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.
Loan defaulters will now find it difficult to rid themselves of all their liabilities through the one-time settlement scheme. Public sector lenders plan to insert a clause that will bar them from withdrawing criminal cases against private persons, irrespective of a settlement.
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.
Revised discussion paper on direct taxes code clarified that the domestic code would not override the double taxation avoidance agreements.This could come as a huge relief as majority of the FIIs operating in India are registered in tax havens. The discussion paper also removed the ambiguity on income classification for tax computation.
The Ministry of Corporate Affairs (MCA) has shelved its idea of auditing the books of listed companies by independent auditors.It was part of the joint plan of market regulator Securities and Exchange Board of India (Sebi) and the ministry to conduct peer review of audits, which involves getting the audit reports of a company vetted by another auditor for a second opinion.
Currently Ulips come under the EEE (exempt exempt exempt) regime when it comes to taxation. What this means is that the money invested in an Ulip is tax exempt, the returns earned during the tenure of the Ulip are tax exempt and the amount received at maturity is also tax exempt.
The Accountancy & Actuarial Discipline Board (AADB) said it would probe the final years before the bank’s demise, focusing on the use of particular repurchase transactions, known within Lehman’s as Repo 105s, allegedly used to displace assets during sensitive reporting periods.
The revised discussion paper on DTC, released on 15.05.2010, has addressed the concerns on all the nine areas that were brought to the notice of the Finance Minister. It has sought to restore the computation of minimum alternate tax (MAT) on book profit basis.
Finally ending the political controversy over losses suffered on Indian Premier League (IPL) matches, the Maharashtra government has decided to tax the lucrative cricket tournament, according to an affidavit filed before the Bombay High Court on Monday.
The process of drafting a new Vision document – Vision 2020 is nearing completion. An important component of the Vision 2020 document is the Citizens’ Charter 2010. As a part of Vision 2020, the Citizens’ Charter 2007 was revisited by a Working Group constituted by the CBDT.
