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The Corporate Sector has reason to celebrate the launch of two Schemes by the Ministry of Corporate Affairs in the last week of May 2010. The Company Law Settlement Scheme (CLSS) 2010 is intended for those companies who desire to continue after clearing their track record. Whereas, Easy Exit Scheme (EES) 2010 is intended for those companies who desire to exit at no cost.

A sharp cut in corporate tax rate proposed in the direct taxes code is likely to be done in stages to ensure that tax collections do no plummet, derailing the government’s attempts to bring the fiscal situation under control. The direct taxes code, or DTC, has proposed a cut in corporate tax rate to 25% from the current 30%, but will withdraw most tax exemptions available to companies.

section 80HHC, Deduction under Section 80HHC, Bombay High Court, export turnover,deduction under section 80HHC

The Insurance Regulatory and Development Authority (IRDA) seems to be trying to micro-manage the sector with its proposed measures on hiking the policy persistency ratio, say industry experts.In an exposure draft on persistency of life insurance policies, the IRDA has suggested a target of 20 policies per year for individual agents and a minimum first year premium income of Rs 150,000. IRDA has also proposed nonrenewal of an agent's licence where the persistency ratio is less than 50 per...

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Job interviews can be gruelling. But the worst part is whether to say yes or no to the salary being offered. The most common reaction to an offer is -- "I shall get back to you." During bad times, it has to be a 'yes'. In better times, well, one can play on the company's desperation and one's own comfort with the existing company. Of course, a lot depends on one's financial condition and the job market. However, a little bit of tweaking can be done by just reworking the components to ensure a better deal.

The Union government has warned a deputy commissioner of income-tax for releasing diamonds seized during a raid without proper orders. The government has said that A K Suri did not act in a manner expected of an officer while on search duty.

Foreign direct investment in new form of business, limited liability partnerships (LLPs), could be allowed without a cap, a highly placed source said."The officials have reached a consensus for 100 per cent FDI in LLPs," he said. Officials in the ministries of industry, finance and corporate affairs have been in regular consultations on the issue of allowing foreign direct investment (FDI) since the LLP form of business was notified in 2009.

As part of efforts to attract more retail investors to the stock market, regulator SEBI is considering making applications forms simpler and shorter for public offers, including IPOs. Concerned over the lukewarm and ever-falling retail response to the primary market, SEBI is mulling over ways to win over small investors in this segment and one of the steps under consideration is a simpler investment process.

The country’s accounting regulator is doing a reality check on whether Indian accountants stand to gain from the opening up of the sector, ahead of a fresh meeting between officials from India and Singapore for reviewing a bilateral trade pact.

Takeovers are set to get costlier with a Sebi panel favouring making it mandatory for the acquirer to make an offer for up to 100 per cent stake in any listed company.As of now, an open offer for a minimum of 20 per cent in the target company is required to be made by any entity that has purchased 15 per cent equity, either from the promoters or from the open market.

A committee constituted by India’s securities market regulator, the Securities and Exchange Board of India, or Sebi, is considering a proposal to separate the role of chairman and managing director (MD) or CEO of listed companies to prevent concentration of management powers in the hands of one individual.

It is already posted elsewhere in the blog that if one claims deduction u/s 80C, then one should not sell the ULIP units before five years of holding . If one does that the deduction allowed shall be taken as income of the year in which you sell. Readers are advised to read What You Must Know About Tax Impact on Surrender of Insurance Policy?

What will be tax on ULIP surrender after completion of five years? is a post from: India Income Tax Made Simple

If you've already applied for the Personal Identification Number (PAN) card and waiting for it, you can track/Check your Pan Card Application Status Online @ http://tin.tin.nsdl.com/tan/StatusTrack.html. You need to enter the 15 digit ...

The Indian Govt has just Announced the Symbol for Rupee currency and It will take almost one year to implement the same in all over the world as there are many regulatory requirement involved in implementation .However I have found a trick from the net by which you can start using the Rupee symbol from now .It is very easy to use the trick .Trick is developed by Foradian Technologies  . steps To Install the Rupee symbol. How to use ? 1. Download the above...

