Clearance for Companies Bill, 2012 from Rajya Sabha

Rajya Sabha today passed the Companies bill, 2012. The bill was passed by the lower house in 2012. It was tabled in the upper house today and will bring international best practices to Indian businesses. 

The  new legislation will provide for class action lawsuit to be filed. The bill also stipulates a new company law tribunal to be set up.

Due Date for Filing of Income Tax Return extended to August 5, 2013

The Government of India, in consultation with CBEC, has extended the deadline for filing of income tax returns to August 5, 2013 from July 31, 2013 set earlier.

"As a measure of taxpayers convenience, it has been decided to extend the due date of filing of returns from 31st July, 2013, to 5th August, 2013," the finance ministry said in a statement.

"Taxpayers are requested to avail of this extension of time and file their returns after paying due taxes," it said.

E-filing of Audit Reports with the Income Tax Department for AY 2013-14 and onwards

An assessee required to furnish a report of audit specified under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A, clause (b) of sub-section (1) of section 12A, section 44AB, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E or section 115JB of the Act, shall furnish the said report of audit  and the return of Income electronically for AY 2013-14 and onwards as specified in Notification No. 42/2013 dated 11th June 2013.

Rupee plunges below 60-mark, prices set to soar

The rupee hit an all-time low of 60.71 to the dollar on Wednesday, threatening to blow a bigger hole in household budgets and dashing hopes that the Reserve Bank of India (RBI) will make loans cheaper.

The currency has lost 13% since May, and it could continue to fall unless policy steps to boost the economy are outlined soon, analysts warned.

A sliding rupee is toxic. For a start, it means that India needs to shell out more cash to import fuel, and this in turn raises the prices of transporting goods, leading to higher inflation.

Rs 577-cr tax notice on Infosys

Infosys has been slapped a fresh Rs 582 crore ($106 million) tax demand notice by the Income tax department.

According to a filing to the SEC, India’s second largest software exporter has said that this is the tax the company is due to pay for the 2009 fiscal.

This is in addition to the Rs. 1,175 crore ($214 million) that the tax department says that Infosys owes, for the four fiscal years from 2005 onwards, a claim that Infosys is contesting.

MCA portal would not be available due to maintenance issues.

MCA Portal services will not be available from 2300 hours on 18 May 2013 to 0500 hours on 19 May 2013 due to maintenance.

Inconvenience is regretted.

CBDT - Extension of Proposal Submission deadline for NJRS Project.

The last date (deadline) for receipt of proposals in response to the RFP for selection of an Implementation Agency for National Judicial Reference System (NJRS) stands extended till 2:00PM on 12/4/2013.

Highlights of the Railway Budget 2013-14

Here are the highlights of the Rail Budget 2013 as presented by Railway Minister PK Bansal.

Ø  No hike in passenger fares

Ø  Free Wi-Fi to be provided on some trains

Ø  Rs 100 crore for improving stations in New Delhi

Ø  179 escalators and 400 lifts at A 1 and other select stations

Ø  E-ticketing through mobile phones

Ø  SMS alerts for passengers on reservation status

Ø  Next generation e-ticketing system by end of 2013

Ø  Superfast and Tatkal charges to rise

Ø  Annual plan for 2013-14 set at Rs 63,363 crore

Speech of Sh. Pawan Kumar Bansal introducing the Railway Budget, 2013-14 on 26th February 2013

Madam Speaker, I rise to present before this august House the Revised Estimates for 2012-13 and a statement of estimated receipts and expenditure for 2013-14.  I do so with mixed feelings crossing my mind. While I have a feeling of a colossus today, it is only ephemeral and is instantaneously overtaken by a sense of humility. Democracy gives wings to the wingless, cautioning us all the while, that howsoever high or wide our flight may be, we must remain connected to the ground. For giving me this opportunity, I am grateful to the Hon’ble Prime Minister Dr. Manmohan Singh and  the UPA Chairperson, Smt. Sonia Gandhi and pay my homage to the sacred memory of Sh. Rajiv Gandhi who introduced me to the portals of this highest Temple of Indian democracy.

Companies Bill, 2012 listed for consideration in the Rajya Sabha

The Companies Bill, 2011 has been passed by Lok Sabha on December 18, 2012. 

In the list of Business of Rajya Sabha for Tuesday, February 26, 2013, the Companies Bill, 2012 is listed for consideration.  

The link for the same is as under: 

Click Here. 

Highlights of the Companies Bill, 2011 (as passed in Lok Sabha), are also placed at the following link:  

Click Here.

Parliament is all set for Budget Session

The three-month long Session will begin with the customary address by President Pranab Mukherjee to the joint sitting of the Lok Sabha and the Rajya Sabha. 

