Articles - Corporate Law Reporter

EXEMPTION FROM FILING OF INCOME-TAX RETURN : CBDT’s FAQs

What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return? 1. The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i) total income not exceeding Rs. 5,00,000, and (ii) the total income… Read More

Appointment of Sushil Modi on the panel for implementing GST

The Government of India has appointed Sushil Modi, a senior member of BJP as the head of the panel on implementing the Goods and Services Tax(GST) which aims to improve India's meandering tax regime. The GST regime is about to come in force on 1st April, 2012. The GST is intended to bring uniformity in… Read More

Fast Track Scheme Vs Easy Exit Scheme – Key differences

Easy Exit Scheme enters into a new phase, it will now, be known as the Fast Track Exit scheme. The Easy Exit Scheme (EES) introduced by the Ministry of Corporate Affairs allowed the defunct companies to have an easy exit, by getting their Company names struck off from the Registrar of Companies, on being inoperative… Read More

How to make payment in MCA through NEFT

User Guide on Paying MCA21 Fees Via NEFT Introduction: Currently MCA21 payments are allowed via Credit Card, Internet Banking & Physical Challan. The Ministry has authorized 5 banks (Indian Bank, HDFC, ICICI, PNB and SBI) for collection of MCA21 fees, which means that only the account holders of these banks can avail Internet banking facility. Further, payment via… Read More

THE COMPANIES BILL, 2009: An attempt to harmonise Company Law or the perpetrator of un-necessary confusion

Introduction Sixty one years ago the Bhabha Committee made recommendations for Independent India™s first Corporate Law. It was only then that the pre-independence Companies Act, 1913 was repealed and the Companies Act, 1956 was enacted. For close to 55 years, India Inc. has been regulated by this law and it has been for a while… Read More

Labour Minister’s speech at ILO Conference on “A New Era of Social Justice”

Following is the text of the Speech of Union Minister for Labour & Employment Shri Mallikarjun Kharge at the International Labour Conference 100th Session, 2011 in Geneva today on Report of the Director General- A New Era of Social Justice: Mr. Chairperson, We welcome the Director Generals™ Report on a ˜New Era of Social Justice™… Read More

Government Notifies the Collection of Statistics Rules, 2011 Under the Collection of Statistics Act, 2008

The Collection of Statistics Act, 2008 was enacted by the Parliament on 7th January 2009. It was brought into force on 11th June 2010. The Act repealed the Collection of Statistics Act, 1953. Rules under the Act, namely, the Collection of Statistics Rules, 2011 were notified on 16th May 2011. Some of the salient features… Read More

How to File Annual Accounts in XBRL Format

A step by step guide on How to File Balance Sheet and Profit and Loss Account in XBRL Format As such, now following class of companies are required to file their Balance Sheet and Profit and Loss Account in XBRL Format:- Listed Companies and their subsidiaries; Companies having paid up capital of Rs. 5 Crores… Read More

Guidance Manual for Audit Quality (a reference for achieving excellence by professional Cost Accountants)

The Quality Review Board of the Institute, in its meeting held on 4th June 2011, has approved the release ofExposure Draft of Guidance Manual for Audit Quality. The proposed manual may be modified in light of comments / suggestions received. The members are requested to forward their comments / views / suggestions on the same preferably by… Read More

World Environment Day

The World Environment Day (WED) was celebrated on 5th June, 2011 across the globe spreading out the message of Environment Conservation. This is a global occasion to demonstrate our commitment to preserving the environment. World Environment Day is a day for people from all walks of life to come together to ensure a cleaner, greener and… Read More

Chidambaram™s Statement on Events Concerning Ramdev™s Protest

The Union Home Minister, Shri P. Chidambaram briefed media in New Delhi today regarding the events since the first of this month concerning the protests organised by Baba Ramdev. Following is the text of his opening statement: I wish to make a brief statement on the events since June 1, 2011 concerning the protest organised… Read More

FM Urges CBEC Officers to Make Sustained and Strategic Efforts to Achieve Revenue Targets

FM Urges CBEC Officers to Make Sustained and Strategic Efforts to Achieve Revenue Targets for Current Fiscal Year; Inaugurates Two Day Annual Conference of Chief Commissioners and Directors General of CBEC Union Finance Minister, Shri Pranab Mukherjee has urged the officers of Central Board of Excise & Customs (CBEC) to make sustained and strategic efforts… Read More

A Committe is a group of unfit, made by the unwilling to do the unnecessary

"More studies or committees or new special investigating wing and treaties with foreign governments are only to stall action," said Arun Kumar, the head of the Centre for Economic Studies and Planning in Jawaharlal Nehru University. Delays in action against black money by way of committees and studies will give time to corrupt politicians, businessmen… Read More