Archive for September, 2009

Acquisition/Transfer of NBFC accepting deposit :RBI approval required

Circular No. DNBS (PD) CC.No. 160/03.10.001/2009-10, dated 17-9-2009 Under Section 45 IA (4)(c) of the RBI Act, 1934, a certificate of Registration can only be given to a company if the Bank is satisfied, inter alia, that the general character of the management or the proposed management of the non-banking financial company shall not be prejudicial to the public interest or the interests of its depositors. 2. [...]

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LLP(LIMITED LIABILITY PARTNERSHIP)PPT

check waht is LLP,what its benefit and what are the major differences between LLP and Partnership/companies by CA VED JaiN [...]

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Systems Audit of Mutual Funds

Circular No. SEBI/IMD/CIR No. 8/176988/2009, dated 16-9-2009 Considering the importance of systems audit in the technology driven asset management activity, it has been decided that mutual funds shall have a systems audit conducted by an independent CISA/CISM qualified or equivalent auditor. The systems audit should be comprehensive encompassing audit of systems and processes inter alia related to examination [...]

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STIMULUS ENDS IN 2010, TAXES WILL GO UP

The finance ministry has told the Thirteenth Finance Commission that given its expectations of a recovery in January-March 2010, it will withdraw the fiscal stimulus by increasing the tax rates next year. In its two-page note to the Vijay Kelkar-chaired TFC - set up last November to recommend how Central taxes will be shared with states over the next five years - finance minister Pranab Mukherjee has stuck to his p [...]

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ADVANCE TAX NUMBERS BY COS

UltraTech Cement, an Aditya Birla Group company, has skipped advance tax payment in the second quarter of this fiscal, fuelling speculation that the earnings of cement companies could come under pressure due to possible oversupply. The company had paid Rs 190 crore in the same period last year. However, ACC paid higher advance tax of Rs 150 crore (Rs 42 crore). Hindalco Industries of the Aditya Birla Group paid Rs [...]

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TDS RATES 2009-10 CHANGES IN TDS RATES

Major Changes has been made in TDS rates for Financial Year 2009-10. 1.No surcharge or cess is required to be added in basic tds rates in case of resident and domestic company .(detailed chart is given below) 2.TDS provisions of section 194C has be revised ,earlier rates are on the basis of nature of contract,ow it has been changed to nature of person(deductee). 3.Tds rates as per Section 194A and 194I has been [...]

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Change in data structure of eTDS Statement

Data structure of quarterly e-TDS statements have been modified by the Directorate of Income Tax (Systems). Key changes in Data Structure Description Existing Modification PAN of deductor Not mandatory Mandatory . If not required then "PANNOTRQD" Classification of Deductor Central Govt / Others 16 Classifications e.g. Central Govt / State Govt / Firm / Company etc Govt Deductor No su [...]

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