The Finance Act, 2011 for the first time introduced the provisions relating to Alternate Minimum tax for the Limited Liability partnerships. In order to moderate the outgo of profit linked deductions, the Finance Minister in the year 2012, extended the levy of this tax to all non corporate assesses. The onerous responsibility to verify the […]
No Cause for Panic due to Currency Market Volatility; Government has No Intention to Introduce Any Capital Controls: FM The Union Finance Minister Shri P. Chidambaram said that revival and encouragement of growth will continue to be the focus of the Government. Shri Chidambaram said that stronger growth will, in course of time, alleviate many […]
The Government has said that the reports appearing in a section of media indicate that a Section 25 Company, “Thought Arbitrage Research Institute” has published a study indicating inter alia occurrence of frauds in companies due to factors like inadequate internal control procedures, diversion of funds by promoters/ top management, failure of audit in detection […]
Fast Track Exit Mode for Defunct Companies The Ministry of Corporate Affairs launched “Fast Track Exit Mode” on 03.07.2011 to provide an opportunity for defunct companies under Section 560 of the Companies Act, 1956 for getting their names struck off from the register of companies, to facilitate the exit of such defunct companies without getting […]
Scrutiny of NBFCs to Determine that they are not Crossing their Mandate The Ministry of Corporate Affairs has recently forwarded a list of 34,754 companies which are registered under the Companies Act, 1956 and classified / categorised as “Non- Banking Financial Companies” (NBFCs) in the records of Ministry of Corporate Affairs and these companies may […]
All the members / firms who are empanelled (whether audits are allotted or not) with Co-operative Department of Maharashtra in March 2013 are required to register and sign-in on https://mahasahakar.maharashtra.gov.in and upload data.
Avoid Last Minute Rush; Pay IT in Advance at Bank Branches/RBI: RBI appeals to Public The Reserve Bank of India has appealed to public to avoid last minute rush and remit their Income-tax dues sufficiently in advance of the due date of September 30, 2013. It has also urged the assessees to take advantage of […]
The Committee on Accounting Standards for Local Bodies of the Institute of Chartered Accountants of India invites comments on any aspect of this Exposure Draft of Accounting Standard for Local Bodies (ASLB) 31, ‘Intangible Assets’.
The Reserve Bank of India has directed two Non-Banking Financial Companies (NBFCs), viz., Muthoot Fincorp Ltd. (MFCL) and Manappuram Finance Ltd. (MAFIL) to stop allowing the use of its premises / branches to accept deposits from public by their associate unincorporated bodies.
Damaged Currency Notes Reserve Bank of India (RBI) has informed that no instance of damage of currency notes in various public sector banks across the country have been brought to their notice in the recent past. However, during the year 2010 currency notes amounting to Rs. 3.75 crores kept in Currency Chest at SBI Fatehpur, […]
