ICAI
CA’s can play a proactive role in curbing corruption
Mr Justice V.R. Krishna Iyer has called upon the chartered accountants to play a proactive role in eradicating corruption at all levels. In his inaugural address, at the All Kerala Chartered Accountants Tax Summit, Justice Iyer spoke about the importance of auditors in a changing economic scenario. He advised the auditors to involve themselves in …
PE – II, PCE and IPCE results declared on 4th August, 2010
The results of the Chartered Accountants Professional Education – II and Professional Competence Examinations held in May, 2010 were declared today, i.e. Wednesday, the 4th August, 2010 around 6 P.M. and the results of Integrated Professional Competence Examination held in May, 2010 are also declared today, around 6 P.M.
Percentage of candidates passed in PEE-II, PCE & IPCE held in May-2010
Chartered Accountants Professional Education Examination – II(PEE-II), Professional Competence Examination (PCE) & Integrated Professional Competence Examinations (IPCE) held in May-2010 The details of percentage of candidates passed in the above said examinations are given below: EXAMINATION GROUP No. of candidates appeared No. of candidates Passed % of pass PEE-II Both Group 4338 85 1.96 …
Income Tax
Instruction regarding issue of certificate on lower collection of tax at source
Instruction regarding issue of certificate of lower collection of tax at source us 206C(9) of the Income-tax Act 1961 Instruction No. 42010 I am directed to state that instruction No.82006 dated 13.10.2006 was issued by the Board making it mandatory to get prior administrative approval of Additional Commissioner of Income TaxJoint Commissioner of Income Tax …
Salaried persons can file tax returns till March
Individuals primarily with salary income and certain other tax payers were required to file their tax returns by July 31, 2010, for the financial year 2009-10 (assessment year 2010-11). As per the recent press release, the Central Board of Direct Taxes (CBDT) extended the due date of filing income tax returns to August 4, 2010. …
FM proposes major reform to reduce rising tax litigation
The billions of rupees stuck in courts and rising tax litigation have invited the attention of finance minister Pranab Mukherjee as he pushes through a major reform in the country’s tax regime. The finance minister has set up two panels, one each for direct and indirect taxes, to draw up a road map to reduce …
A comprehensive analysis of Penalty us 271(1)(c)
No practitioner can afford to be unaware of latest judgements & whether experts view the judgement as being right or wrong. Towards that end, the author has agreed to take time out of his busy schedule to make an analysis of landmark judgements every quarter. In the third part, the author has identified four landmark …
Vodafone: Foreign firms’ share transfer not taxable
Vodafone’s senior counsel, Harish Salve began arguments on behalf of the company on its plea against the income tax department in the Hutchison case. The arguments could continue for some weeks. The company had moved court on a showcause notice from the I-T Department, quantifying a tax liability of Rs 12,000 crore (Rs 120 billion), …
Now file Belated Tax Return
Have you missed your tax filing deadline? Have you missed the train? The tax train, that is!! If you have missed filing your tax return, do not despair… you can still file a ‘belated return’. The Indian tax authorities are always ready to give you a second chance! With now even the extended deadline of …
Tax Filing: Online or Offline
In the digital age, its now possible for individuals to e-file their tax returns online. However, the offline option of physical filing continues to be popular. Over time, it is expected that more people will try out e-filing. Here we do a quick review of the respective processes involved in online and offline filing of …
S. 14A, Rule 8D & Daga Capital: Hearing concluded, Judgement awaited!
After extensive hearing spread over several days, the Bombay High Court (4.8.2010) reserved judgement in Godrej & Boyce vs. DCIT, the lead matter challenging the judgement of the Special Bench of the Tribunal in ITO vs. Daga Capital 117 ITD 169 on the applicability of s. 14A & Rule 8D. The core arguments, inter alia, …
HC to rule on taxation of Vodafone’s take-over deal
The Bombay High Court will on August 4 hear Vodafone’s plea challenging the I-T Department’s tax claim of about $2 billion on the telecom firm’s buyout of Hutchison’s stake in Hutchison-Essar in 2007. While the I-T Department has contended in an affidavit that the transaction was liable for tax payment in India, Vodafone International Holdings …
Mandatory requirement of Permanent Account Number (PAN)
1. Please refer to SEBI circular No.MRDDoPCir-052007 dated April 27, 2007 making PAN mandatory for all transactions in the securities market. 2. As you are aware, the demat accounts for which PAN details have not been verified are “suspended for debit” until the same is verified with the Depository Participant (DP). However, it has come …
Rs. 26.99 lac returns processed & Over Rs. 3 lac refunds issued at Bangalore CPC
Centralised Processing Centre (CPC) At Bangalore Performing Successfully 26.99 Lakh Returns Processed And Over 3 Lakh Refunds Issued Till Date Centralized Processing Centre (CPC) at Bangalore is performing successfully. Till date, 26.99 alkh returns hgave been processed and over 3 lakh refunds have been issued at the Centralized Processing Centre, Bangalore. The Centralized Processing Centre …
