DIRECT TAX LAWS IN INDIA: UPDATES FROM TAX GURU 04.04.2009

Granting of power to the assessing officer to extend the time for completion of special audit under sub-section (2A) of section 142

Posted: Sat, 04 Apr 2009 03:49:06 +0000

Sub-sections (2A) to (2D) of section 142 deal with power of Assessing Officer to order a special audit. Such power is required to be exercised by the Assessing Officer having regard to the nature and...

This is just a content summary for Full details on above topic visit my website www.taxguru.in.

Deemed payment of tax by the employee where FBT on securities (ESOPs) allotted to him is recovered by the employer

Posted: Sat, 04 Apr 2009 03:41:45 +0000

The Central Board of Direct Taxes (CBDT) had issued circular number 9, dated 20th December, 2007, clarifying therein certain issues relating to levy of FBT on ESOPs. One of the clarifications was...

This is just a content summary for Full details on above topic visit my website www.taxguru.in.

Explanation on Relief in respect of tax on distributed profits of domestic companies

Posted: Sat, 04 Apr 2009 03:28:05 +0000

23. Relief in respect of tax on distributed profits of domestic companies 23.1 Provisions of sub-section (1) of section 115-O provide for levy of tax on distributed profits of a domestic company at...

This is just a content summary for Full details on above topic visit my website www.taxguru.in.

For Calculation of Book Profit u/s. 115JB profit need to be increased by deferred tax and the provision thereof, if debited to profit and loss account

Posted: Sat, 04 Apr 2009 03:24:48 +0000

22. Clarification regarding add back of 'deferred tax', 'dividend distribution tax', etc. for calculating book profit under section 115JB 22.1 Section 115JB of the Income-tax Act provides for levy of...

This is just a content summary for Full details on above topic visit my website www.taxguru.in.

Partnership firms & Other Non Corporate Bodies have to abide by AS 11: ICAI

Posted: Sat, 04 Apr 2009 03:10:12 +0000

Corporates are now breathing easy with the government deferring compliance with provisioning in their balance sheets of forex losses and gains on mark-to-market basis till 2011, but partnership firms...

This is just a content summary for Full details on above topic visit my website www.taxguru.in.

Now You can pay your stamp duty at Post Office

Posted: Sat, 04 Apr 2009 02:43:57 +0000

India Post has announced that it will start collecting government stamp duty through 21 post offices in the Mumbai circle. The technology for evidencing stamp duty payment is provided by Pitney...

This is just a content summary for Full details on above topic visit my website www.taxguru.in.

Form 17 is applicable only for payment of tax deducted or collected at source on or after 1st April 2009

Posted: Sat, 04 Apr 2009 02:37:04 +0000

Ministry of Finance Notification on TDS and TCS The Board has amended the rules relating to Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) vide Notification No. S.O.858 (E) dated...

This is just a content summary for Full details on above topic visit my website www.taxguru.in.

BJP promises Income Tax exemption up to Rs 3 lakh

Posted: Sat, 04 Apr 2009 02:15:20 +0000

The Bharatiya Janata Party (BJP) will exempt all armed forces and paramilitary personnel from Income Tax if voted to power, the party said while releasing its manifesto on Friday for the Lok Sabha...

This is just a content summary for Full details on above topic visit my website www.taxguru.in.

ICAI - Announcement Relating to AS-11

Posted: Sat, 04 Apr 2009 02:11:34 +0000

April, 03rd 2009 Standard-11 relating to "The Effects of Changes in Foreign Exchange Rates" earlier prescribed under the Companies (Accounting Standards) Rules 2006 has been now amended...

This is just a content summary for Full details on above topic visit my website www.taxguru.in.

KPMG faces $1-bn law-suit in America for negligence in Audit

Posted: Sat, 04 Apr 2009 01:56:19 +0000

Accounting major KPMG is being sued for $1 billion (690 million pounds) in damages from a trustee of collapsed American lender New Century Financial Corporation and has been accused of conducting...

This is just a content summary for Full details on above topic visit my website www.taxguru.in.

Summary of Major Changes in TDS Payment Challan and TDS return Applicable from 01.04.2009

Posted: Sat, 04 Apr 2009 01:47:28 +0000

Following are the major changes pursuant made by Income Tax Department Pursuant to NOTIFICATION NO 31/2009, Dated: March 25, 2009 applicable with effect from FY 2009-2010. New Amended Forma are...

This is just a content summary for Full details on above topic visit my website www.taxguru.in.