Pending roll out of the much awaited Place of Supply Rules for Services, which was announced in Union Budget 2010-11 speech, the Government Of India has published the Draft Point of Taxation (For Services Provided or Received in India) Rules (‘the draft Rules’) for services alongwith Explanatory Notes to the Rules. The Rules are proposed to be issued by exercising the powers conferred under Section 94 (2) (hhh) of the Finance Act, 1994 (‘the Act’).
It is known to the corporate professionals that there are so many complications in getting the disputes resolved among shareholders in the Company. The disputes among the shareholders or the groups tend to come in closely held companies as the largely held Public Limited Companies should follow SEBI (DIP) regulations while allotting shares and as SEBI and the Stock Exchange monitors various issues in respect of Listed Public Companies.
Reliance Communications Infrastructure Ltd. (“RCom”) transferred shares of Reliance Infocomm Ltd. (RIL) worth INR. 50 crores at face value (INR.1) to one of the promoters (market value of shares being INR. 53.7).As per the promoter, the shares were not transferred but were pledged against a loan of INR 50 crores advanced to RCom.
The Finance Bill 2010, introduced provisions for conversion of private companies / unlisted companies into LLP along with conditions for tax neutrality of such conversions. One of the conditions for tax neutrality is that the total sales, turnover or gross receipts in any of the three years preceding the conversion does not exceed INR 6 mn. Consequential amendments were also made to various sections in the Income-tax Act 1961 (ITA).
This judgment emphasizes the fact that total amount of transfer pricing adjustment cannot exceed the absolute amount of revenue realized by the associated enterprise from third parties and idle capacity adjustment should be allowed to the taxpayer to improve the comparability analysis.
The Institute of Chartered Accountants of India soon proposes to start coaching classes for students through virtual classrooms, the Institute’s Vice-President, Mr G Ramaswamy, told journalists here on Sunday. “We will facilitate more virtual classrooms where students can access lectures and also download revisionary test papers, supplementary study material and suggested answers to prepare for exams,” he said.
There are many presumptive income schemes for small businessmen engaged in civil construction, transport business, retailers etc. A person covered under these schemes can declare his income under these sections on presumptive basis and can get himself free from the requirement of maintaining regular books of accounts u/s 44AA.
The Chinese economy was the first economy to show the hope of recovery when the world economy came to an end. Chinese stimulus package led the hope of fire run across the world as the FIFA CUP 2010 was made roaming across the World. The world economy got the first relief with the GDP numbers showing signs of growth came from the Chinese economy.
Enroll with the ICAI for Common Proficiency Test (CPT) after passing class 10th examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto.
Trouble seems to be brewing between the apex accounting body of chartered accountants, the Indian Chartered Accountants Institute (ICAI) and the Institute of Costs and Works accountants of India (ICWAI). The ICAI has declared an open war against the proposal of name change of ICWAI to Institute of Costs and Management Accountants of India (ICMAI).
