LEGAL & FINANCIAL UPDATES 08.05.2009

UPDATES FROM TAX GURU ICAI raised doubt on accuracy of audited financial statements of Allahabad Bank, Vijaya Bank and the Central Bank of India The Institute of Chartered Accountants of India (ICAI) has raised apprehensions about the accuracy of the audited financial statements of Allahabad Bank, Vijaya Bank and the Central Bank of India,... CAG plans to move from cash to accrual basis accounting THE Comptroller and Auditor General of India (CAG) plans to move from cash to accrual basis accounting in government within a five year time frame. A National Round Table Conference on Accrual Basis... PricewaterhouseCoopers asked staff to take unpaid leave to cut costs: Here's how you can do it too Patrick Stafford Accounting giant PricewaterhouseCoop ers has asked 5000 full-time staff to take up to three weeks of unpaid leave in an attempt to save costs. Chief executive Mark Johnson said in an... CBEC issued circular on Monitoring & disposal of pending appeals Posted: 07 May 2009 04:58 AM PDT Circular No.  885/05/ 2009-CX  Dt 30.4.2009  (F.No.275/121/2008-CX.8A) Central Board of Excise & Customs     Subject:  Monitoring of pendency of appeals – instructions regarding. In supersession... Prepare & File Electronically MVAT Return Easily with the help of Tally Government of Maharastra has made it mandatory for all dealers to file their VAT returns only through electronic format. Dealers can e-file periodical returns from any place at any time.... With Regards,  Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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LEGAL & FINANCIAL UPDATES 07.05.2009

UPDATES FROM TAX GURU ICAI sought Clarification regarding new Form No.17 - from CBDT THE PRESIDENT ICAI has written letter dated 5th May, 2009 , to The Chairman, CBDT and sought clarification on Clarification regarding new Form No.17.  Respected Sir, Sub: Clarification regarding new... ICAI issues notices to 11 more audit cos with foreign tie-ups Accounting regulator ICAI today asked 11 more auditing firms having foreign affiliations to furnish with information on their activities and operating structure in India. "We have issued.... Beating slowdown, chartered accountants bagged jobs with top-notch companies in the latest campus placement Beating the slowdown, chartered accountants (CAs) have bagged jobs with top-notch companies in the latest campus placement drive, which has also seen more newly qualified professionals get... Wealth Tax Act Forms in Excel Format, Word Format & PDF format I am enclosing hereunder Wealth Tax Act Forms in Excel Format, Word Format & PDF format for the benefit of my readers.  I have tried to cover almost all the forms which are required under the... Analysis of relief provided in Forex accounting norm for companies The Ministry of Corporate Affairs has vide notification1 dated 31 March 2009 relaxed the provisions of Accounting Standard (AS) 11, The Effects of Changes in Foreign Exchange Rates2 in so far as they... SC dismissed service tax demand of over Rs 2200 Crore from Lottery Agents The Supreme Court today has dismissed the appeal of Union of India against the  judgement  in case of Martin Lottery Agencies Ltd. earlier given by  Sikkim High CourtAs a result of dismissal of... With Regards,  Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email   Enter your email address: Delivered by FeedBurner ↑ Grab this Headline Animator

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LEGAL & FINANCIAL UPDATES 06.05.2009

UPDATES FROM TAX GURU Got Married; create HUF to save tax & format of deed for creation of HUF KEY POINTS IN CREATION OF HUF AND FORMAT OF DEED FOR CREATION OF HUF  Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. The same tax slabs are applicable... Penalty can not be imposed where the controversy is regarding the legality of the claim made by the assessee: SC Kanbay Software vs. DCIT (ITAT Pune)  In respect of AY 2002-2003, the assessee claimed by a revised return that the loss suffered in respect of one s. 10A unit was not liable to be set-off... Know, why Its not the right time to invest in a house property That the property market has undergone a significant correction is well known. That real estate experts are now talking about prices bottoming out is well known too. But, contrary to conventional... Shocking-95% Appeals By Deptt. Quashed By CESTAT-Bangalore Believe it, 90 per cent of the appeals filed by the Customs, Central Excise and Service Tax Department of our nation against assessees, who had received a favourable order at the lower level, have.... Income-tax Act is a "National Disgrace" - Justice Dalveer Bhandari, Supreme Court Hon'ble Mr. Justice Dalveer Bhandari, Judge, Supreme Court of India The Learned Judge laments that the Income-tax Act is a "national disgrace". He says that it is unfortunate that the law is so... Can the contents required in ITR (Income Tax Returns) be contrary to the statutory provisions of Income Tax Act, 1961? In a landmark judgment Commissioner of Income Tax, Chennai Versus Chemplast Sanmar Limited - 2009 -TMI - 33295 - MADRAS HIGH COURT involving a question of law Honorable Court of Madras (Chennai)... Give copies of answersheets under the Right to Information Act, court tells ICAI The Delhi High Court on Thursday directed the Institute of Chartered Accountants of India (ICAI) to provide students with certified copies of answersheets under the Right to Information Act. Justice.... With Regards,  Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email   Enter your email address: Delivered by FeedBurner ↑ Grab this Headline Animator

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