Legal Updates - Corporate Law Reporter

Simplified Procedure for amalgamation of Government Companies U/s 396

GENERAL CIRCULAR NO. 16/2011 Simplified Procedure for amalgamation of Government Companies U/s 396 of the Companies Act, 1956 CLR Note: MCA has simplified the procedure for amalgamation of government companies resulting into easy exit of the transferor company. F.No. 51/16/2011/CL-III Government of India Ministry of Corporate Affairs 5th Floor, A Wing, Shastri Bhavan, Dr. R.P.… Read More

Quarterly TDS/TCS Statement now made available via SMS by NSDL

Quarterly TDS/TCS Statement now made available via SMS by NSDL NSDL is pleased to announce that henceforth, NSDL will send SMS for each quarterly TDS/TCS statement processed at TIN. You just need to quote correct latest mobile number in the quarterly TDS/TCS statement. Status as below is provided in the SMS: Accepted: This status is… Read More

IT department to review Reality deals to check black money

The income tax department plans to review realty deals following allegations of rampant use of black money in many transactions. "We will take appropriate action wherever we find involvement of black money in such transactions," said Sudhir Chandra , chairman, Central Board of Direct Taxes . Chandra said the department would begin scrutiny of property… Read More

Partners deemed guilty U/s 138 unless proven otherwise

When Directors of a Company or partners of a firm issue cheques which are dishonoured, it is presumed that they were responsible for issuing them unless they prove that they were not in charge of the daily affairs of the firm. They have to discharge the burden during the trial under the Negotiable Instruments Act,… Read More

Book on Plugging tax avoidance or evasion techniques

Central Board of Direct Taxes (CBDT) has said that tax evasion done by corporates is becoming more sophisticated. The Income Tax (IT) Department detected tax evasion to the tune of Rs 50-60 crore. CBDT has also lauded the Mumbai IT department which released a book aimed at plugging tax avoidance or evasion techniques by India Inc.… Read More

FDI declined by 26 percent

Despite efforts by the Commerce & Industry Ministry, India's Foreign Direct Investment (FDI) during April-February 2010-11 has declined by 25.6 per cent to USD 18.3 billion. During April-February 2009-10, the country's FDI stood at USD 24.62 billion. Commerce and Industry Minister Anand Sharma said that fresh investments particularly in services sector--computer (software and hardware), telecom, construction and… Read More

Salaried Tax payers may be exempted from filing Income Tax Returns

E-filing of income tax returns was formally launched on October 13, 2006 and is mandatory for companies, firms etc. but optional for individuals. Mr. Sudhir Chandra, Chairman, Central Board of Direct Taxes said the CBDT will, by June, notify guidelines for small salaried tax-payers having annual income of Rs 5 lakh who will not be… Read More

E-File Income Tax Returns for speedy refunds

The Central Board of Direct Taxes has promised speedy refunds to encourage electronic filing of tax returns. E-filing, which was formally launched on October 13, 2006, is mandatory for companies but still optional for individuals. Taxpayers who file their income-tax returns electronically will get their refunds within a month's time. Usually, the wait for refunds… Read More

Appointment of Cost Auditor under Section 209

General Circular No, 15/2011 Cost auditors who are qualified CWA's by Institute of Cost and Works Accountants to be appointed by all Manufacturing Companies who are required to get a cost audit done under Section 209(1)(d) of the Companies Act, 1956. The circular seeks to revise the procedure for appointment of such Cost Auditors. 52/5/CAB-2011… Read More

India Mauritius Tax Treaty to be Reviewed : Finance Ministry

Double Taxation Avoidance Agreements (DTAAs) are pacts / treaties that seek to eliminate double taxation of income or capital gains arising in one country and paid to residents or companies of another. The spirit of the DTAA was to ensure that the same income is not taxed twice. For instance, India-Mauritius tax treaty provides that… Read More

Murli Deora to Chair a Special Meeting on Issues Relating to Competition

Murli Deora to Chair a Special Meeting on Issues Relating to Competition Union Minister of Corporate Affairs Shri Murli Deora has convened a special meeting on 25th April, 2011 at Mumbai to listen the views of Corporate India on issues relating to competition. The meeting has been called after a discussion with Secretary, Shri D.K.… Read More

Vodafone asked by Supreme Court to appear before the IT Deptt.

The Supreme Court has directed UK telecom major Vodafone to appear before the Income Tax (IT) Department which had instructed the company to pay penalty in the USD 2 billion tax case relating to the telecom major's stake purchase in Hutchison-Essar. Earlier, the I-T department had issued notice to Vodafone in March saying penal action… Read More

CVD on Import of Fertilisers under Chapter 31 made @ 1%

The Countervailing Duty on Fertilisers under Chapter 31 of Customs has been levied @1% ad valorem in case of imports of same into India. Notification No.35/2011-Customs [F.No.354/35/2011TRU] New Delhi, 15th April, 2011 G.S. R. 322(E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of… Read More