Investment upto Rs. 20000- in Longterm Infrastructure Bonds allowed as deduction us 80CCF
The Finance Act, 2010 has inserted a new section 80CCF in the Income Tax Act, 1961, which provides that an amount upto the extent of Rs. 20,000- paid or deposited during the financial years 2010-11 as subscription to long-term infrastructure bonds shall be allowed as deduction in computing the income of an individual or a …
Weighted deduction increased to 175% w.e.f 1st April 2010
Weighted Deduction Increased to 175% W.E.F 1st April 2010 For Sum Paid out of Buisiness Income to University and other Educational Institutions for Scientific Research And Development The Income Tax Act, 1961, before amendment by Finance Act, 1961, before amendment by Finance Act, 2010, allowed a weighted deduction of 125% for any sum paid out …
Reopening beyond 4 years on basis of retrospective amendment not justified
Reopening beyond 4 years on basis of retrospective amendment not justified if assessee has not failed to disclose material facts Sadbhav Engineering vs. DCIT (Gujarat High Court) In respect of AY 2003-04, the assessee claimed deduction us 80IA (4) which was partly allowed by the AO vide assessment order passed us 143(3). Subsequently, a retrospective …
GST
States: Petro products to be outside GST
In yet another blow to the Centre’s plans on the proposed GST, the states stated that petroleum products would be out of the proposed indirect tax regime, even as the Centre pressed for the same saying such a move can check wild volatility in fuel prices. “Petroleum products will be out of the GST,” empowered …
ICA opposes new GST rates
The Indian Cellular Association (ICA), the apex body representing the mobile handset industry, has opposed the introduction of the proposed GST rates of 12 per cent and 20 per cent in 2011-12. The industry association said that the Government should declare mobile phones as a product of national importance and impose a flat GST of …
States reject GST draft Bill
States opposed a draft bill to amend the Constitution, a measure proposed by the Centre for rolling out goods and services tax, in its present form as it provides veto power to the Union Finance Minister in matters relating to state subjects. The Opposition came on a day when the Union Finance Minister Pranab Mukherjee …
Simplified GST regime being worked out
The government is likely to settle for a simple regime to administer the proposed goods and services tax that is in line with the low rates and easy procedures approach followed in the case of income tax, which has helped increase compliance. The mandatory annual audit that gives nightmares to the industry may be replaced …
Company Law
Kurshid: Scheme for Companies to get the Delay Condoned
The Minister of Corporate Affairs has informed the Lok Sabha that the number of companies that have not filed their Annual Return consecutively during the last three years – 2006-07, 2007-08 and 2008-09, is 2,13,185. Of these the maximum number of 67,858 companies are from the Western Region; 66,345 companies are from the Southern Region; …
Salman Khurshid: Mandatory for all companies to submit annual return, balance-sheet, etc.
Shri Salman Khurshid, Minister of Corporate Affairs, has said that under the Companies Act,1956, it is mandatory for all companies to submit annual return, balance-sheet, etc. to the Government. Giving this information in written reply to a question in the Rajya Sabha, Shri Khurshid informed the House that during last 3 years (2006-07, 2007-08 and …
Govt is proposing to make it mandatory to disclose fund flow statement
The government is considering to make it mandatory for all companies to disclose a fund flow statement, an indicator of utilisation of financial resources by an entity, along with their annual financial reports. The provisions for mandatory disclosure of fund flow statement is likely to be included in the Companies Bill, which is pending with …
SEBI
SEBI may not accept recommendations of MFs minimum net worth rise to Rs 50 cr
The capital market regulator, the Securities and Exchange Board of India (Sebi), may not accept the recommendation to raise the minimum net worth of asset management companies (AMCs) to Rs 50 crore. “There could be some rise in the eligibility criteria, but the increase may not be up to Rs 50 crore,” said a person …
SEBI allows currency options
The Securities and Exchanges Board of India (Sebi) has allowed exchanges to introduce currency options on US dollar pairing with rupee, providing another alternative to corporates for hedging against currency fluctuations. In another move, it also asked stock brokers, FIIs, asset management companies to report all over-the-counter transactions made by them in commercial papers (CP) …
Guidelines on trading of Currency Options on Recognised Stock Exchanges
It has been decided to permit trading of currency options on spot USD-INR rate in the currency derivatives segment of the stock exchanges, recognized by the Securities and Exchange Board of India (SEBI). The currency options market would function subject to the directions, guidelines, instructions, rules, etc issued by the Reserve Bank and the SEBI from time to time.
Genaral
Restatement of Satyam accounts to cost over Rs 50-cr
Mahindra Satyam may end up paying a huge fee for restatement of its book of accounts that were allegedly fudged by its former Chairman Mr B. Ramalinga Raju. Indications are that the Hyderabad-based company will shell out close to Rs 60 crore by September when the accounts are expected to be restated. “If you include …
