Government is considering the inclusion of new provisions in the existing tax laws, called Controlled Foreign Corporation (CFC) laws, as suggested by the Kelkar Task Force on tax reforms.In view of a spurt in overseas investment by Indian companies, it has become necessary to frame CFC laws to prevent loss to the exchequer, the official […]
The Minister for Corporate Affairs, Mr Salman Khurshid, Yesterday introduced the Companies Bill, 2009 in the Lok Sabha. The main objectives of the Companies Bill, 2009 are as follows –(a) to revise and modify the Companies Act, 1956 in consonance with the changes in the national and international economy;(b) to bring about compactness by deleting […]
In the recent past the global & national economic environment has witnessed many a financial failures, which has drawn the attention of the world on the quality of Accounts & Audit practices being followed. In its proactive pursuit to upgrade and maintain audit quality, Peer Review Board was established by ICAI to ensure high standards of […]
Most countries have Controlled Foreign Corporation (CFC) laws that enable authorities to levy such taxes. These laws effectively check the governments’ revenue loss due to the transfer of undistributed dividends to offshore tax havens like Isle of Man, Cayman Islands and Mauritius. Indian tax authorities, for long, have maintained that there is a need to […]
Section 14A of the Central Excise Act provides that:- If at any stage of enquiry, investigation or any other proceedings before him, any Central Excise Officer not below the rank of an Assistant Commissioner of Central Excise or Deputy Commissioner of Central Excise having regard to the nature and complexity of the case and the […]
Bench functioning Notice From 03.08.09 to 06.08.09 The Following Benches will not function during the period 03.08.09 to 06.08.09:- ” A-1, B-1, E-1 , K, L & WT ” The cases are adjourned to respective dates. Please see separate Notice.
GOVERNMENT has said that the profession of Chartered Accountants is regulated under the Chartered Accountants Act, 1949 including disciplinary action in Satyam-like cases. The Central Vigilance Commission does not have any role in such cases. Chapter V of the Chartered Accountants Act, 1949 has been amended in 2006 to provide more effective disciplinary mechanism to […]
Continuing my tryst with capturing the life and times of Nandan Nilekani in his new avatar as a Cabinet Minister, here is what he had penned after his first day in the Parliament. The last entry stopped when the House was just about to begin. Let’s see what happened thereafter.
The Government has said that as per the proposed Companies Bill 2009, the companies registered under the Companies Act, 1956 and companies incorporated in the jurisdiction of such countries as may be notified from time to time by the Central Government, may merge or amalgamate. By virtue of the specific clause on Cross Border merger […]
According to the Reserve Bank of India (RBI) guidelines, banks are required to charge interest rate on loans at monthly rest with effect from April 1, 2002. Charging of interest on loans at monthly rests is, however, not applicable to agricultural advances where, for the convenience of borrower, interest rests are linked to crop seasons […]
