The Income Tax (I-T) Department has decided to put an end to the contentious issue of taxation of deemed dividend or inter-company loans given to common shareholders of unrelated companies. The department proposes to amend the I-T Act in this regard.
Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax.
This follows a renewed effort by CBDT to seek clarification on the issue.
The Ministry of Corporate Affairs (MCA) has worked out new parameters for scrutiny of companies. These are based on reports on the Satyam fraud investigation.
Move aimed at expediting projects undertaken in collaboration with foreign technology providers
The Ministry of Corporate Affairs wants to shed its stern regulatory image and acquire a gentler, corporate-friendly reputation. The new mantra is to be a facilitator in corporate growth instead of just another regulator.
Ministry of corporate affairs directs Registrar of Companies to conduct quarterly scrutiny
Sources said the major criteria for review will be the minimum paid-up capital of the bank, nature of new entities to be allowed in the banking sector, promoters' contribution in the paid-up capital, nature of promoters and corporate governance norms in the current scenario.
The Reserve Bank of India may de-license or leave it to banks to open branches in rural and semi-urban centres, in a step towards liberalising its branch authorisation policy.
Taxmen are opposing proposals to cut personal income and corporate tax and scrap taxes on various transactions.
The Reserve Bank of India has said Indian companies merging with overseas firms will continue to be treated as entities resident in the country under the Foreign Exchange Management Act (FEMA). There is no provision for such a merger under the current Companies Act. But a Bill to amend the Act tabled in the Budget session of Parliament proposes to allow Indian companies to merge with overseas companies, under section 205, a move that could introduce greater flexibility in
The decision will come into effect on September 19. In the notification issued by the ministry of consumer affairs, food and public distribution, three weeks was given for so reducing the stock.
A silent revolution is taking place in the country's airports and ports -- one that will alter India's notoriously troublesome Customs clearance procedures, both at entry and exit points.Export consignments will no longer have to undergo the drudgery of long Customs clearance procedures. And the facility will be extended to courier services or even passengers after some time. Such a system exists for imported goods and has met with a huge success.
These companies struck joint ventures with foreign partners before the government relaxed FDI sectoral limits by issuing Press Notes 2 and 4 in February this year, and had approached FIPB for approvals later. FIPB sent a note to this effect to the RBI a month ago, advising the central bank to deal with such cases.
The Central Board of Direct Taxes has advised its field formations to scrutinise all cases in which companies have amortised foreign exchange losses under the one-time discretion allowed by the government through an amendment to Accounting Standard 11 (AS-11).
The ministry of company affairs (MCA) intends to insert a clause in the Companies Act that will make audit firms also liable to prosecution as against the existing provisions that limits penal action only to chartered accountants.
In a major relief to over 3,000 companies all over India seeking arbitration in tax cases with the Settlement Commission, the Bombay High Court has termed as "unconstitutional" the government's decision to suggest a cut off date of March 31, 2008, for all cases filed before June 1,2007.
Housing finance companies are currently regulated by NHB, which is, in turn, regulated by RBI. NHB is wholly-owned by RBI.
Authority for Advance Ruling dispenses with complex forex indexation requirement.
Looking to raise OMO limit, borrowing cap for primary dealers.
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