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Lawyersclubindia News


Insurers welcome Irda move on life cover

   08 May 2010 at 10:41

The insurers are planning to make suitable changes in their existing products to comply with the latest norms issued by the Insurance Regulatory & Development Authority(Irda)on Monday. Kshitij Jain, MD & CEO, ING Vysya, said the company wi ..

Posted in Corporate Law |   364 Views


Latest guidelines part of periodic review of norms: Irda

   08 May 2010 at 10:40

The new norms for unit-linked insurance plans (Ulips) released on Monday are part of the periodic review of regulatory guidelines on various product portfolios, Insurance Regulatory and Development Authority (Irda) Executive Director A Giridhar sa ..

Posted in Corporate Law |   403 Views


Appointment of Independent Directors

   08 May 2010 at 10:39

The Government has said that the Companies Act, 1956 does not provide for appointment of Independent Directors. But, as per clause 49 of the Listing Agreement, all the listed companies are required to appoint Independent Directors. Giving this inf ..

Posted in Corporate Law |   415 Views


GRATUITY LIMIT HIKE TO RS10 LAKH GETS PARLIAMENTARY NOD

   06 May 2010 at 13:24

Parliament on Wednesday approved enhancing the gratuity limit for employees from Rs3.5 lakh to Rs10 lakh as also the exemption threshold from income tax on it. While the Lok Sabha had passed the Payment of Gratuity (Amendment) Bill 2010 on Monday, t ..

Posted in Labour & Service Law  9 comments |   1915 Views


THE LAW ON WITHHOLDING TAX CLARIFIED

   04 May 2010 at 13:44

Chapter XVII-B of the Income-tax Act provides for deduction of tax at source on payments made by any assessee. These provisions are also applicable in case of payment made to non-residents. Section 195 casts an obligation on the person responsible ..

Posted in Taxation  2 comments |   686 Views


ICAI joins Indian probe league

   27 April 2010 at 14:04

India's accounting regulator has sought the financial statements of the eight Indian Premier League franchises to study if their auditors complied with accounting standards and best practices, joining other government agencies combing through ..

Posted in Taxation |   467 Views


Quick settlement of tax disputes likely

   27 April 2010 at 14:03

Nobody’s ever tried to find out how much money is at stake in the Supreme Court in the various tax and accounting disputes, a conservative estimate suggests a figure of Rs1 lakh crore. According to a recent government statement, there are 1, ..

Posted in Taxation |   474 Views


IPL PROBE CONFINED TO TAXATION ASPECTS OF TRANSACTIONS: CBDT

   27 April 2010 at 13:46

Even as income–tax officials continue to unravel the maze of transactions behind the funding of IPL and its franchises, the CBDT has clarified that the tax department was only looking into the “taxation aspects” of the transactio ..

Posted in Taxation |   480 Views


TOUGHER FDI NORMS FOR HOUSING

   27 April 2010 at 13:46

The finance ministry has called for tougher foreign direct investment (FDI) norms in the housing and township sector. It has also proposed stringent monitoring to ensure FDI rules are strictly followed in this “sensitive” sector. The min ..

Posted in Corporate Law |   369 Views


Separate Infrastructure for RTI

   22 April 2010 at 16:34

All States to which the Right to Information Act, 2005 applies, have constituted Information Commissions and have thus created infrastructure for implementation of the Act. But all the Information Commissions do not have their buildings. Government ..

Posted in Constitutional Law |   308 Views