ICAI
No Change in the Schedule of the Chartered Accountants Examinations, November 2010
Enquiries are being received about possible change in the schedule of the Chartered Accountants examinations to be held from November 8th to 22nd, 2010 due to the
forthcoming Elections to the Legislative Assembly in the State of Bihar. It is clarified that the election schedule for Bihar Assembly Elections (as notified on 6th September, 2010 …
Change of examination timings for November 2010 examinations
Students appearing in the next Professional Competence Examination (PCE), Integrated Professional Competence Examination (IPCE) and Final Examinations of the Institute to be held from 8th November-2010 to 22nd November-2010 may kindly note that the Examination Timings are from 02.00 PM to 05.00 PM (IST) Similarly, Examination timings at Abu Dhabi and Dubai Centres will be …
Income Tax
How to check your Form 26AS for TDS and TCS?
If you are a taxpayers, you need to check your Form 26AS to ensure the tax deducted at source (TDS) is reflected correctly in the income tax records. Form 26AS is a consolidated tax statement issued under Rule 31AB of the Income Tax Rules to PAN holders. This statement will include details of Tax deducted …
Licenses & Approvals are “intangible asset” us 32(1)(ii) & eligible for depreciation
Piem Hotels vs. DCIT (ITAT Mumbai) S. 263 Revision only on ground of non-application of mind by AO not proper. Licenses & Approvals are “intangible asset” us 32(1)(ii) & eligible for depreciation The assessee, a hotel, incurred expenditure on acquiring licenses and permissions from various government bodies. This was classified as “goodwill” in the books …
Few useful tips on financial planning with examples
I want to buy a house, for which I will have to opt for a home loan. My gross salary is Rs 19,000 a month and my wife’s is Rs 10,000. Unfortunately, my mother does not keep well, and I can face a medical emergency any time. How should I plan for the house? First, …
“Discount” for supply of Sim Cards is “Commission” for S. 194H TDS
Vodafone Essar Cellular vs. ACIT (Kerala High Court) The Assessee, a mobile cellular operator, carried on business through distributors, and offered the “post paid scheme” and the “pre-paid scheme” to its customers. The assessee paid charges to the distributors for services rendered. While the charges paid in respect of the “post paid services” was treated …
Top 10’s advance tax pay-out up by 11%
ONGC has dislodged State Bank of India to emerge the top advance taxpayer for the first half of the current fiscal, the latest official data show. The top ten advance taxpayers’ pay-out up to the September 15, instalment stood at Rs 16,337 crore, reflecting an 11 per cent increase over the Rs 14,751-crore paid by …
GST
What is GST? – Part II
If the news reports are to be believed, India may implement GST around October 2011. Hence, its just matter of few months more before GST becomes a reality. In the following paras the author has made an attempt to demystify GST 21 FAQs. What is GST?
Centre & State stalemate on GST introduction continues
The stalemate between the Centre and the states over the introduction of the Goods and Services Tax continued, with some states opposing the changes suggested by the central government in the Constitution. The one-month time given by the Centre to states to study the Constitutional Amendment draft did not yield any encouraging results, as the …
FM to decide on revised GST draft after states meet
The Finance Ministry will decide on whether to bring out yet another revised draft of the Constitutional Amendment Bill, needed for the roll out of the new indirect taxes regime GST, after it has received inputs from state finance ministers who are to meet. The Empowered Committee of state finance ministers on Goods and Services …
SEBI
SEBI likely to announce new takeover rule by year end
Market regulator SEBI is likely to announce the new takeover rule for companies by the end of this year, Chairman of the Takeover Regulatory Advisory Committee C Achuthan said. “Perhaps it might come at the end of this year itself, Let us hope so,” he said on the sidelines of a conference on the Takeover …
SEBI rejects FIIs demand for time extension
Capital market watchdog SEBI said foreign institutional investors have to, by October one, end the practice of investing money collected from a single or few investors in stocks, as a guard against manipulation. Rejecting the demand from FIIs for extension of the October one deadline for compliance with the new rules, SEBI Chairman C B …
BSE launches user-friendly mobile-based trading
The Bombay Stock Exchange Ltd, India’s oldest stock exchange launched mobile-based trading through its 33 leading brokers, a senior Exchange official said. “We have started providing user-friendly mobile-based trading. The top 33 brokers of BSE commenced mobile trading for their clients,” BSE’s Managing Director & CEO, Madhu Kannan told reporters here. Leading BSE …
How stock mobile trading is done?
With the Bombay Stock Exchange launching its mobile trading platform, the stock market is all set to get a tech boost. Especially since the National Stock Exchange also plans to launch a similar service in the first week of October. A month ago, the Securities and Exchange Board of India gave permission to the stock …
Service Tax
IATA chief: Service tax on air tickets is illegal
International Air Transport Association’s (IATA) director general and chief executive officer (CEO) Giovanni Bisignani will the central government to scrap service tax levied on air travel. “I am meeting the finance secretary. The service tax on air tickets by the government is illegal. It is embarrassing for India which is a leading member of the …
Finmin in a fix over proposed service tax rules from Oct 1
The finance ministry is in a fix over the proposed implementation of point of taxation rules for service tax from October 1 this year, with the industry resisting transition to the accrual basis for taxation of services. Simply put, under the accrual-based method, the tax will be considered ‘paid’ when the invoice is made, irrespective …
Audit
Tax dept asks DoT to submit a copy of Bharti Airtel audit report
The Income Tax department has asked the Department of Telecom (DoT) to submit a copy of the special audit report on leading telecom firm Bharti Airtel to look into corporate tax or income tax issues. Government-appointed auditors contractor Nayak and Kishnadwala had submitted a report on Bharti Airtel in March this year, which according to …
DTC
DTC: Tax on gains of stocks & securities
With more and more people investing their savings in stocks, there has been considerable anticipation about how the gains from such investments will be taxed under the final draft of Direct Taxes Code. There is welcome relief vis-à-vis the original DTC 2009 that hinted at taxing both long-term and short-term gains on par with each …
General
Court rejects Satyam scam accused plea to defer hearing
The special court trying the multi-crore Satyam accounting fraud dismissed a petition by three of the accused in the scam seeking postponement of the hearing in the case. The XXI Additional Chief Metropolitan Magistrate (ACCM) court dismissed the petitions of former Chief Financial Officer Vadlamani Srinivas, and two former Satyam employees D Venkatapathi Raju, Senior …
Now NRIs can take & pay insurance premium here
Non-resident Indians (NRIs) can take a rupee currency insurance policy in India. All individual schemes marketed by insurance companies in India are available to a NRI holding an Indian passport. Foreign nationals of Indian origin can also take insurance policies during their stay in India. However, presently, joint life plans having a term insurance element …
EPFO: Corporate PF trusts can pay 9.5% interest
Brushing aside apprehensions, retirement fund manager EPFO said PF trusts set up by corporates can pay a higher interest rate of 9.5 per cent for 2010-11 as they may also have surplus in their accounts. “The recognised provident funds (PF) would not find any difficulty in paying 9.5 per cent rate of return to its …
