LEGAL & FINANCIAL UPDATES 29.05.2009

UPDATES FROM TAX GURU ICAI requested to Maharashtra govt to Restore audit limit for non-CAs, Google Pagerank Updated March 2009, taxguru.in Got PR3 IT dept. can raid if income likely to escape tax in absence of prompt action Sale Purchase in MCX is Not speculative transaction IT department found over Rs 1,200 crore lying unaccounted in demat accounts Interpretation of the words "manufacture or production" for the purpose of deduction U/s. 10B All expenses need to be considered in computing profits and gains of an eligible business under section 80-IA/80-1B of IT Act, 1961 ICAI requested Tamilnadu Government to make VAT Auditing compulsory Budget expected in first week of July, Anti-money Laundering norms may get tougher Know your PNR on SMS Know If your Income Tax Refund been returned undelivered Analysis of Rule 8D of laying down formula for disallowance of expenses incurred in relation to exempt income With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email ICAI requested to Maharashtra govt to Restore audit limit for non-CAs, Posted: 28 May 2009 07:54 PM PDT Objecting to the Maharashtra government's decision of removing the audit limit for non-CAs government-authoris ed auditors, the accounting regulator Institute of Chartered Accountants of India (ICAI)... Google Pagerank Updated March 2009, taxguru.in Got PR3 Posted: 28 May 2009 07:43 PM PDT Dear Friends, Due to your Kind support within few month of Lauch of www.taxguru.in we got Google Pagerank 3 while earlier we were having Page Rank 1. So friends target for Next quarter... IT dept. can raid if income likely to escape tax in absence of prompt action Posted: 28 May 2009 07:20 PM PDT The income-tax department has the right to carry out a raid and attach property, if it has reason to suspect that income is likely to escape tax net in absence of prompt action, a division bench of... Sale Purchase in MCX is Not speculative transaction Posted: 28 May 2009 07:15 PM PDT Section 43(5)(d)(ii) of the Income-tax Act, 1961 - Speculative transactions - Notified recognised stock exchange Notification No. 46/2009, dated 22-5-2009 In exercise of the powers conferred by... IT department found over Rs 1,200 crore lying unaccounted in demat accounts Posted: 28 May 2009 11:03 AM PDT The I-T department has found over Rs 1,200 crore lying unaccounted in lakhs of frozen demat accounts across the country and has sought a detailed probe on the possibility of their use for illegal... Interpretation of the words "manufacture or production" for the purpose of deduction U/s. 10B Posted: 27 May 2009 10:28 AM PDT SUMMARY OF CASE LAW Interpretation of the words "manufacture or production" for the purpose of deduction under section 10B can not solely be decided on the statement of assessee's... All expenses need to be considered in computing profits and gains of an eligible business under section 80-IA/80-1B of IT Act, 1961 Posted: 27 May 2009 10:19 AM PDT SUMMARY OF CASE LAW All the expenses of the business, whether direct or indirect; project specific or common expenses, have to be considered for computation of the profits and gains of an eligible... ICAI requested Tamilnadu Government to make VAT Auditing compulsory Posted: 27 May 2009 10:03 AM PDT Institute of Chartered Accountants of India (ICAI) would submit a representation to Tamil Nadu Government to make VAT Auditing compulsory in the State. By compulsory auditing of VAT, as in... Budget expected in first week of July, Anti-money Laundering norms may get tougher Posted: 27 May 2009 09:56 AM PDT IN his first ever formal interaction with media persons today the Finance Minister, Mr Pranab Mukherjee, has said that as per his Party's manifesto, his Govt is committed to present the Budget... Know your PNR on SMS Posted: 27 May 2009 09:20 AM PDT Opening up more options for travellers seeking details of train services, Indian Railways have started an SMS service on the 139 passenger information system. The service would enable one to know the... Know If your Income Tax Refund been returned undelivered Posted: 27 May 2009 09:10 AM PDT MUMBAI: Salaried taxpayers who have not received refunds for assessment years 2003-04 to 2006-07 can find out whether their refunds have been returned undelivered from this... Analysis of Rule 8D of laying down formula for disallowance of expenses incurred in relation to exempt income Posted: 27 May 2009 09:03 AM PDT In March 2008, Central Board of Direct Taxes (CBDT) inserted Rule 8D in the income tax rules laying down the formula for the disallowance of expenses incurred in relation to exempt income. With the...

