ICAI
ICAI President Amarjit Chopra’s Message – October 2010
Dear All, Water, water, everywhere, And all the boards did shrink; Water, water, everywhere, Nor any drop to drink. 18th century English poet S. T. Coleridge, in the above lines, has represented the current situation in some of the densely-populated regions of our country. It has rained more than our needs this year. Hundreds of …
On Line Articles Placement Portal for selection of Articled Assistants
On Line Articles Placement Portal for selection of Articled Assistants by CA Firms from 5th October, 2010 The Board of Studies of the Institute has introduced an optional Campus Placement Scheme for selection of Articled Assistants by CA Firms. The Pilot Campus Placement Programme held at Delhi in August 2010 has been a great success …
Announcement for Online CPT Exam
With a view to accommodate the candidates who could not register themselves in the Online CPT scheduled on 23rd – 24th October 2010, the Council of the Institute has decided to hold additional Online Common Proficiency Test (CPT) as per the following details. Candidates intending to appear in Online CPT from the above cities will …
Income Tax
Proposed MAT provision, boon or a bane to taxpayers?
When the first draft of the Direct Taxes Code (DTC) was released in August 2009, the provision dealing with Minimum Alternate Tax (MAT) was one of the most discussed and deliberated provision. It proposed to levy tax on the gross value of assets. There were certain drawbacks and limitations which were pointed out to the …
SC refuses any immediate relief to Vodafone
The Supreme Court refused to offer any immediate relief to Vodafone, which has challenged the Bombay High Court order allowing the government to tax the company’s $11 billion deal with Hutch. The tax department had raised a demand for Rs 12,000 crore (Rs 120 billion) as tax on the 2007 deal. While refusing to stay …
Delay in filing ROI due to late appointment of auditor must be condoned
Bombay Mercantile Coop Bank vs. CBDT (Bombay High Court) The assessee, a co-op bank, filed a return for AY 2001-02 showing a loss of Rs. 15.94 crores. As the return was belated, the assessee filed an application us 119(2)(b) with the CBDT requesting condonation of delay and for being allowed carry forward of loss. The …
CBDT extends last date for return-filing to October 15
On consideration of the reports of disturbance of general life caused due to floods and heavy rains, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date of filing of returns of income for the Assessment Year 2010-11 from 30.09.2010 to 15th October 2010. Accordingly the due date for Tax Audit reports us. 44AB of the Income Tax Act is also extended to 15th October, 2010.
Global Group under Income Tax scanner
The Manoj Tirodkar-owned Global Group is under the scanner of the income-tax department for raising false bills and evading tax, three officials of the department have said. Many of the parties to whom the bills were addressed were living in Mumbai’s chawls or slums, the officials, who did not want to be named, said. The …
Service Tax
Service tax on rent is under court stay
We are a limited company which has a lot of retail outlets for marketing our products. The outlets are on rental basis. Till recently, we were not paying service tax based on the Delhi HC stay petition. What is the status of the same? Meaning of “Renting of immovable property” – “Renting of immovable property” includes …
SEBI
MCX-SX to challenge SEBI’s rejection of application
MCX Stock Exchange (MCX-SX) continued its tirade against the Securities and Exchange Board of India (SEBI), alleging “discrimination” and “character assassination” while rejecting its application for launching a full-fledged stock exchange. The exchange will soon decide whether to challenge the SEBI order in the high court (HC) or at the Securities Appellate Tribunal (SAT). Last …
FEMA
Govt likely to ease FDI norms for LLPs
The government has indicated that it will opt for gradual liberalisation of foreign direct investment norms for Limited Liability Partnerships (LLPs). In a consultation paper issued, the department of industrial policy and promotion sought comments on whether FDI should be restricted to LLPs operating in sectors without any investment caps, conditionalities or entry route restrictions. …
GST
Govt rejects alternative GST model
The Centre refused to accept the alternative model of Goods and Services Tax, mooted by state GST panel head Asim Dasgupta and a couple of BJP-ruled states. “We have regretted our ability to accept either the suggestion of Madhya Pradesh, Gujarat or Chairman of empowered committee because they do not, in our opinion, allow the …
DTC
Tax impact of 1st yr of DTC regime neutralised
Government said its proposals on withdrawing profit-linked exemptions in Direct Taxes Code will bring in over Rs 50,000 crore and make the exchequer little bit richer despite moderation in tax rates. “Government would bring Rs 55,000 crore worth revenue within the tax net through withdrawal of profit-linked tax exemptions…,” Revenue Secretary Sunil Mitra said here …
General
Extra 1% EPF interest to be taxed
The government’s surprise gift for workers isn’t much of a gift after all. The labour ministry has hiked the employees’ provident fund, or EPF, rate to 9.5%, but a finance ministry notification says that anything in excess of 8.5% will be taxed.
Finmin likely to announce tax exemption on 9.5% PF returns soon
The Finance Ministry is believed to have agreed to modify its notification for exempting from tax the entire 9.5 per cent interest on provident fund deposits for 2010-11, and will soon announce the good news for EPFO’s six crore depositors. “The Finance Ministry will soon revise the notification brought out on August 26, for giving …
Not satisfied with your insurance policy, soon you can switch service providers
Insurance Regulatory Authority of India said that mediclaim policy holders, who are not satisfied with the services, will soon be able to switch service providers at the same premium. The same would also be true for motor insurance policy holders. “It is high time that the insurance industry also moves to offer portability so that …
Satyam fraud, truth still unknown
By all accounts, Satyam (now known as Mahindra Satyam) is out of the woods. Losses have been cut. The hole caused by Ramalinga Raju’s misdemeanours has been plugged. The company is now hopeful of coming out of the red within two years. Once the results for the first two quarters of the current financial year …
