New: Budget 2013-14 - 1. Proposal to introduce Commodity Transaction Tax (CTT) in a limited way. CTT applicable on the sale of commodities. Agricultural commodities will be exempted. CTT shall be at the rate of 0.01% on the value of transaction and the tax shall be payable by the seller.2.No change in the normal rates of 12 percent for excise duty and service tax.3. Excise duty on SUVs increased from 27 to 30 percent. Not applicable for SUVs registered as taxis.4.Proposals to levy Service Tax on all air conditioned restaurant.5.Additional deduction of interest upto 1 lakh for a person taking first home loan upto 25 lakh during period 1.4.2013 to 31.3.2014 (Total 2.5 lacs) Budget 2013-14!!!

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Tuesday, March 29, 2011

Prosecution of Directors - MCA Circular Dated 25.03.2011

The Directors can also be prosecuted in case of Default committed. Section 5 of the companies act 1956 says that "Officers in Default" and "Directors" are responsible for the compliance and any default done. 

For Details, please go through the Circular published by the MCA Website.


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