at its 293rd meeting held on 12th February, 2010, has constituted a Group to consider and prepare a draft paper on the various concessions that one can have for physically challenge
Current situation: In light of the tax holiday available to the Power and Oil and Gas sector, MAT is a key provision impacting the sector. Currently, MAT is applicable at the rate of 18 percent (effective 19.93 percent considering surcharge and cess)
The Real Estate sector has been a key driver to India’s economic growth trajectory. The tax incentives offered to companies operating in this sector have provided them an edge in today’s fiercely competitive market. As such, continuation of these tax
-Undoubtedly, the DTC has done more good to the real estate industry, for instance, relief by way of grandfathering clause and removal of MAT based on Gross assets, there are certain provisions where further clarity would be required. for e.g. DTC ha
It is interesting to note the path of the Direct Taxes Code from the 2009 Bill to the 2010 one. Undoubtedly, the Code in its revised form is more simplified and aligned towards expectations of the oil and gas industry, for instance, grandfathering of
Current Situation: Under the existing provisions of the Act, an amount equal to 7.5 percent of the prescribed freight income is deemed to be the profits and gains of a foreign shipping company engaged in shipping business. The effective rate of taxat
