| ICAI announced Schedule for ISA ET to be held in the month of November 2008
Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA) on Saturday the November 08, 2008. Last Date for Online Form Submission is October 29, 2008 . 1. The next Eligibility Test for ISA PQC is... |
| New amended form No. 704 and issues in it under the MVAT
New MVAT Audit Form 704 Additional responsibilities as an Auditor Additional features to be reported in New Form 704 Issues and Difficulties Welcome Changes and Redundant Sections in Old Form 704 Additional responsibilities as an Auditor... |
| Summary of Amendments made by Maharashtra Value Added Tax (2nd Amendment) Rules 2009, dt 18th June 2009 w.e.f 01st July 2009 
On 18th June 2009 the Government of Maharashtra has passed the Maharashtra Value Added Tax (2nd Amendment) Rules 2009 These amendments are brought into effect from 1st July 2009 unless otherwise specified. Following are the amendments which are made... |
| Amendments made by Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2009 (Mah Act No. XVII of 2009) in MVAT ACT 
On 29th June 2009 the Government of Maharashtra passed the Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2009 (Mah Act No. XVII of 2009) and amended the Maharashtra Value Added Tax. These amendments are brought into effect from 1st July... |
| Assessment, Reassessment, Best Judgement Assessment and provisions related to these 
The process of assessment is the most significant part of the Income Tax Act. The Act requires an assessee to comply with certain requirements for computing income in accordance with the various provisions, and pay tax on his income so computed. An... |
| Appeal procedure under the Income Tax Act, 1961 before CIT (Appeals) & Tribunal 
RIGHT OF APPEAL: 1.1. Every law that provides for some form of adjudication also usually provides for appeal in one form or the other against orders passed by the lower authorities.. This is based on the concept of equity and a... |
| Swiss bank may not share its Indian client details with India
Swiss banks may have handed over client details to the US, but they have said India is not welcome there on a name-fishing expedition. "Swiss law and even the Organisation for Economic Co-operation and Development's (OECD) model tax convention do... |
| Judges divided on the issue of voluntary disclosure of their Assets
The split within the judiciary over the issue of disclosure of judges' assets widened on Sunday with the Chief Justice of India K G Balakrishnan dubbing Karnataka High Court judge D V Shylendra Kumar move to chart his own course on the issue as... |
| Removal of Domestic Tariff Area (DTA) will help in countering recession; New Foreign Trade Policy on August 27, 2009
Under the Export Oriented Units (EOU) scheme, there are some restrictions on how the entitlement of sale in the Domestic Tariff Area (DTA) can be utilised. Firstly, the goods sold in DTA must be similar to the goods exported or to be exported.... |
| Chartered accountants not agree with CVC's charge
The allegation on the audit profession tendering erroneous advice to banks resulting in huge losses by a constitutional authority such as the Central Vigilance Commissioner (CVC) has stirred up a hornets' nest among the auditors. The burden of proof... |
| Increase in exemption of collateral security in respect of individual and group loans under SGSY Scheme
RBI/2009-10/ 127 —RPCD.SP.BC.No 12 /09.01.01/2009- 10 August 24, 2009 The Chairman /Managing Directors, All Indian Public Sector Banks(Excluding RRBs) Dear Sir/Madam, Increase in exemption of collateral security in respect of individual and... |
| If Assessee fails to offer an explanation or offers a false/unsatisfactory explanation then penalty will be leviable for concealment of income
SUMMARY OF CASE LAW Under Explanation 1 to section 271(1)(c), an assessee would be deemed to have concealed the particulars of his income if, in respect of facts material to the computation of his income, he fails to offer an explanation or offers a... |
| If part of company business is deal in shares then all types of transactions, whether delivery based or non-delivery based, will be treated as speculative transactions
SUMMARY OF CASE LAW Speculative transactions In case of a company, if part of its business consists of dealing in shares then all types of transactions, whether delivery based or non-delivery based, will be treated as speculative transactions. CASE... |
| Sale of equipment to an Indian party by a foreign company cannot be construed as resulting into any business connection in India
SUMMARY OF CASE LAW The mere fact that the assessee effected sale of equipment to an Indian party, that in itself, cannot be construed as resulting into any business connection in India; even if there is a business connection of the non-resident in... |
| A transaction cannot be held bogus for the mere fact that Assets sold by Assessee if not found with buyer 
SUMMARY OF CASE LAW If existence of the diamond jewellery with the assessee prior to the sale is evidenced by the VDIS, 1997 certificate and on sale of the said jewellery the assessee has received the consideration which is duly accounted for, then... |
