Entities are awarded a certificate of lower deduction or non-deduction of tax at source on receivables under Section 197 of the Income-tax Act, 1961. “This is generally for cases where the tax payee is not profitable or there is likely to be no tax liability on him at the end of the year. However, we have found several cases of misuse,” the source said.
Capital Market regulator Securities and Exchange Board of India said on Friday that it was working together with the insurance watch dog to expeditiously find a “legally binding” resolution to who controls unit linked products and there are no restrictions on investment in existing schemes.
SEBI chairman C B Bhave on Friday said the market watchdog is planning to introduce more currency derivatives products, beginning with options, to give a wider choice to investors. “We will look into other kinds of derivatives (in currency trading), options to begin with, in order to offer increased products that are available,” Bhave said at a CII conference on Indian financial markets.
Cyril Shroff, Zia Mody and Nisith Desai are big names in India’s legal profession. They are among the most-in-demand corporate lawyers in the country for their experience, expertise as well as their image. Branding has become crucial for law firms competing in a marketplace where cross-country takeovers, mergers and copyright disputes are commonplace.
Inter-departmental consultations between Ministries of Finance and Corporate Affairs including Securities and Exchange Board of India (SEBI) are at advance stage of maturity for rolling out “relaxed and enlightened” regulations for private equities (PEs) and Venture Capitalists (VCs) so that India attracts larger volumes of their investments in areas of infrastructure, healthcare and clean energy, according to R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs.
Some of India’s large real estate firms are seeking exemption from adopting the proposed International Financial Reporting Standards (IFRS) from the next fiscal year. All real estate companies that form part of the NSE’s Nifty-50 or BSE’s Sensex-30, will have to report financial returns according to the stringent revenue recognition norms laid down by the IFRS.
The Indian Premier League (IPL), which began a trend of auctioning cricketing talents by its franchises, seems to have signaled the beginning of a possible accounting issue in future. At least, the country’s apex accounting standards setting body, Institute of Chartered Accountants of India (ICAI), believes so.
Government on Friday said as many as 1,120 cases pertinent to corruption and economic offences are pending probe by Central Bureau of Investigation (CBI). In a written reply to Rajya Sabha, Minister of State in the Ministry of Personnel, Public Grievances & Pensions Prithviraj Chavan said a total of 1,120 corruption and economic offence cases are pending probe by CBI.
With allegations and counter allegations over the bidding process, Income Tax officials today visited the headquarters of the cash-rich IPL and office of its Commissioner Lalit Modi to inquire into financial details and share holding patterns of all the league franchisees.
Apex cost accountants body ICWAI today said it will set up centres for filing returns and tax-related documents electronically. Under an agreement signed with Central Bureau of Excise and Customs (CBEC), the Institute of Cost and Works Accountants of India (ICWAI) will provide facilitation centres across the country for e-filing of returns and documents to the central excise and service tax assesses.
