| Cut in corporate tax rate will not benefit all sectors as MAT will increase tax burden 
The proposed reduction in corporate tax rate from 30% to 25% in the new direct tax code is only one side of the story. The cut has been offset by a reduction in exemptions and the dreaded change in the minimum alternate tax (MAT), which would hit...  |
| Ministry of corporate affairs plans to increase the accountability of chartered accountants 
The ministry of corporate affairs, in consultation with the Institute of Chartered Accountants of India (ICAI), plans to increase the accountability of chartered accountants (CAs) by changing the way they perform their duties. The move will come... |
| Corporation Bank will offer income tax returns filing facility through ATM network 
Aimed at retail assesses, state-owned Corporation Bank will offer income tax returns filing facility through its 1000-plus strong ATM network spread across the country, a top company official said. "We are offering a service for filing of... |
| Gain in Rupee against dollar made corporate liking AS-11 
Reliance Communications has had a change of heart, in just three months, on the accounting treatment for reflecting changes in the rupee value of foreign currency loans raised to finance purchase of fixed assets. While presenting the accounts for... |
If the expenses are of revenue nature, then the same are to be allowed and section 35D will not be applicable 
CASE LAW DETAILS Decided by: ITAT, BANGALORE BENCH `B' , In The case of: ACIT v Khoday India Ltd, Appeal No.: ITA No. 338/Bang/08, Decided on: December 12, 2008 RELEVENT PARAGRAPH 4.1 The Assessing Officer from the details filed... |
| Unsigned return is a defective return but this defect can be cured 
SUMMARY OF CASE LAW The return of income, if not signed by signatory as contemplated by section 140, would be mistake, defect or omission; but, by virtue of section 139(9) that defect can be cured. CASE LAW DETAILS Decided by: HIGH COURT OF... |
| Interest earned on bank deposits received from clients is business income 
SUMMARY OF CASE LAW Interest on the bank deposits held on account of "client account" is assessable under the head "profits and gains of business or profession" and the same would, therefore, be part of the professional... |
| Deduction to be allowed under any other provision of Chapter VI-A with the heading 'C' is to be reduced by amount of deduction allowed u/s. 80-IB/80-IA 
CASE LAW DETAILS Decided by: ITAT, DELHI SPECIAL BENCH 'C' NEW DELHI ',In The case of: ACIT v. Hindustan Mint & Agro Products Pvt. Ltd. , Appeal No.: ITA No. 1537/Del/07,Decided on: July 23, 2009 RELEVANT EXTRACTS: 1. This Special... |
| Sale of agricultural land does not attract any capital gains tax 
CASE LAW DETAILS Decided by: ITAT, AHMEDABAD `A' BENCH, In The case of: Ramjibhai P. Chaudhry v. DCIT, appeal No. :IT (SS) A. No. 324/Ahd./2004, Decided on: July 31, 2008 RELEVENT PARAGRAPH 3. The briefly stated facts are that that the... |
| Annual Information Return- meaning, provisions, Applicability and FAQ 
What is Annual Information Return (AIR)? As per the amendment to Section 285BA of the Income Tax Act, 1961, specified entities (Filers) are required to furnish an Annual Information Return (AIR) in respect of specified financial transactions... |
| Retirement savings will become taxable on withdrawal in new direct tax code 
The Direct Tax Code is a bit of a mixed bag for individuals, particularly the salaried class. Prima facie, the tax liability will reduce significantly as the draft code proposes to tax incomes up to Rs 10 lakh at 10%, that between Rs 10 lakh and Rs... |
| I-T department carried out search at Bombay Rayon & related parties 
Mumbai: Officials from the income-tax (I-T ) department on Wednesday and Thursday carried out searches at various offices of Bombay Rayon Fashion, a textile company promoted by Janardhan Agarwal. The company is into garments , textile and... |
| Securities and Exchange Board of India (Aid for Legal Proceedings) Guidelines, 2009 
Guidelines, dated 11-8-2009 Short title and commencement 1. (1) These guidelines may be called the Securities and Exchange Board of India (Aid for Legal Proceedings) Guidelines, 2009. (2) These guidelines shall come into force on the date of.... |
| Two Mumbai policemen and a retired income tax official arrested when attempted to cheat a jeweler 
Two Mumbai policemen and a retired income tax official, who attempted to extort money from a jeweller at Navsari near Surat in Gujarat, were caught in the act by residents on Thursday . The three were handed over to the Navsari police, who arrested... |
