The Bombay High Court, in a recent order, came down heavily on the Income-Tax Department, which unilaterally injected an application for exemption for scientific and industrial research, without seeking guidance of experts on the matter. Tax authorities do not have the jurisdiction to decide on the issues pertaining to scientific research, according to a division bench of the HC comprising FI Rebello and JH Bhatia.
A chartered accountant working for Himanshu Sabharwal, son of Ujjain Professor H.S. Sabharwal who died after a fracas between students on the campus three years ago, was found stabbed to death under mysterious circumstances at the Delhi University’s North Campus on Thursday. Thirty-two-year- old Parminder Singh was found in a pool of blood by a […]
IT firms such as TCS, Infosys and Wipro expect their effective tax rates to go up in the coming years as more of their delivery units come out of Software Technology Parks of India. This would further impact the net profit of these companies, already under pressure because of the global economic crisis. The actual […]
In order to make online transactions Safe & Secure, Reserve Bank of India (RBI) has passed a new mandate with effect from 1st August 2009, wherein online credit card based transactions will include a new verification process. From the 1st of August 2009, every time you make an online payment, you will be directed to your bank’s website where you […]
The annual Membership and Certificate of Practice fees (if member holds certificate of practice) became due and payable on 1st April, 2009. Circulars advising members to pay the membership/certific ate of practice fee were sent to individual members in the month of April, 2009 and published in May, 2009 issue of the Journal. Attention of […]
Wrong selection of ITR :- One may sorely miss the old ‘one size fits all’ SARAL forms for the sheer ease and convenience of filling up the one page return, but they were not e-friendly. It was also cumbersome to attach a whole lot of supporting documents and spend a day away from the office […]
Companies Act, 1956 A company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year. Licensed Companies u/s 25 of The Companies Act, 1956 is required to maintain its books of account and vouchers for a period of not less than 4 years. The […]
SEBI/CFD/DIL/LA/2/2009/21/7 July 21, 2009 The Managing Director/ Executive Director/ Administrator of all the Stock Exchanges Dear Sir/Madam, Sub.: Amendments to the Equity Listing Agreement 1. It has been decided to amend the Equity Listing Agreement to prohibit listed companies from issuing shares with superior rights as to voting or dividend vis-à-vis the rights on equity […]
The Securities and Exchange Board of India, the markets watchdog, has done away with a no-delivery period for all types of corporate actions for scrips that are traded in the compulsory dematerialised mode and accordingly, short deliveries, if any. During corporate announcements like bonus or dividend, shares of that company were under a no-delivery period. […]
LLP is a new corporate form that enables professional expertise and entrepreneurial initiative to combine, organize and operate in an innovative and efficient manner. In India, this need has long been recognised for businesses which may require a framework that provides flexibility suited to requirements of service, knowledge and technology based enterprises. Services sector is playing a major role in the national economy and there is a growing diversity in the range of services being offered. The services sector also finds this form very useful.
