A panel formed by the apex body of accountants to study the fallout of the scam at Satyam Computer Services Ltd has suggested the formation of a separate regulatory framework to oversee foreign entities providing a range of management consultancy, auditing and other services to Indian clients.
As we all aware, section 397/398 of the Companies Act, 1956 deals with oppression and mismanagement and the protection to the minority against the majority. The law makers could not have expected that a situation will come where a majority are harassed or oppressed by the minority. Sections 397/398 and other connected provisions of companies act, 1956 meant to provide relief to the minority shareholders against the majority when minority are oppressed or the property of the company is mismanaged.
Background :-The Central Board of Direct Taxes (CBDT) had made certain amendments vide Notification No. 31/2009 dated 25th March, 2009 in respect of –the Tax Deduction at Source (TDS)/ Tax Collection at Source (TCS) payments; and Compliance requirements (furnishing of quarterly statements / forms, issue of annual certificates, etc.).
The next CPT Examination (Paper- Pencil Mode) is scheduled to be held on 20th June, 2010. To be eligible to appear in June, 2010 Examination, an applicant is required to be registered for the CPT Course on or before 1st April, 2010.
In supersession of our earlier communication regarding constitution of the said Group for the year 2009-10, the President, in terms of the authority given to him by the Council at its meeting held on 12th February, 2010, has reconstituted the said Group with the following members :
“During the year 2009-10, the following 15 PSBs have exercised managerial autonomy in regard to selection and appointment of SBAs, viz. State Bank of India, Allahabad Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, Syndicate Bank, UCO Bank, Union Bank of India, Punjab & Sind Bank and Andhra Bank.
Get ready to shell out more tax up front on any income received if you are unable to provide your permanent account number from April 1. The tax deducted at source, or TDS, on payments could be as high as 20% for those not quoting PAN against the regular rate of 2%-10%.
Importantly, it is an astronomical financial stress if the entire investment process has to be completed within a couple of months. Let’s understand this with a few numbers: Relief under Section 80C — Rs 100,000.Relief under Section 80CCF (for infrastructure bonds) — Rs 20,000. Relief for medical insurance (self) — Rs 15,000 (premium). Relief for dependent (parents) — Rs 20,000 (premium).
Yesterday was the last day for filing income tax returns. Most take comfort from the fact that since tax has been deducted by their companies, filing returns can be delayed. But, the latter is equally important. Income Tax returns for financial year 2009-10 can be filed till July 31 without any penalty. But what if you have not filed returns for 2008-09 as well? The income tax (I-T) department is lenient here and allows you to file back-dated returns for the past two years. In other words, returns of A.Y. 2009-10 can be filed till March 2011.
Rule 6 of the Cenvat Credit Rules, 2004 provided that the cenvat credit will not be admissible on the inputs or input services which are used in the manufacture of exempted goods or which are used in providing the exempted services. The Rule 6 ibid also said that if the common inputs are used for manufacture of dutiable and exempted goods and the manufacturer is not able to maintain separate inventory then he has to reverse the cenvat credit at specified rate.
