Legal Updates - Corporate Law Reporter

Registration Of Lawyers For Service Tax Stayed By Madras High Court

The Revenue Bar Association, Madras, filed a Writ Petition in the Madras High Court challenging the validity of levy of service-tax on legal consultancy services. The Court has passed an order of interim injunction dated 24.06.2011 restraining the Ministry of Finance from compelling the members of the Petitioner from registering themselves with the service tax authorities and collecting… Read More

Amendment in the Service Tax Point of Taxation rules

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance (Department of Revenue) New Delhi, the 27th June, 2011 Notification No. 41/2011 Service Tax G.S.R. (E).- In exercise of the powers conferred by clause (a) and clause (hhh) of sub-section (2) of section 94 of… Read More

Customs notified Exchange rates for July, 2011

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB-SECTION (ii), EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS Notification No.41/2011-Customs (N.T.) 28th June, 2011 7 Asadha, 1933 (SAKA) S.O. (E). In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of… Read More

French FM Christine Lagaarde gets selected for the post of MD for IMF

The Union Finance Minister Shri Pranab Mukherjee has conveyed his felicitations and good wishes to French Finance Minister Ms. Christine Lagaarde on her selection by consensus as Managing Director of the International Monetary Fund (IMF). In a letter to French Finance Minister Ms. Lagaarde, the Union Finance Minister Shri Mukherjee said that this reflects the… Read More

ICAI to commence certified course on Forex and Treasury management at Delhi

A certified course on Forex and Treasury managment will be conducted from 16th July, 2011 at the Delhi centre. The members of ICAI are eligible for this course wherein the fees for the course is Rs. 25000 payable through D.D./Pay Order drawn in the favour of "The Secretary, The Institute of Chartered Accountants of India", payable at New… Read More

Types of frauds by promoters or companies

Methods or types of frauds by promoters or companies: During the course of investigation by SFIO over the years, different types of frauds/fraudulent activities have been unearthed. Some of the types of frauds are illustrated below: (a) Project Financing: In one of the cases investigated by SFIO, it was noticed that an Indian company imported second hand plant and machinery… Read More

Notification for exemption from filing IT Returns for income less than 5 lacs

Note: CBDT exempts an Individual, from the requirement of furnishing a return of income whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the head Salaries, subject to condition specified in below mentioned notification. Ministry of Finance (Department of Revenue) (CENTRAL BOARD OF DIRECT… Read More

CBDT Notifies the Cost Inflation Index as 785 for financial year 2011-12

CLR Note: As per notification below mentioned, the Central Government having regard to seventy-five per cent. of the average rise in the Consumer Price Index for urban non-manual employees, hereby specifies the Cost Inflation Index as 785 for financial year 2011-12. Ministry of Finance (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION (INCOME TAX) In… Read More

Abnormal figures of Shareholders in Annual Returns of some listed Companies

Ministry of Corporate Affairs (MCA) has observed that some listed companies have shown abnormal figure of their shareholders in their Annual Return (e-form no. 20B) filed with the Registrar of Companies. It appears that the signatories of e-form 20B of above companies including certifying practicing professionals have not verified the figures of number of shareholders… Read More

XBRL Reporting in MCA by 15th July

MCA website is likely to have options for XBRL reporting by 15th of July. Specific notification will be made to enable stakeholders for early filing. Pursuant to recent notifications on XBRL, Companies with paid up capital of Rs. 5 crores or turnover of Rs. 100 crores are required to comply with XBRL reporting norms for… Read More

Notification No. 33/2011-Central Excise

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)*** Notification No. 33/2011-Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of theCentral Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments… Read More

Campus Placements at ICSI- SIRC on the 30th June, 2011

Campus Placement for Fresher Members & Students The Institute is organizing a Campus Placement for the fresher members for job and for students for 15 Months Training on Thursday, the 30th June 2011 at ICSI-SIRC House, No 9, Wheat Crofts Road, Nungambakkam, Chennai-600034. The following process will be followed: 1. Name of the participating companies… Read More

Notification No. 51/2011 – Customs

Exemption under Notification No. 97/2009 - Customs extended upto 30/09/2011 Note: Consequence of the Notification is that, exemption given under Notification No. 97/2009 (principal Notification) is extended upto 30th day of September, 2011. Meaning of Let Export Order is also inserted in the Principal Notification. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 51/2011 -… Read More