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The Securities and Exchange Board of India (Sebi) has announced a regulatory framework for introduction of physical settlement in equity derivatives. Stock exchanges have been allowed to settle stock options and futures contracts either on the basis of shares or cash. Physical settlement in derivatives has been an old demand. In India, the debate between physical and cash settlement in the arena has been on since these instruments were launched in mid-2000. It is said that introducing physical...

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Director General of Income Tax (Inteligence) , a recently formed directorate in the Income Tax Department are handling the data provided by US, Finland, Japan, Korea, Denmark and New Zealand on entities in these countries having made payments to Indians. It is reported that the data was provided in May 2010.

Six countries supply data about payments to Indians ! is a post from: India Income Tax Made Simple

1. Section 285BA:- Section 285BA has been substituted by the Finance Act, 2004 w.e.f. 1-4-2005. It is applicable in respect of transactions registered or recorded during any financial year commencing on or after 1-4-2004. Sub-section (1) of section 285BA requires certain specified persons to furnish Annual Information Return (AIR) in respect of specified financial transactions registered or recorded by them during the financial year.

It is known that section 397/398 of Companies Act, 1956 substantially provide relief to the minority shareholders/shareholders against the oppression/mismanagement by the Company or the Majority Shareholders in the Company.

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Company takeover rules in India are set to get egalitarian and move closer to global practices, if the market regulator accepts the suggestions of a panel it constituted.The recommendations of the group include treatment of all shareholders of the target company, including promoters, on a par, and allowing investors to own up to a fourth of a company without an obligation to buy more from minority shareholders.

he Tax Credit Statement (Form 26AS) are generated wherein valid PAN has been reported in the TDS returns as well as in the OLTAS challans. One of the modes through which tax payer can avail view of Tax Credit Statement (Form 26AS) is through net banking facility provided by banks. To avail this facility, the PAN holder is required to have net banking account with any of authorized bank, where in view of Tax Credit Statement (Form 26AS) can be made available to PAN holder which is mapped to that particular account. To provide this facility to net banking account holder, bank should get registered them self with National Securities Depository Limited (NSDL).

Six Banks’ site now allows you to view tax credit statement (26AS ) is a post from: India Income Tax Made Simple

BANGALORE:Don’t have the money to pay tax? Don’t worry. This tax filing season, you can pay your Income Tax through credit cards. This is the first of its kind happening in India. About 4.5 lakh tax payers in Bangalore, of which, 37 per cent IT...

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Whether the amount received as commutation of pension is taxable or not , Sardindu Basu, Kolkata Yes, the commuted value of pension is tax free as per section 10(10A) . However quantum is dependnt on the fact who is the employer who paid pension to you. Section 10(10A) states 1. FULL exemption of commuted value [...]

Is Commuted Value of Pension Tax Free? is a post from: India Income Tax Made Simple

"The ITEF representatives met DG(Admn) on 13th to discuss and finalize the examination related
issues. After detailed discussion, the DG agreed to place the following proposal before the Board.1. Ministerial Staff Examination: The Exam will be conducted under the old pattern in this year. The ITEF suggestion on the new pattern will be further discussed and finality reached before 2011 Examination.2. Inspectors and ITOs Exams : Either one more chance will be given to all candidates who are to clear two subject or less under old patternORAll those who have written the Exam under the old pattern will be allowed to retain exemption to those papers, which they have cleared. In other words they will have to clear the uncleared papers. ie the identical papers in the new syllabus with the condition stipulated under old rules.On getting Board's approval, necessary steps will be taken by the Directorate to receive revised applications etc. If necessary, the exam will be postponed for Inspectors and ITOs."
Published from ITEF website.

The two schemes recently launched by the Ministry of Corporate Affairs, viz., ‘Company Law Settlement Scheme, 2010’ (CLSS 2010) and ‘Easy Exit Scheme, 2010’ (EES 2010) are drawing positive response from the corporate sector. The two Schemes were...

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