Corporate Law Reporter - The Daily Journal

Banks to check for Terrorist links before opening new accounts

RBI/2010-11/483 RPCD.CO.RCB.AML.No.12146/07.02.12/2010-11 April 21, 2011 CLR Note: Banks are required to update the consolidated list of individuals and entities linked to the terrorist group issued by the Ministry of External Affairs , before opening any new account for strict compliance to the order issued by the Government. The Chairmen / CEOs of all State and Central Co-operative Banks Dear… Read More

Anti-dumping duty imposed on imports from Japan and Thailand

CLR Note: India imposed Anti-dumping duty on imports from Japan and Thailand for the period of five years from 9th April 2010 India has imposed anti-dumping duty of up to USD 94.96 per tonne on imports of a chemical used in manufacture of alcohol and rubber, from Japan and Thailand to protect domestic players. The restrictive… Read More

Cibil credit scores on individuals now available to anybody for a fee

Credit scores give banks an estimate of an individual™s ability to repay a loan, since they are based on parameters like the loan amount, the nature of the loan, payment frequency and prior delinquency. Credit Information Bureau (India) Limited (Cibil) research shows 58 per cent of individuals with credit scores of 800 or above were… Read More

Income Tax Department seeks to appoint Ombudsman

D.O. F.No.A-12026/3/2011-Ad.I Dated- 4th April, 2011 CLR Note: Income Tax Department seeks to appoint Ombudsman. The Ombudsman shall have the powers to (a) receive complaints from taxpayers on any matters specified in clause 9; (b) consider such complaints and facilitate their satisfaction or settlement by agreement, throughconciliation and mediation between the Income Tax Department and the… Read More

Service Tax Accounting codes specified for Restaurants and Hotels

Circular No.136/5/2011-TRU CLR Note: Account codes specified for depositing service tax for restaurant having air-conditioning and license to serve alcoholic beverages and Service provided by a hotel, inn, guest house, club. F.No.335/5/2006-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Tax Research Unit New Delhi, 20th April, 2011 To, Chief Commissioners of… Read More

Service Tax not leviable on Visa Facilitation service

Circular No. 137/6/ 2011 ST CLR Note: The circular seeks to clarify that service tax will not be leviable on the service of Visa facilitation. However, if the Visa facilitators provide additional services like recruitment for foreign companies or other value added services, then service tax will be applicable to that extent. F.No.332/11/2010-TRU Government of India… Read More

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