CANCELLATION OF EXAMINATION OF GROUP-II-PAPER-5, TAXATION OF PROFESSIONAL COMPETENCE EXAMINATION AND GROUP-I- PAPER-4, TAXATION OF INTEGRATED PROFESSIONAL COMPETENCE EXAMINATION HELD ON 12TH MAY-2010 AT CENTRE NO.175 , KESHUB ACADEMY , 148 , RAMDULAL SARKAR STREET , KOLKATA.
The corporate form of organization is increasingly emerging as the preferred vehicle for economic and commercial activity and has contributed significantly to the growth of the Indian economy and the emergence of service, information and knowledge-based enterprises. In this backdrop, a comprehensive review of the Companies Act, 1956 and drafting of a new Companies Bill was taken up by the Government on the basis of a detailed consultative process and the Companies Bill, 2009 was introduced in Lok Sabha on 3rd August, 2009.
The Income Tax (I-T) department today searched seven offices of Parsvnath Developers. The department also conducted survey in 22 premises of the company at various locations across the country. “We have done a routine tax enquiry based on some information we had and have seized some documents. There are 100 tax officials involved in this investigation, conducted at Delhi and other regional offices of Parsvnath Developers,” said a source at the I-T Department.
Concerned over the practice of certain companies influencing rating actions, market regulator SEBI on Thursday proposed a stronger disclosure norms for credit rating agencies (CRA). “It is recommended that all registered agencies be required to disclose publicly on their websites their shareholding pattern and the names of the owners,” said a SEBI sub-group in its recommendation on which the regulator has invited comments from public.
The government is likely to subject all investments in sectors closed to foreign investments to greater scrutiny through a new oversight body to ensure that foreign capital does not slip into these sectors undetected. There have been allegations that under the new foreign direct investment policy overseas investments could be routed into the sectors closed to such investments. The prohibited sectors include multi-brand retail, gambling, betting, lottery, atomic energy and plantation.
The Corporate Affairs Ministry today said it may initiate further probe into the IPL franchisees caught in the middle of a controversy over ownership pattern and bidding process. The Ministry is analysing the reports submitted by the Registrar of Companies (RoCs) on 10 IPL franchisees. The reports include details on the bidding process, sweat equity, memoranda of association and also franchise agreements.
The committee, which had representations from stock exchanges, law firms, brokerages and depositories, among others, reviewed the eligibility norms for market intermediaries including merchant bankers, asset management companies (AMCs), credit rating agencies, brokers and depositories. Public comments can be submitted until June 14.
The ICAI is pleased to note that its suggestion relating to exemption of capital gains in the hands of shareholders consequent to conversion of a company into a LLP, has found favour with the Government. It is also heartening to note that one out of the three amendments made while passing the Finance Bill, 2010 was in accordance with the suggestion given in the Post-Budget Memorandum, 2010 submitted by the Direct Taxes Committee of ICAI. One of the other two proposals is an extension of relief granted unilaterally by the Honourable Finance Minister.
In order to provide prompt services to the expanding base of members and students, the ICAI is launching its e-Sahaayataa service on June 1, 2010. The e-Sahaayataa shall act as the only e-channel for the entire base of members and students of the Institute and other stakeholders of the profession at large wherein all their queries/complaints/grievances pertaining to the day to day working shall be catered to and be resolved by ICAI within 3 – 7days from the date of entering such query/complaint/grievance.
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