New MCA Proposals - Disclaimer Post Applies

MCA Proposes :Splitting Office Of Chairman And MD/CEO

MCA Proposes :1-year Transition Period For Split Of CMD

MCA Proposes :Unclaimed Dividend To Be Paid Even After 7 Years

MCA Proposes :Dividend Cannot Be Paid Out Of Securities Premium Account

MCA Proposes :Term 'Relative' To Include Spouse's Relatives

MCA Proposes :Prospectus To Include Source Of Promoters' Capital

MCA Proposes :Postal Ballot To Include Electronic Ballot

MCA Proposes :Internal Audit To Be Mandatory For Big Cos

Currently, Internal Audit Not Mandatory, Except CARO 2003

MCA Proposes :Creditor/Debtor Balance To Be Confirmed In Writing

MCA Proposes :All Amounts Beyond Rs 5 Lakh To Be Confirmed

MCA Proposes :Statutory Auditors Not To Render Non-audit Services

MCA Proposes :Statutory Auditors Not To Be Involved In Internal Audit

MCA Proposes :Statutory Auditors Not To Design Financial Info System

Statutory Auditors Not To Implement Fin Info System

Statutory Auditors Not To Offer Any Actuarial Services

Above others also people expect following: INTEREST PAID ON DEBT BY FIRMS MAY BE TAXED.

Under DTC, the cash-in-hand limit will be increased from `50k to 2lakh. Moreover, definition of wealth will be broadened to include helicopters, archeological collections, drawings, paintings, sculptures and

other works of art.Assets like jewellery, land and building can be valued by government-approved valuers, typically civil engineers and jewellers

The tax code also aim to bring an individual’s foreign assets under the purview of wealth tax: Deposits in banks abroad (Both foreign banks and Indian banks with branches located abroad) (Think of money lyeing in Swiss Banks!!)