Director’s
Relatives (Office or Place of Profit) Rules, 2003
amended
Section
314(1B) of the Companies Act, 1956 mandates the Company to take prior
approval of government if the compensation provided to the relative of
Director who holds place of profit in the company is more
than Rs. 50,000 per month. Now the limit has been
increased to Rs. 2,50,000 per month upto which no approval is required.
Effective date to be notified.
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Filing of Balance Sheet and Profit and Loss Account
in XBRL
taxonomy
MCA
has decided to mandate certain class of companies to file balance sheets
and profit and loss accounts using XBRL taxomony (eXtensible
Business Reporting Language)
from the year 2010-11 onwards. The said
Taxonomy will being hosted on www.mca.gov.in shortly. For benefits of
XBRL, read the
FAQ.
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Circular
>
Certification of e-forms under
the Companies Act,1956 by Practicing
Professionals
Members of professional bodies namely, ICAI, ICSI
& ICWAI are entrusted with the responsibility of ensuring
integrity of e-documents filed by them with MCA. While such documetns will
be system approved immediately upon filing, MCA will take
stringent action against wrong certification by the professionals.
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NBFCs not to be Partners in
Partnership firms
RBI has prohibited NBFCs from contributing capital
to any partnership firm or becoming a partner thereof. In
case of existing partnerships,
NBFCs may seek early retirement from the
partnership firms. The purpose is to mitigate the risk involved in NBFCs
associating themselves with partnership firms.
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New and simple version of ANF 2E form by
DGFT
DGFT has designed a simple version of ANF 2E
form to obtain export licence for SCOMET items.The new form has
replaced the old one from 1st of April,
2011.
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Circular
>
Relaxation of Export realisation period
continues
The period
for realisation of export of goods & software and remittance
of the proceeds thereof into India was 12 months up to 31st March,
2011. The enhanced period (6 months to 12 months) is
extended until 30th September, 2011 by
RBI.
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Point of Taxation Rules, 2011
According
to the above Rules, w.e.f 1st April, 2011, service tax is payable on
raising of invoice or receipt of payment whichever is earlier.
So far service tax was payable only on receipt of payment (advance or
against invoice) from the customers.
Certain
services like Commercial or industrial construction
service, Internet service etc have been treated as continuous
supply of service in terms of the notification referred to below for the
purposes of POT Rules, 2011.
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Notification
>
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