Legislative history and intent
Minimum Alternative Tax (‘MAT’), inspired by similar levies in the western countries, where the objective for introduction of MAT was to increase the revenue base, was first introduced in the Finance Act, 1987 by virtue of section 115J. Apparently, the levy discriminated between corporate vis-à-vis other entities – partnerships, sole proprietorships, [...]

Interaction of two tax systems, each belonging to a different country, at times results in double taxation of income – economic double taxation or juridical double taxation.
Economic double taxation takes place when the same income is taxed in the hands of more than one person. Juridical double taxation takes place when the same income [...]

XBRL
eXtensible Business Reporting Language
Introduction
XBRL stands for Extensible Business Reporting Language. It is a new global standard of Financial and Business Reporting with an Open Technology. It is used for electronic sharing and communication of business and financial data. It facilitates preparation, analysis and communication of business information. It offers significant cost savings, greater efficiency, accuracy [...]

Introduction to Draft Press Note on FDI Regulatory Framework
A striking and commendable move by DIPP: to come out with consolidated and comprehensive FDI Regulatory Framework. Foreign Direct Investments by non-resident in resident entities through transfer or issue of security to person resident outside India is a ‘Capital account transaction’ and Government of India and Reserve [...]

“Citizens never support a weak company and birds do not build nests on a tree that does not bear fruits” Minister Salman Khurshid quoted Arthshastra while introducing Corporate Governance Voluntary Guidelines 2009 (CGV Guidelines). These guidelines being recommendatory in nature, focus on fairness, transparency, accountability and responsibility by Indian Incorps. CGV Guidelines are set [...]

A change in indirect taxation system of India

Discussion on the recent changes in Indian Corporate legal environment including a brief on IFRS, GST in India, Direct Tax Code, Company Bill 2009, New Takeover Code

Limited Liability Partnerships, Apple pie for maturing service industry in India
Limited Liability Partnerships can be defined as an alternative to the traditional partnerships and can most appropriately be described as a hybrid between a company and a partnership that not only provides the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a partnership based on a mutual agreement arrived between them.

Global Finance Market
The US economy is going through a doom, and it goes without saying that it has impacted the entire world’s financial market. The month of September 2008 has witnessed colossal plunge in the finance market. Top investment giants have been nailed down; the fourth largest investment bank of the world: Lehman Bros. filed [...]

Structured Finance Market
The structured finance market in India has grown over the years. A brief picture of the structured finance market considering only the listed transaction is depicted through the graphs alongside¹. The graphs show a rise in structured finance market in the year 2007, however now the markets have significantly fallen down after recent [...]