| Rules for winding up of LLP firms will be announced soon 
The government will soon come out with rules for winding up of limited liability partnership (LLP) firms which can be either voluntary or under orders of a tribunal. "We have written to Parliament asking if the winding-up rules can now be... |
| Direct Tax code may take all benefit away from Factories, Business Processing Units and software development firms inside SEZ 
Factories, Business Processing Units and software development firms inside Special Economic Zones (SEZ) will lose all income tax benefits—the most crucial incentive for the tax free industrial enclaves— if the direct taxes code replaces the Income... |
Extension of date for existing manual system for accepting applications for declarations prior to 1/04/2008 
No. VAT/U.O.R.No. 88/JC(Reg.) Mumbai – Trade Circular No.. 23 T of 2009 , Dated : Date: 17.08.2009 Sub.: Procedure for on line submission of application [Statement of Requirement ] for the statutory forms (C/F/H/EI/EII) under the Central... |
Major changes proposed in Direct Tax Code related to Capital Gain tax 
The new draft Direct Taxes Code proposes to tax capital gains as regular income at normal tax rates, thereby removing the benefits of lower rates for long-term capital gains on sale of shares. It is proposed [...] Related.... |
Converting charitable trust into for-profit commercial entity set to become taxable under the direct tax code 
As per the changes proposed by the new code, a non-profit organisation will have to pay tax at a rate of 30% as per its net worth when it converts itself into an entity that does not qualify as a non-profit organisation. In fact, tax would be levied... |
| SEBI may offer listed companies option of switching over to IFRS for improved corporate governance 
Sebi will soon offer listed companies the option of switching over to the International Financial Reporting Standards for improved corporate governance, but is yet to take a decision on allowing quarterly audits, due to stiff opposition from... |
Detailed study of MAT provisions under direct tax code and its impact on tax liability 
MAT – Making Companies slim Ms. Kareena Kapoor style Introduction: 1.0 The objective of new Direct Tax Code (DTC) as stated in the Discussion Paper (DP) published are broadening the base, minimize exemptions, horizontal and vertical equity etc.... |
| Highlights of The Companies Bill 2009 
1. The Companies Bill 2009, contains 426 sections as against the existing 658 sections. The reduction of 232 sections in the Bill has been made possible by the power to make more than 200 Rules. IN UK the Companies Act has 1,300 sections and... |
| Only Profit on Sale of DEPB required to be considered for calculation of deduction u/s. 80HHC 
Special Bench of ITAT Mumbai recently held in the case of Topman Exports vs. ITO Expl. (baa) to S. 80HHC defines the term "profits of the business" to mean the profits under the head "profits and gains" as reduced by 90% of the sum referred to in... |
| ICAI announced result dates for MAC (Part-I), Tax Mgmt Course (Part-I), Corp Mgmt Course (Part-I), IRM and ITL & WTO Exams 
The results of the Management Accountancy Course (Part-I), Tax Management Course (Part-I), Corporate Management Course (Part-I) Insurance and Risk Management [IRM] and International Trade Laws & World Trade Organisation [ITL & WTO]... |
| ICAI announced two new Examination Centers 
In partial modification of the Institute's Notification Nos: 13-CA(EXAM)/N/2009 dated 9th July,2009 and 13-CA(EXAM)/CPT/ December/2009 dated 9th July,2009 , it is notified for the general information that the Professional Education Examination –II... |
Accounting and Provisions of Minimum Alternate Tax (MAT) 
Chapter XIIB of the Income Tax Act, 1961 covers Minimum Alternate Tax U/s. 115JB, which covers cases under 'Special Provision for Payment of tax by certain companies'.. The relevant extract of this section is produced below: (1) Notwithstanding... |
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