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LEGAL & FINANCIAL UPDATES 27.05.2009

UPDATES FROM TAX GURU Disallowance of Excise duty, if any, to be made under section 145A CBI arrested excise Inspector accepting bribe ICAI asked banks to hire qualified auditors instead of chartered accountants who render 'compilation engagement' services Disallowance of Excise duty, if any, to be made under section 145A Posted: 26 May 2009 11:55 AM PDT SUMMARY OF CASE LAW Irrespective of the method followed by an assessee for accounting excise duty, adjustments as specified under section 145A are to be made; when the statute requires a particular... CBI arrested excise Inspector accepting bribe Posted: 26 May 2009 10:00 AM PDT THE CBI has arrested an Inspector of Customs & Central Excise posted in the office of Commissioner, Central Excise, CR Building, ITO, New Delhi for demanding and accepting a bribe of Rs. 8,000/-... ICAI asked banks to hire qualified auditors instead of chartered accountants who render 'compilation engagement' services Posted: 26 May 2009 08:30 AM PDT Accounting regulator, Institute of Chartered Accountants of India (ICAI) has asked the private and public-sector banks to hire the services of qualified auditors instead of chartered accountants who... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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LEGAL & FINANCIAL UPDATES 26.05.2009

UPDATES FROM TAX GURU Penalty can not be imposed for non deduction of TDS if assessee was prohibited by reasonable cause Penalty for concealment can not be imposed automatically for disallowance of deduction Space leasing Income with services and facilities will be business income Section 164 attracted when the shares of beneficiaries are unknown ICAI president advocates more power for chartered accountants ICAI will update accounting norms for oil and gas industry Government Notified provisions of competition act, 2002 Penalty can not be imposed for non deduction of TDS if assessee was prohibited by reasonable cause Posted: 25 May 2009 10:44 AM PDT SUMMARY OF CASE LAW Where the assessee was prohibited by reasonable cause for not deducting the TDS, the penalty imposed under section 271C was liable to be quashed. CASE LAW DETAILS Decided by:... Penalty for concealment can not be imposed automatically for disallowance of deduction Posted: 25 May 2009 10:36 AM PDT SUMMARY OF CASE LAW When the assessee has filed all particulars of income, the correct assessment and calculation of total income has to be done by the Assessing Officer; if on such process the AO... Space leasing Income with services and facilities will be business income Posted: 25 May 2009 10:30 AM PDT SUMMARY OF CASE LAW Where the assessee was giving space with services and facilities, which were varied and wide, such activities together would definitely constitute an organized structure for... Section 164 attracted when the shares of beneficiaries are unknown Posted: 25 May 2009 10:17 AM PDT SUMMARY OF CASE LAW Section 164 gets attracted only when the shares of the beneficiaries are unknown, which is manifest from the marginal heading of that section itself; so long as the trust deed... ICAI president advocates more power for chartered accountants Posted: 25 May 2009 10:03 AM PDT Uttam Prakash Agarwal, president of Institute of Chartered Accountants of India (ICAI), has been in focus lately, handling queries on the role of auditors in the Satyam Computer fiasco. Agarwal, who... ICAI will update accounting norms for oil and gas industry Posted: 25 May 2009 09:53 AM PDT The Institute of Chartered Accountants of India (ICAI) will soon update the accounting norms for oil and gas industry to keep pace with the technological developments in the sector. "We issued... Government Notified provisions of competition act, 2002 Posted: 25 May 2009 09:41 AM PDT The Central Government has notified from on 20th May, 2009, the provisions of the Competition Act, 2002 relating to anti-competitive agreements (section 3) and abuse of dominant position (section 4)... With Regards,  Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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