100 % FDI planned in Sea Plane Operations
Government is planning 100 per cent foreign direct investment in sea plane operations as there is scope of phenomenal growth of sea plane, general aviation and helicopter travel. "With India having a long coast line, there is a need for concerted efforts to promote sea plane operations. They are significant for the economy of islands… 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
Tax Evasion practice will not be allowed in Tax haven nations by IT Department
An official in the finance ministry said, that the income tax department will soon send 10 of its officers in tax haven nations to collect information about alleged tax evasion by Indians from these countries. Concerns have been raised in the recent past over suspicion of round tripping or routing of Indians' illicit money back… Read More
Government ordered inter-ministerial group to examine FDI in Pharma Sector
The government ordered the constitution of an inter-ministerial group to review India's foreign direct investment (FDI) norms in Rs 47,000-crore pharmaceutical sector. The directions were issued in a meeting of the Cabinet Committee of Economic Affairs , chaired by prime minister Manmohan Singh. The inter-ministerial group has to examine all concerns related to foreign direct… Read More
Subvention scheme now brings everyone closer to their dream homes
RBI/2010-11/481; RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11 CLR Note: The scheme of 1% interest subvention on the housing loans now extends up to 15 lakh where the cost of house is up to 25 lakh from the existing 10 lakh and 20 lakh respectively. April 21, 2011 The Chairman/Managing Director/ Chief Executive Officer All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear… Read More
Now send Notices to Shareholders through Emails instead of Post
Circular No. 1712011; NO1 7/95/2011 CL-V CLR Note: Green Initiative in the Corporate Governance - Now, it becomes easier for the companies to send notices/documents to its shareholders via their E-mail instead of posting; bringing in more flexibility, less time consuming and easier for both, the company and the shareholders. The companies will be be giving time… Read More
Central Registry setup under SARFAESI to prevent frauds
RBI /2010-11/484 DBOD.Leg. No.BC. 86/09.08.011 /2010-11 April 21, 2011 CLR Note: GOI, Ministry of Finance has taken step to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property by setting up the Central Electronic Registry under SARFAESI . Further the transactions relating to securitization and reconstruction of financial assets… Read More
Provisioning Coverage Ratio (PCR) for Advances
RBI/2010-11/485 DBOD.No.BP.BC. 87/21.04.048/2010-11 April 21, 2011 The Chairman and Managing Director/ Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/ Madam Provisioning Coverage Ratio (PCR) for Advances Please refer to the circular DBOD.No.BP.BC.64/21.04.048/2009-10 dated December 1, 2009, in terms of which a Provisioning Coverage Ratio (PCR) of 70 percent of gross NPAs was prescribed,… Read More
Treasure the 25 paise coin – Out of circulation soon
RBI/2010-11/482 RPCD.CO.No RCB. 61/07.38.03/2010-11 April 21, 2011 CLR Notes: Coins of denomination of 25 paise and below will be withdrawn from circulation with effect from 30th June ,2011 and the banks are instructed to exchange before the close of business on the 29th June, 2011. The Chairmen/CEOs of all State and Central Co-operative Banks Dear… Read More
Structuring of Business Entities in India
Written By S.Dhanapal, B.Com,B.A.B.L,A.C.S Practising Company Secretary STRUCTURING OF BUSINESS ENTITIES IN INDIA SOLE PROPRIETORSHIP MEANING:- The sole proprietorship is the oldest, simplest, and most common form of business entity. It is a business owned by a single individual. For tax and legal liability purpose, the owner and the business are one and the same.… Read More
Subscribe to the Daily Journal
Corporate Law Referencer
India’s Leading Compliance Software
