Companies Bill 2011

The book contains Comparative Analysis of provisions of Companies Act 1956 and Companies Bill 2011, Comprehensive analysis of changes proposed by Companies Bill 2011 and Commentary on new provisions proposed by Companies Bill 2011 in about 150 pages.
Some of the salient features of changes in Company Law Proposed by the Companies Bill 2011 are:

Company’s financial year to be 1st April to 31st March except in certain cases, maximum number of members in a private company-limit proposed to be increased from 50 members to 200 members, speedy incorporation process with detailed declarations and disclosures about the promoters, directors etc.

127 Years of Direct Tax Laws 1886-2012

Direct Tax Laws DVD contains a complete Database on Direct Tax Laws since 1886. The DVD is updated weekly.

This DVD contains nearly 61,000 Judgments of Supreme Court, High Courts & ITAT since 1886 / 2,100 Circulars / 10,500 Notifications / 5,600 Articles.

The DVD contains almost all judgments reported in various Tax Journals namely, 200 Vols. Of Taxman / 130 Vols. of ITD / 48 Vols. of SOT / 340 Vols. of ITR / 244 Vols. of CTR / 141 Vols. of TTJ /taxmann.com / ITR(T) / ITC.

You may evaluate this DVD for 15 days free of any charge. In case you need to extend its usage for a year you can purchase this DVD by paying annual subscription of ` 6975 (inclusive of all taxes).

For more information visit us Direct Tax Laws DVD or call us Delhi: 011-45562222, Mumbai: 9322247686, Ahmedabad: 9909984900

100 Years of Company Law 1913-2012

Complete library of major tax Journals DVD contains a complete Database on Company Law since 1913 with Securities Laws, Foreign Exchange Laws, Competition Laws, Banking & Insurance Laws, and Other Corporate Laws

DVD contains nearly 9800+ Judgments, 150+ Acts, 350+ Rules, 900+ Forms, 6000+ circulars, 2500+ Notifications

Company Law DVD provides always updated statutes, complete library of case laws, expert opinions and commentaries.

You may evaluate this DVD for 15 days free of any charge. In case you need to extend its usage for a year you can purchase this DVD by paying annual subscription of ` 6975 (inclusive of all taxes).

For more information visit us Company Law DVD or call us Delhi: 011-45562222, Mumbai: 9322247686, Ahmedabad: 9909984900

Transfer Pricing of intangibles: A taxing combat

This write-up deliberates upon tax tussle involved in transfer pricing of intangibles. For the purpose, after giving a brief view of ‘Transfer Pricing’ and ‘intangibles’ and their respective importance, the author has cited certain national and international case laws on the same. According to the author, the law relating to transfer pricing of intangibles is still in its infancy India. Yet, the emerging jurisprudence shows signs of maturity and willingness to adopt international standards. What remains to be seen is how quickly the Legislature and the tax enforcement machinery adapt to the rapid changes at both the national and transnational level and in plugging the loopholes to bring an effective and cogent Transfer Pricing regime in India.

For more please refer….Taxmann’s Corporate Professional Today” volume 20 issue 6

Transfer Pricing of intangibles: A taxing combat

This write-up deliberates upon tax tussle involved in transfer pricing of intangibles. For the purpose, after giving a brief view of ‘Transfer Pricing’ and ‘intangibles’ and their respective importance, the author has cited certain national and international case laws on the same. According to the author, the law relating to transfer pricing of intangibles is still in its infancy India. Yet, the emerging jurisprudence shows signs of maturity and willingness to adopt international standards. What remains to be seen is how quickly the Legislature and the tax enforcement machinery adapt to the rapid changes at both the national and transnational level and in plugging the loopholes to bring an effective and cogent Transfer Pricing regime in India.

For more please refer….Taxmann’s Corporate Professional Today” volume 20 issue 6

Transfer Pricing impact of business restructuring-Analysis of recent ruling of Bangalore Tribunal

In this highly competitive world, Multinational Enterprises (MNE’s) regularly restructure their business to improve efficiency and profitability. Such restructuring within MNE group results in number of tax and transfer pricing issues. Indian Transfer Pricing Regulation in its present form does not contain any specific provision dealing with transfer pricing impact of business restructuring. The resent ruling of Bangalore Tribunal in the case of Intel Asia Electronics Inc. v. Asstt. DIT[2011]9 taxmann.com 197, has provided some significant and positive guidance on transfer pricing issue arising from business restructuring.

