sdhanapal's blog

The Government of India has notified ESIC Amendment) Act 2010 vide official gazette dated 25 May 2010. The Employees State Insurance Act, (ESI Act) was enacted by the Government of India in 1948. The Government of India has through a notification in the Official Gazette dated 25 May 2010 enacted The Employees’ State Insurance (Amendment) Act, 2010 to amend the earlier ESIC Act, 1948.

The following are some highly important, new features that have been launched by the income tax dept for income tax efiling:

Return Preparation Software Modified

The income tax department has modified the return preparation software to include automatic calculation of tax and interest. Best thing is that it can be downloaded free of cost.

Foreign Direct Investment is freely permitted in almost all sectors except those sectors specifically prohibited/restricted. Under the Foreign Direct Investments (FDI) Scheme, investments can be made by non-residents in the shares / both convertible or non convertible debentures / preference shares of an Indian company, through two routes; the Automatic Route and the Government Route. Under the Automatic Route, the foreign investor or the Indian company does not require any approval from the Reserve Bank or Government of India for the investment.

A law to allow "Limited Liability Partnership" (LLP) in India was enacted by the Parliament of India and known as the Limited Liability Partnership (LLP) Act of 2008.  This discussion will cover Indian law pertaining to the benefits of LLP.