The Corporate Affairs Minister (Shri Salman Khurshid) has announced, in response to a question in the Lok Sabha, that the Company Bill will be reintroduced in Parliament as the Companies Bill 2009. Last year the Companies Bill 2008 was introduced in the Lok Sabha but did not become law.
The bill, introduced by Corporate Affairs Minister Salman Khurshid, is centred on stakeholder protection with the provision for class action suits that allow a group of people with similar grievance to file a joint petition.
Major proposals of the Company bill 2009 include:
- Insider trading becomes a criminal offence
- Consolidated financial statements of subsidiaries made mandatory
- Clause that disallows claims over unclaimed dividend after seven years removed
- Role of independent directors clearly defined
- Process for formation of companies simplified
Related posts:
- Download Direct Tax Code Bill 2009
- Finance (No. 2) Act, 2009 (Act No 33 of 2009)
- Career As A Company Secretary
- New Income Tax Slab F.Y.2009-10 | Union Budget 2009
- Finance Bill, 2010 Passed by Lok Sabha on 29-4-2010.
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{ 5 comments… read them below or add one }
Sir, under new DTC, 2009 , under section 84 of tax audit, required to extend the limit from 40 lakh to 1.50 crore, sir, every limit has been increased time to time but this limit has not WHY ? Most important thing is NO REVENUE LOSS TO DO SO even why not increase on the contrary fraud like satyam may be reduced due to less quatity of audit. Sir, every trade association in every budget expect to increase this limt 40 lakh to 1.50 crore so they can reduce some adminstrative work and save money of tax audit.
Sir, under new DTC, 2009 , under section 84 of tax audit, required to extend the limit from 40 lakh to 1.50 crore, sir, every limit has been increased time to time but this limit has not WHY ? Most important thing is NO REVENUE LOSS TO DO SO even why not increase on the contrary fraud like satyam may be reduced due to less quatity of audit. Sir, every trade association in every budget expect to increase this limt 40 lakh to 1.50 crore so they can reduce some adminstrative work and save money of tax audit.
excelent job done by tax india
all the best of future
Hi,
After the FBT being abolished, what is the new taxation law? How the income/ perquisites going to be treated. When the details are going to be released.
regds,
Sarojini
how is the prequisites will be treated now?