The Session has a heavy legislative agenda, including getting Parliament nod to three ordinances, introduction of as many as 16 bills, consideration and passage of 35 bills.

The Railway Budget will be presented on February 26, the Economic Survey the next day and the General Budget on February 28. 

France, not India, is entitled to Rs 650 crore in capital gains tax from Shantha deal: Andhra High Court

The Andhra Pradesh High Court has ruled that France, not India, is entitled to Rs 650 crore in capital gains tax arising from the sale of Hyderabad-based Shantha Biotech to Sanofi Aventis. The judgement is likely to have a calming effect on foreign investors wary about India's stance on taxing offshore transactions.

Internship Programme of Department of Expenditure - Finance Ministry

The objectives and guidelines/salient features of the Internship Programme of the Department of Expenditure for Undergraduates of five year integrated course / Graduates pursing Post-Graduation or pursuing Research are given below:

Objective:-

• To familiarize willing and eligible Undergraduates pursuing five year integrated courses and Graduates pursuing Post-Graduation/Post-Graduates pursuing Research with the overall process of formulation of economic policies of the Government.
• The internship is neither a job nor any such assurance for a job in the Department of Expenditure.

To read more Click Here.

On-line Application for empanelment of Chartered Accountants for the year 2013-14 with O/o CAG extended

The Last Date for On-line Application for empanelment of Chartered Accountants for the year 2013-14 with the O/o C&AG has been extended to 22nd February 2013.

SEBI attaches Sahara properties

The regulator Securities and Exchange Board of India finally ordered attachment of assets ofSahara India Real Estate Corporation and Sahara Housing Investment Corporation.

The capital markets regulator has also ordered a freeze on all bank and demat accounts of Subrata Roy Sahara, Vandana Bhargava, Ravi Shanker Dubey and Ashok Roy Choudhary -- the promoters and directors of the two companies with immediate effect.

Recognition to Members of ICSI under SEBI (Investment Advisers) Regulations, 2013

SEBI has issued SEBI (Investment Advisers)Regulations, 2013 on January 21,2013, requiring yearly audit of Compliance by Members of ICSI.

Regulation 19 (3) reads as under :

“An investment adviser shall conduct yearly audit in respect of compliance with these regulations from a member of Institute of Chartered Accountants of India or Institute of Company Secretaries of India.”

Attach: Text of SEBI (Investment Advisers) Regulations, 2013

Uploading of data relating to charitable entities on the Departmental website "www.incometaxindia.gov.in"

1.          Kindly refer to the subject above, in this regard a module was developed on “Exempted Institutions” on the national website www.incometaxindia.gov.in as per the decisions of CIC and CBDT was made available to all the CCsIT (CCA) to upload their data. As some of the CCsIT (CCA) are facing difficulty in uploading their huge back log of data, the undersigned is directed to inform the following solution to the users of the said module.

·        Multiuser Uploading

Multiuser uploading of data into the system is allowed. For getting the said facility activated, all the CCsIT (CCA) and DGIT (Exemption) are requested to send an email at the email ID given below, indicating the designation of officer/Officers who is/are to upload data into the system. The webmaster will create user IDs and Passwords for uploading data and the same will be communicated to the CCsIT (CCA) and DGIT (Exemption).

Webmanager@incometaxindia.gov.in

2.          For further clarification and assistance in this matter, the undersigned may be contacted.

Yours Fautgfully,

(A.K. Sehjpal)

Joint DIT (Systems)- II (1)

New Delhi

SEBI free to freeze accounts, seize properties of Sahara Group companies: SC

In fresh trouble to Sahara Group, the Supreme Court today said that SEBI is free to freeze accounts and seize properties of its two companies for defying court orders by not refunding Rs 24,000 crore to investors.

The apex court also pulled up SEBI for not taking action against the companies--Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC)--as per its August 31, 2012 order which had asked it to attach properties and freeze bank accounts of the companies.

NTPC’s Rs 12,000 crore stake sale on Thursday

NTPC's stake sale is set to hit the markets on Thursday after an empowered group of ministers (EGoM) led by finance minister P Chidambaram met to finalise the timeline and pricing of the issue.

"The NTPC disinvestment is scheduled for February 7 and is expected to raise Rs 12,000 crore," said disinvestment secretary Ravi Mathur after the EGoM meeting.

CBEC detects Rs. 9,800 Crore Service Tax Evasion

The Central Board of Excise & Customs ( CBEC) has detected service tax evasion of Rs. 9,800 crore in the April- December period this year. It has warned evaders to pay the tax or face action. “CBEC would appeal to all service providers to comply with the law and pay service tax that is due. Failure to pay service tax will attract appropriate action under law including recovery of tax, interest and penalty. Prosecution and attachment of property are also envisaged in appropriate cases,” CBEC member (service tax) Lipika Majumdar Roy Choudhury said.