UPDATES FROM TAX GURU

Notification on Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/ institutions
Analysis of union budget 2009 provisions related to income disclosed during survey and penalty under section 271(1)(c) of the Income Tax Act, 1961
Public Sector Units understating liabilities, overstating assets: CAG
ICSI extended last date for payment of fee to 31st August, 2009
In last three year 37 cases referred to SFI and investigation completed in only 9 cases

Notification on Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/ institutions

NOTIFICATION NO. 56/2009, DATED 9-7-2009 It is hereby notified for general information that the organization Man Made Textile Research Association, Surat has been approved by the Central Government for the purpose of clause (ii) of sub-section (1)...

Analysis of union budget 2009 provisions related to income disclosed during survey and penalty under section 271(1)(c) of the Income Tax Act, 1961

BUDGET 2009 has proposed to substitute existing explanation 5A below section 271(1)(c ) with new explanation 5A with retrospective effect from 01/06/2007. This new section provides that if in the course of search an assessee is found to be the...

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Public Sector Units understating liabilities, overstating assets: CAG

Even as the government termed the forgery of about Rs 10,000 crore in private technology services provider Satyam Computer Services as 'an aberration' on Thursday, a report by the Comptroller Auditor General of India points to significant...

ICSI extended last date for payment of fee to 31st August, 2009

The Annual Membership fee and Certificate of Practice fee for the year 2009-10 became due for payment w.e.f. 1st April, 2009. The last date for payment of fee was 30th June, 2009 which has now been extended upto 31st August, 2009. The membership...

In last three year 37 cases referred to SFI and investigation completed in only 9 cases

In all, 37 cases were referred to the Serious Fraud Investigation Office (SFIO) during the last three years i.e. during the years 2006-07, 2007-08 and 2008-09. Out of these 37 cases, investigations in respect of 9 cases have been completed. Number...