| SAT may be renamed as FAST and all financial regulators may come under it
In a first, the government is considering a revamp of the legal system by giving more powers and responsibilities to the Securities Appellate Tribunal (SAT), a quasi-judicial body, which currently only settles disputes in capital market... |
| Slab of Auditors fees for inspection of Mutual Funds for the year 2008-09
Board's right to inspect and investigation The Board may appoint one or more persons as inspecting officer to undertake the inspection of the books of accounts, records, documents and infrastructure, systems and procedures or to investigate... |
| Bangalore Income Tax department, Central Processing Center (CPC) Helpline Number
To assist taxpayers, a limited call center service with two agents has been established at ITD-CPC, Bangalore. Taxpayer queries on status of ITR-V receipt at CPC, Bangalore will be answered on 080-43456700 between 9:30 AM to 6 PM. The service will... |
| Cost Accounting Slandered to converge with the International Financial Reporting Standards
It is not just Indian accounting standards, which would converge fully with the International Financial Reporting Standards by 2011, but cost accounting standards, would also need to be in tune with the global model. The Institute of Cost and Works.... |
| The Eye Research Foundation, Chennai, approved by the Central Government U/s. 35(1)(iii) as research institutions
Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions NOTIFICATION NO. 57/2009, Dated 9-7-2009 It is hereby notified for general information that the organization... |
| Institute of Rural Management, Anand, Gujarat, approved by the Central Government U/s. 35(1) (iii) as research institutions
Section 35(1)(iii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved social science or statistical research or associations or institutions Notification No. 60/2009, dated 31-7-2009 It is hereby notified for... |
| Policy in respect of Merger of Firms in allocation of bank branch statutory auditors for the year 2008-09
Suppose Firms A & Co, B& Co. merge in C & Co during the year (a) All three firms are empanelled in bank branch auditor's panel and audit is allotted to M/s B& Co. only. In the above case, B& Co. will be allowed to take up the... |
| CBDT withdrawn tax exemption and lower tax rates to foreign firms setting up consortia with domestic companies for engineering, procurement and construction
The government has withdrawn tax benefits enjoyed by consortia of foreign and Indian engineering firms undertaking infrastructure projects, in a move that may hit the sector plagued by severe capacity deficit. The Central Board of Direct Taxes... |
| Provisions of the Competition Act, 2002 relating to regulation of combinations, including mergers and amalgamations have not yet come into force
The Competition Act, 2002 inter-alia provides for regulation of combinations in accordance with the provisions contained therein. However, the provisions of the Competition Act, 2002 relating to regulation of combinations, including mergers and... |
| Government considering laws to tax domestic companies which deliberately route their overseas investments through tax havens to avoid paying taxes 
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... |
| Objectives of Companies Bill, 2009 presented in the Lok Sabha
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... |
