Others - Corporate Law Reporter

FM statement on Fiscal Deficit Limits

The Union Finance Minister Shri P. Chidambaram said that the fiscal consolidation roadmap for Centre has been laid out and the Government will not breach the Fiscal Deficit limits. The Union Finance Minister highlighted the challenges that economy is facing today and the urgency of reform measures needed to address these challenges. The Finance Minister… Read More

FM statement on keeping the investment cycle running

PRESS INFORMATION BUREAU GOVERNMENT OF INDIA *** Immediate Priority Of The Government Is To Keep The Investment Cycle Going: FM New Delhi, Pausa 17, 1934 January 7, 2013 The Union Finance Minister Shri P. Chidambaram said that immediate priority of the Government is to keep the investment cycle going. He said that both domestic and… Read More

FM Inaugurates The First BRICS Heads Of Revenue Meeting

PRESS INFORMATION BUREAU GOVERNMENT OF INDIA *** FM INAUGURATES THE FIRST BRICS HEADS OF REVENUE MEETING; EMPHASIZED THE NEED FOR GREATER COOPERATION AMONG BRICS COUNTRIES IN THE AREA OF TAX ADMINISTRATION; REITERATES THE COMMITMENT OF THE GOVERNMENT TO A STABLE TAX REGIME, MODERATE TAX RATES, NON- ADVERSARIAL TAX ADMINISTRATION AND A FAIR MECHANISM FOR DISPUTE… Read More

Amendment of Company Secretaries Regulations to implement New Training Structure of the ICSI

The following draft of certain regulations further to amend the Company Secretaries Regulations, 1982 which the Council of the Institute of Company Secretaries of India proposes to make, in exercise of the powers conferred by sub-section (1) of section 39 of the Company Act, 1980 (56 of 1980), and with the prior approval of the… Read More

New President & Vice- President Of ICSI For The Year 2013

CS S. N. Ananthasubramanian has been elected as the PRESIDENT of the Council of the Institute Company Secretaries of India (ICSI) w.e.f. 19th January, 2013. He was the Vice-President of ICSI in 2012. A member of the Council of ICSI since 2007,he was re-elected in 2010 for the term 2011-2014. Shri Ananthasubramanian, B.Com (Hons), FCS… Read More

Final Report on General Anti Avoidance Rules (GAAR) in Income-tax Act, 1961

The Ministry of Finance has released the Final report on the GAAR (General Anti Avoidance Rules) provided by the Expert committee appointed to study the recommendations. The Committee has since recommended to postpone the GAAR for 3 years. The Full copy of the report is available for download here. Read More

Areas of tax policy and administration cooperation between BRIC countries

Heads of the Revenue of Brics Countries Identifies Seven areas of tax policy and tax Administration for Extending their Mutual Cooperation; joint Communique issued after Two Day meeting of the heads of Revenue of Brics Countries Affirming their continued commitment to promote closer coordination and cooperation in the area of tax administration, the Heads of… Read More

Government cleans rules regarding taxing IT companies

A day after deferring the controversial GAAR rules, the Ministry of Finance (MoF) has now sought to clear its stand regarding tax breaks being offered on software development done ˜Onsite™ i.e. at the client™s offices overseas. The MoF has stated that the Indian IT companies are allowed to claim tax benefits with reference to software… Read More

“Onsite” Software work will continue to derive Tax benefits

The $100 billion Information Technology sector got a major boost from the Ministry of Finance which declared that they will continue to benefit from Tax exemptions for onsite work. The Ministry said that the IT Firms in India which deploy software development professionals onsite at client locations overseas, will continue to benefit from tax exemptions.… Read More

Partial Deregulation of Diesel Prices

In a much anticipated and awaited move, the UPA 2 government partially deregulated the diesel prices on Thursday. The Indian oil marketing companies (OMCs) will now be able to hike the prices of diesel periodically. Minister of Oil Mr. Veerappa Moily has said the other day that the OMCs will now be able to cover the… Read More

Aligning ˜National Investment Fund™ operation to enhance ˜Disinvestment Policy™

The Cabinet Committee on Economic Affairs today approved the following: (i) The disinvestment proceeds with effect from the fiscal year 2013-14 will be credited to the existing public account under the head National Investment Fund (NIF), and they would remain there until withdrawn/invested for the approved purposes. (ii) The NIF will be used for the following purposes:… Read More

Continuation of the Jawaharlal Nehru National Urban Renewal Mission

Approval to mandate continuation of Jawaharlal Nehru National Urban Renewal Mission to sanction new projects and capacity building activities till 31st March, 2014 The Cabinet Committee on Economic Affairs today approved the continuation of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) to sanction new projects and capacity building activities till 31st March, 2014 under… Read More

Planning Commission Comment on Factory output

The Deputy Chairman of the Planning Commission, Mr. Montek Singh Ahluwalia, has said that the country's industrial output shrank unexpectedly in November and it was owing to statistical reasons. The industrial production index fell by 0.1% annually in the month of November. The Central Statistics Office released data which was in comparison to October 2012 revised growth of… Read More