Legal Updates - Corporate Law Reporter

Individuals with a salary upto 5 lacs are exempted from filling IT return for the AY 2011-2012

Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011. Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single… Read More

Income Tax : Long Delay due to procedural reasons in filing Dept appeals cannot be condoned

CIT vs. Indian Hotels Co Ltd (Supreme Court) Brief Facts: The department filed a SLP challenging the order of the Bombay High Court declining to condone delay of 656 days in filing the appeal. The delay was explained as having been caused by several facts such as non traceability of case records, procedural formalities involved in… Read More

National Mission for Justice Delivery and Legal Reforms to be set up soon

The Union Cabinet today approved the proposal of Ministry of Law and Justice to operationalize the National Mission for Justice Delivery and Legal Reforms to realize and implement the objectives set out in the Vision Document adopted at the Conference of Chief Ministers and Chief Justices. The objective of the Mission is to increase access… Read More

Computation of Arm™s Length Price in transfer pricing

Exxon Mobil Company India Pvt Ltd vs. DCIT (ITAT Mumbai The Tribunal had to consider the following transfer pricing issues: (i) Whether if two distinct services are rendered to the AE and mark-up is received for one and not for the other, the aggregate position can be considered for determining ALP, (ii) whether multi-year data can be… Read More

Clarification on Circular No. 33/ 2011 dated 01.06.2011 regarding non-admissibility of documents of Companies defaulting in filing Annual Accounts

Circular No. 38 / 2011; GOI; MCA; Dated 20.06.2011 All the Regional Directors, All the Registrar of Companies / Official Liquidators; The Stakeholder Sub: Clarification on Circular No. 33/ 2011 dated 01.06.2011 with regard to compliance of provisions of the Companies Act, 1956 and Rules made there under The Ministry has issued General Circulars No.… Read More

IPO & Private Equity Conclave – Mumbai & Bangalore

Apt timing is the key for success for any human endeavour. On 3rd June 2011 and 17th June 2011, leading practitioners including bankers, CFOs of leading corporate, chartered accountants, company secretaries and lawyers gathered for a conclave on IPO and Private equity and shared knowledge, wisdom, experiences and insights into the complex process of creating… Read More

Taxes and Financial Services Industry – Mumbai

A business program on Taxes and Financial Services Industry Emerging Landscape in India was organized by Achromic Point in Mumbai on 10th June 2011 at the Hotel Intercontinental The Lalit. The Indian Financial Services Industry has seen great vibrancy since liberalization in the early 1990s despite the global financial meltdown. the FSI today has a… Read More

Google soon to come in 5 more Indian languages

On tuesday, Google announced the expansion of its translation services, which will now comprise of 5 more Indian languages. The languages to be introduced will be Bengali, Gujarati, Kannada, Tamil and Telugu which will allow the largest internet search engine giant Google to reach out to half a million people. Ashish Venugopal, research scientist at… Read More

Mutual Funds may have to disclose their Assets under Management : SEBI

Sebi is likely to make it compulsory for the mutual fund players to disclose their assets under management (AUM) and details of new schemes to assure that the retail investors take a sure decision before the investments being made. Sebi chairman U K Sinha said at a CII meet that, "SEBI is working towards making MF… Read More

Levy of excise duty on branded readymade garments and textiles articles

Circular Number 947/08/2011 Issues pertaining to the levy of excise duty on branded readymade garments and made-up articles of textiles regarding. Board has received representations from trade and industry seeking clarification on certain issues pertaining to the levy of excise duty on readymade garments/made-ups that either bear or are sold under a brand name. These issues… Read More

Assocham for Unconventional methods to curb inflation

Asssocham has suggested government to adopt unconventional instruments to control inflation rather than depending on the convential methods like raising the interest rates which is not helping to solve the problem at the core level. "Conventional monetary measures do not directly address the cause of inflation, but rein in expectations of it spiralling out of… Read More

List of Terrorist Individuals/Organisations

RBI/2010-11/575 RPCD.CO.RCB.AML.No.14580/07.02.12/2010-11 June 21, 2011 The Chairmen / CEOs of all State and Central Co-operative Banks Dear Sir, List of Terrorist Individuals/Organisations - under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation Please refer to our circular letter RPCD.CO.RCB.AML.No.14447/07.02.12/2010-11 dated June 16, 2011 . We have since received from Government of India (Ministry of External Affairs) copy… Read More

RBI to put the data on Overseas Direct Investment in the public domain

Press Release : 2010-2011/1855 The Reserve Bank of India has decided to put on its website on a monthly basis from July 2011 onwards the outflows on account of Overseas Direct Investment by Indian Companies / Parties as reported by the Authorized Dealers in Form ODI. The report will consist of the following fields, viz.,… Read More