Corporate Law Reporter - The Daily Journal

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

Watch Interview with Chairman, Competition Commission of India – Part 1

The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, follows the philosophy of modern competition laws. The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and M&A), which causes or likely to cause an appreciable adverse effect on competition within India. The objectives… Read More

Companies to seek Competition Commission approval before Takeovers

Competition watchdog Competition Commission of India (CCI) today said that it will finalize the rules and regulations on merger and acquisition (M&A) provisions by the end of April, a development that would make it mandatory for companies to seek the commission's approval before takeovers. The regulations regarding the forms which are to be applied for… Read More

Right to Property is a Constitutional Right: Upholds Supreme Court

A bench of justices G S Singhvi and A K Ganguly said in a judgement that courts should view with "suspicion" the action of the government in acquiring land for private parties in the name of urgency. The Supreme Court today said the right to property is a constitutional right and government cannot deprive a… Read More

All Income Tax Refunds to be complete by April

After having made 8.23 lakh refunds already in the first half of this month, the Income Tax Department today said it will settle all the pending claims in April itself. Refunds of Rs 78,000 crore to about 85 lakh assesses were made in 2010-11. In the first half of April, the I-T Department refunded Rs… Read More

Constitution of committee on Lokpal bill challenged in Supreme Court

A group of advocates today moved the Supreme Court challenging the inclusion of five civil society members in a committee to draft the Lokpal Bill. Advocate M L Sharma and others have moved the court contending that inclusion of five civil society members in the committee, which also has five ministers, is constitutionally flawed as… Read More

Declaration of IEC Branch code and Authorised Dealer code is not required in case of Low value dutiable import consignments

The Central Board of Excise and Customs has made declaration of IEC branch code and AD code as non-mandatory in case low value dutiable import consignments (i.e. consignment other than documents, gifts and samples of an invoice value upto Rs. one lakh) under Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010. The disclosure of IEC code will… Read More

ICSI enters into MOU with United Stock Exchange of India (USE)

Frequently Asked Questions on ICSI-USE MOU What is United Stock Exchange of India? United Stock Exchange of India Limited (USE) is India™s newest stock exchange and has been promoted by 21 Indian public sector banks, private banks and corporate houses. USE is the trading platform for Currency Futures now. Who can trade on currency… Read More