Legal Updates - Corporate Law Reporter

Finmin to bring Intelligence and Criminal Invetigation of IT under single umbrella

The Finance Ministry is bringing under one umbrella the intelligence and criminal investigation units of the Income Tax department to enhance prosecution powers to counter terror financing and check transactions that pose threat to national security. The department will now train and designate its officials in the rank of Inspectors as 'Special Agents' and 'Agents'… Read More

Extra efforts required to sustain Indirect Tax targets

Amid fears of moderation in growth, Indian Finance Minister Pranab Mukherjee Wednesday said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15 per cent more than the last fiscal. The Minister, while addressing the annual conference of chief commissioners and directors general of Central Board of… Read More

Roadmap for IT application and e-governance for Haryana for the next 10 years

Haryana would develop a roadmap for IT application and e-governance for the next 10 years. The state government wants to achieve efficiency, transparency and accountability in governance by providing Information and Communication Technology (ICT) enabled access and opportunity for all, anytime anywhere, state Chief Secretary, Urvashi Gulati said here. It has been decided to set… Read More

CBDT Sets-up a Committee to Examine And Suggest Ways to Recover Income Tax Demand Classified Under the Categories Assessees not Traceable and No Assets/Inadequate Assets for Recovery

In order to examine certain suggestions on Income tax Demand classified under the categoriesAssessees not traceable and No assets/inadequate assets for Recovery, a Committee has been constituted by the Central Board of Direct Taxes (CBDT) with following constitution: i) DGIT (Admn) - Smt. Anita Kapur - Chairperson ii) DIT (Recovery) Smt. Sheba Bhattacharya - Member iii) DIT(Systems)-III - Shri Harish Kumar - Member… Read More

FM sets up another panel to control Black money transits

Facing flak from civil society for not doing enough to deal with the menace of black money, the government today announced setting up of another panel to suggest ways to trace tax defaulters, reveal their identity to the public and recover taxes. The committee, set up by Central Board of Direct Taxes (CBDT) in the… Read More

Revised Notification and FAQs for filing Balance Sheet & Profit & Loss in XBRL mode

Gen. Circular 37/2011 dated 7th June, 2011, GOI; MCA CLR Note: MCA has issued a circular with regard to the filing of Balance Sheet and Profit & Loss Account in the extensible Business Reporting Language (XBRL) mode, framing a FAQs (Frequently Asked Questions) for easy understanding of the shareholders. All Regional Directors; All Registrar of… Read More

Service Tax applicability for Professionals like CA, CS, CWA in Limbo

The Department of Revenue, Ministry of Finance vide notification no. 25/2006 dated 13 July 2006 had exempted the professionals ,viz., CS, CWA & CA from taxable services provided by them in their professional capacity to a client relating to representation services before any statutory authority in the course of proceedings initiated under any law for… Read More

Govt allows flour export to Maldives till FY14

The government today allowed export of over 1 lakh tonnes of wheat flour to Maldives till 2013-2014 fiscal, under the bilateral trade pact. "Now, the quantity of wheat flour is permitted to be exported for the years 2011-12, 2012-13 and 2013-14 to Maldives under the Bilateral Trade Agreement between India and the Republic of Maldives… Read More

FM meets Institutional Investors; Confident of Reducing Fiscal Deficit

Union Finance Minister Shri Pranab Mukherjee has expressed confidence in reducing the fiscal deficit and achieving the target of 4.6 % of GDP announced in the 2011-12 budget. He said that the provisional figures for 2010-11 have given us strong reason to be hopeful in this regard. The Union Finance Minister, Shri Pranab Mukherjee was… Read More

Annual Conference of Chief Commissioners and DG of Customs, Excise & Service Tax

FM to Inaugurate Annual Conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax Tomorrow; Revenue Mobilisation, GST and Managing Innovations Efficiently to Dominate the Two Days Conference The All India Annual Conference of the Chief Commissioners and Directors General of Customs , Central Excise and Service Tax will be held… Read More

India-Netherlands sign agreement on Corporate Governance and Corporate Social Responsibility

The Union Ministry of Corporate Affairs has inked an agreement with the Ministry of Economic Affairs, Agriculture and Innovation of Netherlands on Corporate Governance and Corporate Social Responsibility. The letters of Intent to this effect were signed at a function here by Shri D.K.Mittal, Secretary, Ministry of Corporate Affairs, Government of India and HE Bob… Read More

Central Excise – Notification No.14/ 2011 reg. manufacture of recorded smart cards

[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) Notification No.14/ 2011 - Central Excise (N.T.) New Delhi, the 3rd June, 2011 G.S.R.(E) In exercise of the powers conferred by sub-rule (2) of rule 9 of the Central Excise Rules,… Read More

Clarification regarding participation by shareholders or Directors in meetings under the Companies Act, 1956 through electronic mode

General Circular No. 35/2011 No 17/95/2011-CL.V Government of India Ministry of Corporate Affairs 5th floor, ˜A™ Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi Dated: 06.06.2011 All the Regional Directors,All the Registrar of Companies/ Official Liquidators Subject: -Green Initiatives in the Corporate Governance -Clarification regarding participation by shareholders or Directors in meetings under the… Read More