The Government has said that the Companies Act, 1956 does not provide for appointment of Independent Directors. But, as per clause 49 of the Listing Agreement, all the listed companies are required to appoint Independent Directors. Giving this information in written reply to a question in the Lok Sabha today, the Minsiter for Corporate Affairs,
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Prices of residential flats are likely to go up by 4% in a couple of months, notwithstanding the recent relaxation in the service tax. The latest Union Budget had imposed a 3% service tax on builders, while the state would impose VAT of 1% on a flat’s price.
Additional I-T commissioner Sumitra Banerji and her husband Subrato, who were arrested in a Rs 1.80 crore bribery case registered by CBI three weeks ago, will spend some more time in jail, as their bail plea was rejected on Wednesday.
The corporate affairs ministry is tightening the noose around retail companies — a sector which has been left largely untracked due to the absence of a designated sectoral regulator.
The Income Tax department is planning a drive against tax evaders in the Kashmir Valley and to begin with will use “coercive” tools in the law to get people to file annual returns on their income.
Australia’s plan to impose a 40 per cent ‘super tax’ on the profits of mining companies has sent Indian miners scouting for acquisitions into a tizzy.The tax , proposed to be effective by July 2012, aims to raise an estimated Australian $9 billion for the government every year. This may severely dent the internal rate of return for projects already under consideration. This has prompted Indian firms to reassess their plans of entering the booming resources sector in Australia.
The ministry of corporate affairs, or MCA, is drawing up an amnesty scheme for companies that haven’t been able to file their annual returns and balance sheets in the 2008-09 fiscal and before that with the Registrar of Companies (RoC) and liable to penalties for missing the deadline.
Although the Income Tax Department is going all out to nab tax evaders in the high profile IPL-related cases, its past record shows that the agency managed to secure prosecution in barely 15 per cent of the cases. Going by this low prosecution rate, suspended IPL commissioner Lalit Modi and the franchisees he is said to have favoured, may not have much to worry about in the immediate future. That is assuming all the investigations against them result in chargesheets prosecutable in court.
Did National Congress Party (NCP) chief Sharad Pawar influence the government not to levy entertainment tax on the Indian Premier League (IPL) T20 cricket matches played in the state? Shiv Sena MLA Subhash Desai has so alleged in a public interest litigation (PIL) filed in the Bombay high court, seeking that entertainment tax be levied on the IPL games.
