Legal Updates - Corporate Law Reporter

SEBI to frame rules for Art works & Antiques to check black money flow

With a view to safeguard the interest of genuine investors, SEBI may soon frame a stringent set of rules for funds invested in art works, antiques, coins and stamps, to check black money flow into these products Fearing flow of illicit wealth into these funds and also a high level of risk posed by them… Read More

Foreign Exchange Reserves dip by USD 286 mn

Foreign exchange reserves reduced by $286 million on account of revaluation of non-dollar assets in reserves. Total reserves are now at $307.9 billion. According to the latest data released by the Reserve Bank of India , foreign currency assets, comprising dollars, pounds and euro, among others, dipped $311million during the week. The value of gold in… Read More

Direct Tax collection grows @ 16.69% for Gujarat

The direct tax collections in Gujarat stood at Rs 17,782.50 crore for the FY 2010-11 against the Rs 15,239.70 crore of previous year, showing a yearly growth of 16.69 %. In the previous year the revised target set, was almost reached, but this year in spite of achieving the growth rate, there is seen a dip of… Read More

Register your TAN online

Registration of TAN made online. Consolidated TDS/TCS file requested online is also available for download The deductors/collectors can register their TANs online. Authenticated access (through user ID and password) is provided to registered deductors/collectors. On login, the following feature are made available to the deductors/ collectors: Request for quarterly consolidated TDS/TCS statement. View status and… Read More

ICAI inviting experts for XBRL

In the recent times, XBRL has emerged as a novel way of electronic communication of financial and business data which is revolutionizing business reporting around the world. Considering the benefits attached with implementing XBRL in the preparation, analysis and communication of business information, the regulators in India have also decided to implement XBRL in their… Read More

Print Specifications for SAHAJ and SUGAM

Print Specifications for SAHAJ and SUGAM Printing of the forms should be according to the standards set below No Black and White forms will be accepted and only standard forms with appropriate colors prescribed, fonts used, paper size, paper quality, Bar Code Values will be accepted by the department Key aspects of the forms are… Read More

Diamond and Real Estate: Top Sources of Black Money

In a candid disclosure, a top Income Tax official has admitted that the diamond trade and reality sector have one of the highest prevalence of black money, with investigations revealing that books in the sector are "completely manufactured". "(In) certain areas like real estate or diamond trade there is a lot of circulation of black… Read More

CCI nod necessary for M&As to check Monopolies

The government today said it will keep an eye on those merger and acquisition deals that create monopolies and impede economic growth. "The Competition Commission of India (CCI) will check mergers that end up creating monopolies or abuse of dominance harmful to consumers and small producers and impede orderly economic growth," Corporate Affairs Minister (MCA)… Read More

No authentic figures for Black Money in Swiss Accounts – Finmin

Many NGOs and whistleblowers have complained to authorities that Indian money worth several thousands crore was illegally routed to many tax havens and urged government to take strict measures to put a bar on it. Finance Ministry admits it has "no authentic figures" about the quantum of black money deposited in Swiss banks. It is… Read More

SEBI Takeover Code to be amended

The Takeover Regulations Advisory Committee met industry representatives to discuss the amendments in the new mergers and acquisitions code. The Finance Ministry is likely to finalise the proposed changes in the takeover code on mergers and acquisitions soon now. Once the Finance Ministry clears the amendments, it is likely to be approved by market regulator SEBI… Read More

New Companies Bill to be placed in the Monsoon Session : Murli Deora

"The Companies Bill will come in for discussion in Parliament in the Monsoon Session," Corporate Affairs Minister Murli Deora said on the sidelines of a FICCI event in Delhi. The new Companies Bill, which was tabled in the backdrop of the Rs. 14,000 crore-Satyam fraud, promises greater shareholder democracy and stricter corporate governance norms. The Bill proposes to… Read More

Revised Service Tax Audit Manual to be released

Circular No.135/4/2011 Service Tax CLR Note: New Service tax audit manual to be released soon based on experience of the department. This Manual is for the use of departmental officers only. Dy. No.116/Commr. (ST)/2009 Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Customs) **** New Delhi, dated the 19th April… Read More

Relief to assessee from paying interest u/s 234B of IT Act

CLR Note: upon Failure on the part of the employer to deduct income tax at source from the employee's salaries, the employee only becomes liable to pay tax directly under Section 191 of the IT Act and he will not be liable to pay any interest U/s 234B. Instead, the interest liability will be on… Read More