POA theory is less than circumstantial-Hersh W. Chadha Case

In the recent case of Hersh W. Chadha v. Dy. DIT [2011] 43 SOT 544, the Delhi Tribunal has held that where it is hard to unearth direct evidence or demonstrative proof, circumstantial evidence and its appreciation thereof would acquire importance. The Tribunal adopted this method of circumstantial evidence in order to curb out the tax dogging and making tax dodgers answerable and accountable. The same decision has been taken up for discussion here.

Indian Government's Stand on Black Money

The Finance Minister, Mr. Pranab Mukherjee said that the Central Government has nothing to hide on black money issue and the Primie Minister has asked him to share the information with public. But he claimed that so far the Government has no reliable estimate of black money, which could be between USD 500 billion to USD 1400 billion. "No country is going to share information unless there is a legal framework," said Mukherjee. Emphasizing that there is no reliable estimates of black money generated by Indians within and outside the country, The Finance Minister said, "It's necessary to find out sources of black money so that its generation can be prevented. Swiss Bank has been persistently refusing to divulge information on black money," he said. "I have signed an agreement with Swiss authorities, we will be able to get information from Swiss Banks by amending the double taxation norms," he added. India has amended DTAA with 23 countries which will enable us to seek banking information, informed Mukherjee. "India is updating laws on transfer pricing mechanism to bring it at par with international standards as part of attempts to bring back the black money stashed abroad," said Mukherjee. India has started receiving information of Indians, who have generated income outside the country under double taxation avoidance agreements, he informed. He also informed that the Government has constituted a multi discriplinary committee to get studies conducted, to estimate the quantum of illicit funds generated by Indian citizens. The Government has formulated a five pronged strategy which consists of joining the global crusade against black money, creating an appropriate legislative framework, setting up institution for dealing with illict funds and developing systems for implementation. But he said that there is a way to get information when Income Tax authorities decide to prosecute offenders. "Eight more Income tax international overview units to be setup.. right now there are two units," he said.

International Taxation

• Day to day reporting of Indian and foreign case laws & statutes on International Taxation
• An almost complete Tax Treaty Network with Case Laws
• Complete Database of Indian Case Laws & Statues Since 1886
• OECD/UN/US Model Tax Treaties

RBI

RBI may need to get more aggressive



Inflation in India has spread beyond food and fuel prices and is becoming entrenched, meaning the Reserve Bank of India (RBI) may have little choice but to tighten policy more aggressively than now expected. A majority of economists polled by Reuters this week expect the RBI to raise interest rates by 25 basis points for a fourth time since March in its quarterly review on July 27. Most also expect the central bank to notch up rates by just another quarter point before the end of the year, given a tightening of market liquidity in recent weeks and uncertainty about the strength of global recovery. However, trends in broad money growth, the credit-deposit ratio and rising imports suggest inflationary pressures are likely to remain and may pose a bigger challenge later on, calling for a more aggressive action.



Pace of import growth may widen trade gap further

With India expected to grow more than 8 percent this year and next, imports are expected to pick up. Since export growth is weak, rising imports threaten to push up the trade deficit up substantially, in turn widening the current account deficit, which reached $13 billion in the January-March quarter, its biggest since 1981. A more decisive monetary tightening to curb domestic demand would help keep India's external imbalances in check.



Reserve money growth threatens to push inflation higher

Reserve money has been rising rapidly in recent months. Before the financial crisis, reserve money consistently led broad money growth, the central bank's key monetary gauge. Between 2000-2007 the annual change in reserve money had a 0.6 correlation with the year-on-year change in M3. That dropped to 0.4 for the 2000-2010 period because of massive liquidity injections during the financial crisis. However, with a rise in economic activity the correlation is likely to get tighter. A pickup in money supply growth, will serve as another important signal of inflationary pressures ahead.



Rising gap in credit-deposit growth to add to price pressures

Bank credit is growing at an annual pace of around 22 percent while deposits grow at a 15 percent clip. So the credit-deposit ratio has widened to 73.44 percent in July from around 70 percent at the start of this year, climbing above the monthly average of the past five years of 69 percent. The Reserve Bank of India will need to raise policy rates to push more money back into deposits and slow credit growth, reducing the disparity between the two. – www.economictimes.indiatimes.com