CJI cautions Judges to exercise self restraint

Chief Justice S H Kapadia cautioned the judges today against taking over the functions of the legislature. Kapadia maintained that the judiciary should exercise self-restraint and respect segregation of responsibilities between the Executive and the Judiciary. "We must refuse to sit as a super-legislature to weigh the wisdom of legislation. We must remember that our Constitution… Read More

Rajasva Bhawan – The proposed National Tax Headquarters

The proposed national tax headquarters being set up on 5.65 acre-plot at Kasturba Gandhi Marg in New Delhi, is likely to be ready in the next 24-30 months, Finance Minister Pranab Mukherjee said today. The same will be known as Rajaswa Bhawan. The proposed building, which will house the tax department of the country, will set… Read More

Download Draft XBRL Taxonomy

Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities on which comments, if any, are invited by MCA by 30th April, 2011. Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities for filing their Balance Sheet and Profit and Loss Account.… Read More

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Electronic Filing of Stamp duty on MCA – Now in J&K also

The provisions regarding stamp duty payment on Form No. 1, Memorandum of Association, Articles of Association, Form No. 5 and Form No. 44 electronically, at the time of their e-filing through MCA portal (www.mca.gov.in) , in addition to the already existing list of States and Union Territories published on the MCA portal,will also be mandatory… Read More

Exemption from Special Additional Duty to Mobile Handset Manufacturers

Notification                                                                                                  New Delhi, the 1stMarch,2011No. 22/2011-CustomsG.S.R. (E).… Read More

Central Registry Operationalized to prevent fraud and multiple lending in the same property

The Central Registry has become operational with effect from 31st March,2011. The objective of setting-up the Central Registry is to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. The Central Registry Of Securitisation Asset Reconstruction And Security Interest Of India, a Government Company, licensed under Section 25… Read More

Ministry proposes changes in Cyber Laws under Sec. 43A and 79 of IT Act 2000

Ministry of Communications and Information Technology, Government of India had  put up draft rules under section 43A and 79 of Information Technology Act, 2000 on its website mit.gov.in for public comments. Section 43A provides for compensation for failure to protect sensitive personal data by body corporates, who are expected to implement and maintain reasonable security practices and procedures as… Read More

Govt. declined to disclose the name of persons having black money in foreign banks

The Centre on Friday declined before the Supreme Court to make public names of the people who have stashed black money in foreign banks. It informed that it is not possible to disclose information received from foreign governments under the Double Taxation Avoidance Agreement (DTAT). The Centre, however, agreed to reveal the names of six… Read More

Clarification on Procedure for Labeling of goods in Bonded Warehouse before clearance

Circular No. 19 /2011-Customs F.No.450/29/2011-Cus-IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs 227-B, North Block, New Delhi-110001. 15th April, 2011. To   All Chief Commissioners of Customs / Customs (Prev). All Chief Commissioners of Customs & Central Excise. All Commissioners of Customs / Customs (Prev). All Commissioners… Read More

Import of Trim Cutting Waste under Chapter 63 used for manufacture of Chindi rugs allowed without Import License

Circular No. 20 /2011-Customs F. No. 528/76/2007-Cus (TU) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs   New Delhi, the 15th April, 2011.   To   All Chief Commissioners of Customs/ Customs (Prev.)/ C&CE, All Directors General of CBEC, All Commissioners of Customs / Customs (Prev.) / C&CE All Commissioners of… Read More

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

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