The process of organizing the Tenth ICSI National Award for Excellence in Corporate Governance 2010 which was instituted in the year 2001 by the Institute of Company Secretaries of India has commenced. The Award aims to identify corporates which best establish and follow good corporate governance norms in letter and spirit.
Addressing a press conference here, Mr Vinayak S. Khanvalkar, President, ICSI, said ICSI’s priority would be to ensure that student services are more effective and efficient. The institute will make endeavour to see that they are appropriately skilled to meet the expectations of corporates.
The revised DTC proposed to continue with the exempt-exempt-exempt (EEE) regime for Government Provident Fund (GPF), Public Provident Fund (PPF) and Recognised Provident Funds (RPFs) and the pension scheme administered by the Pension Fund Regulatory and Development Authority. In addition, approved pure life insurance products and annuity schemes would also get the same tax treatment.
Tax treatment of savings:-The DTC has proposed contributions up to Rs 3 lakh in a year (both by employer and employee) to any account maintained by a permitted savings intermediary be exempt from tax, and would remain untaxed if it remained in that account. Withdrawals are to be included in income from residuary sources, and taxed accordingly.
Breach of Regulations 65 & 78 – Non submission of Form 112 – (19-06-2010).Further to our announcement dated 08th January, 2010, the appropriate Committee of the Institute in its recent meeting in view of the difficulties being faced by students decided that the following course of action be adopted for dealing with the cases of condonation of Regulation 65 w.e.f. 1st April 2010:-
With the advent of MNCs(Multi National Concerns) a trend has also been adopted by the MNCs to structure their investments and business strategy in such a way that profits are maximized in such jurisdictions where tax rates are low, which give rise to the emerging problem of transfer pricing all over the world.
Every Finance Act brings with it some new services under the purview of the Service Tax. The Associated Enterprises were also a part of those services that were brought under Service Tax Act in the year 2008 vide the Finance Act. From the beginning the service of the Associated Enterprise is walking with some uniqueness.
The revised discussion paper on Direct Tax Code (DTC) proposes to introduce General Anti Avoidance Rules (GAAR ) to curb tax avoidance by disregarding any arrangement called ( Impermissible Avoidance Arrangement (IAA) ) entered or carried on in a manner
The PD Committee in its meeting held on 10th June 2010 at Bangalore has approved in principle the “Draft of ICWAI Members’ Handbook-A guide to members in employment and practice”. It was decided by PD Committee to seek feedback/ suggestions from the members by 7th July 2010. After analyzing these suggestions the PD Directorate will incorporate the same before putting up to Council in its meeting to held in July 2010 for final approval before printing.
One of the contentious provisions proposed by the DTC was the introduction the EET regime wherein long-term saving schemes (i.e. Government Provident Fund, Recognised Provident Fund, Public Provident Fund, Life Insurance etc.) were to be taxed at the time of withdrawal from such schemes.
