Corporate Law Reporter - The Daily Journal

MCA clarification : General Circulars exempting certain activities are also applicable in respect of industry specific Cost Accounting Records Rules

F. No. 52/13/CAB-2011 Government of India Ministry of Corporate Affairs Cost Audit Branch B-1 Wing,2nd Floor … Read More

CBDT data on Tax Audits

ICAI has made a representation to CBDT seeking tax audit data based on returns e filled during the year 2010-11.The said data relating to number of tax audit conducted by the members along with the membership numbers of the tax auditors was provided to ICAI in Dec /Jan 2012. While processing the data provided by… Read More

Foreign Exchange Department of RBI, implements the Application Tracking System

The Application Tracking System (ATS) is a major e-Governance initiative of the Reserve Bank of India. Foreign Exchange Department, Central Office and its 17 Regional offices have since adopted the ATS, to facilitate the customers to apply and track the status of the applications online. Under the online Application Tracking System (ATS), customers can submit… Read More

Amendment in Form 23AB – Form of Abridged Financial Statements – MCA

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, dated the 31st May, 2012. G.S.R. ______ (E). In exercise of the powers conferred by sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes… Read More

Service Tax (Compounding of Offences) Rules, 2012

[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 29th May, 2012 Notification No. 17/2012 - Service Tax G.S.R. (E).- In exercise of the powers conferred by clause (i) of sub-section (2) of section 94 of the Finance… Read More

Service Tax (Settlement of Cases) Rules, 2012 – CBEC

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SUBSECTION (I) OF SECTION 3] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 16/2012- Service Tax New Delhi, the 29th May, 2012 G.S.R. (E). - In exercise of the powers conferred by clause (j) of sub-section (2) of section 94 of the… Read More

SEBI notifies SEBI (Alternative Investment Funds) Regulations 2012

The SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) have been notified today. The AIF Regulations are available below. AIFs Regulations endeavour to extend the perimeter of regulation to unregulated funds with a view to systemic stability, increasing market efficiency, encouraging formation of new capital and consumer protection. Salient features of the AIF Regulations, inter alia, include… Read More

Modern Corporate Law 2012

CCH India, one of the leading information providers in the areas of Legal, tax and accounting functions has recently organised a conclave on Modern corporate Law. The event was highly appreciated by the participants and speakers. It was one of a kind event that received huge participation from across industries. Delegates from telecom, power, infrastructure,… Read More

Clarification on re-opening of assessment due to retrospective amendment by Finance Act, 2012 – CBDT

CLARIFICATION REGARDING REOPENING OF COMPLETED ASSESSMENTS ON ACCOUNTS OF CLARIFICATORY AMENDMENTS INTRODUCED BY FINANCE ACT, 2012, IN SECTION 2 CLAUSE (14), SECTION 2 CLAUSE (47), SECTION 9 AND SECTION 195 WITH RETROSPECTIVE EFFECT LETTER [F.NO.500/111/2009-FTD-1(PT.)], DATED 29-5-2012 The Finance Act, 2012 has introduced certain clarificatory amendments in section 2 clause (14), Section 2 clause (47),… Read More

Change in Master Circular on Non-Resident Ordinary Rupee (NRO) Account – 29th May, 2012

The Master Circular No.6/2011-12 on Non-Resident Ordinary Rupee (NRO) Account has been amended on 29th May, 2012 by addition of clause B (iv) (highlighted in red below) as Permissible debits. Permissible Debits (i) All local payments in rupees including payments for investments in India subject to compliance with the relevant regulations made by the Reserve Bank.… Read More

Online Reporting of Overseas Direct Investment in Form ODI

RBI/2011-2012/585 A.P. (DIR Series) Circular No.131 May 31, 2012 To All Category-I Authorised Dealer Banks Madam / Sir, Overseas Direct Investments by Indian Party- Online Reporting of Overseas Direct Investment in Form ODI Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 36 dated February… Read More

Exemption from applicability of cost accounting records Rules to the construction industry

F.No,52/1/Cab-2012 Government of India Ministry of corporate affairs Cost audit branch ***** B-1Wing,2nd Floor, Paryavaran Bhavna CGO complex , New Delhi -110003 Dated the 25th may,2012 To, The Secretary General Construction federation of India 1103, Antriksh bhawan 22, K.G. Marg New Delhi -110001, Subject: Exemption from applicability of cost accounting records Rules to… Read More

LLP Registry not available from 1st June till 10th June, 2012

The Ministry of Corporate Affairs is contemplating to upgrade the LLP Registry from 11th June, 2012 which would enable the stakeholders to make online payment from all banks through NEFT or internet banking from six designated banks of MCA21, in addition to Credit Card payment. To facilitate the transition LLP Registry services will not be… Read More