This Act may be called the Company Secretaries (Amendment) Act, 2010. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
Under section 51 of PVAT Act 2005 information collection centers have been established by the Punjab Government at various places with a view to prevent and check the evasion and avoidance of tax under PVAT Act. Section 51(1) of PVAT Act authorizes the state government to establish such information collection centre or check posts by notification.
Need for Compliance Management Secretarial Audit is compliance audit; it is a part of total compliance management in an organisation. The Secretarial Audit is an effective tool for corporate compliance management. It helps ensure timely corrective measures when non-compliance is detected.
Pursuant to the annual budget, the Government of India (Government) had introduced the Finance Bill 2010 (Finance Bill) in the Parliament on 26 February 2010. The Government has now proposed certain amendments to the Finance Bill (As a reply to the debate on the Finance Bill in the lower house of the Parliament) as initially presented before the Parliament. This Tax Alert summarizes the amendments proposed by the Finance Bill to the Direct Tax Law (DTL) and the Indirect Tax law (ITL).
In a decision that could have a bearing on all cross-border transactions, including those related to the Indian Premier League teams that are currently being probed by tax authorities, the Delhi High Court has ruled that any liability to withhold tax would arise only if payments to overseas entities is liable to be taxed in India.
I have been writing articles continuously on section 397/398 of the Companies Act, 1956 touching complicated and interesting areas as I feel. I am of the strong opinion that for good corporate growth, the law governing corporates or the companies should be clear and there should be an “effective redressel mechanism”.
The Government has informed the Parliament that the Institute of Chartered Accountants of India (ICAI) in terms of Section 17(2) of the Chartered Accountants Act, 1949 constituted a fact finding Committee called High Powered Committee to look into the entire gamut of financial reporting,
India chartered accountants eyeing work opportunities abroad will soon be spoilt for choice, with their nodal agency, the Institute of Chartered Accountants of India, negotiating with its counterparts in Canada, Singapore and Ireland to allow the professionals to take up assignments in these countries.
To strengthen corporate governance practices, the Institute of Company Secretaries of India will soon come out with a new secretarial standard asking a director of a company to disclose his transactions with other entity in which he has financial interest.
Over 3.7 lakh companies have not filed annual returns and balance sheets, which is mandatory under the Companies Act, for the fiscal year 2008-09, Parliament was informed on Friday.
