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eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

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Articles by eMinds Legal

Service tax to be charged in Restuarants

In this year™s budget, there was a proposal to charge service tax on services provided by restaurants. But restaurants do charge VAT on the bill, then on what amount should the service tax be charged? ” Santosh Shetty The Finance Bill 2011, which is passed by both the houses, proposed to levy service tax from… Read More

Company Secretary’s statement recorded as Evidence in Satyam’s case

A local court trying Satyam Computers multi-crore accounting scam today recorded the version of Company Secretary of Mahindra Satyam - G Jayaraman who informed the court about the previous board resolutions, loans taken from various banks with or without board resolutions etc. Serious Fraud Investigation Office (SFIO) has named Jayaraman as an accused in the Satyam… Read More

MCA working towards Lifting the Corporate Veil on Complex Structuring

The ministry of corporate affairs is working on a set of measures to lift the veil on the complex ways in which certain companies structure themselves, taking advantage of loopholes in the law, for protecting the interests of the shareholders. Sources said that one of the first reform measure on which the MCA is working… Read More

Getting Ready for XBRL reporting

While MCA has already proved its metal by digitizing the entire filings to be done with the Registar of Companies, it is now getting ready for XBRL reporting of annual accounts, whcih may prove to be yet another milestone in Corporate Compliance Filings, following International Standards. As per General Circular No. 09/2011 issued by MCA on 31st March, 2011, Companies… Read More

Tag: xbrl

eForms uploaded by CA, CS and CWAs to be Auto Approved by MCA

Chartered accountants, cost accountants and company secretaries will now be able to directly upload most of the certified e-forms  on MCA's portal, without prior approval of the ministry, while holding them responsible for such submissions. The move is seen as a major initiative towards expeditious e-filing. Now, practicing professionals registered as members of ICAI, ICSI… Read More

How to ascertain whether PAN of Director was filed with DIN 1

As all of you are aware about notification by MCA to inform PAN of every Director/Person holding Director Identification Number (DIN) up to 31st May, 2011 if not informed/furnished earlier at the time of applying DIN by such Director . Problem is being faced as to how to check whether  such Director had furnished PAN… Read More

Government issued refunds of Rs. 72,000 crores in 2010-11

The Income Tax department has improved its tax refund rate and Rs 72,000 crore have been refunded to tax payers in the fiscal year 2009-10 against Rs 57,000 in the previous financial year. The tax collection has gone up rapidly and this fiscal which ended on March 31, 2011 to the tune of Rs 4.50… Read More

Tag: Income Tax Refunds

NBFC licences put on hold till revision of Guidelines

RBI is in the midst of tightening rules for lenders who don't fall under the 'banks' category and has told some of the applicants for the finance company licence that it may not issue one till the new rules come into force. It might take RBI two to three months to come out with its… Read More

Tag: NBFC

Pension Fund Regulatory and Development Authority (PFRDA) Bill soon

Finance minister Pranab Mukherjee is likely to reach out to BJP leader Yashwant Sinha to get an early green signal for the Pension Fund Regulatory and Development Authority (PFRDA) Bill. Sinha heads the parliament's standing committee on finance whose nod is necessary to get the long-pending bill passed. PFRDA was established by Government of India… Read More

Tag: PFRDA

Proposed guidelines for issue of banking licenses soon

The Reserve Bank of India is expected to  bring out a second draft of the proposed guidelines for issuance of new banking licences by end of April, 2011. After the Finance Minister's announcement in 2010-11 Budget, the Reserve Bank had brought out a discussion paper in August 2010 on dispensing banking licences to business houses… Read More

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