| Facility of advance ruling on service tax and excise matters extended to PUU and resident Indian companies Posted: 23 Aug 2009 06:49 PM PDT 
Public sector companies can now seek advance ruling on Customs, Central Excise and Service Tax matters. Also, Indian companies (those considered as resident under the Income-Tax law) have now been allowed to seek advance ruling on project... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | | CVC charged chartered accounting fraternity with giving erroneous advice to banks resulting in huge losses Posted: 23 Aug 2009 06:43 PM PDT 
The Central Vigilance Commission (CVC) has charged the chartered accounting fraternity with giving erroneous advice to banks resulting in huge losses for the lenders. It has pointed out that in several cases, the advice given by CAs to banks and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | | Direct Tax code may bring ULIP & Life Insurance Plan under tax net Posted: 23 Aug 2009 06:35 PM PDT 
Many Insurance Products under Severe Tax Threat Any sum received under a life insurance policy including any bonus thereon will be exempt, only if the premium does not exceed 5% of the capital sum assured and such sum is received only upon... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | | New direct tax code and taxability of Provident Fund Posted: 23 Aug 2009 06:24 PM PDT 
It's Traditionally been viewed as a retirement saving tool and one that allows you to avail of tax deductions. In fact, you will find that most conversations about provident funds only take place during the income-tax filing season, or when... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | | Amendment to SQC 1 – Retention Period for Engagement Documentation (Working Papers) Posted: 23 Aug 2009 06:15 PM PDT 
Paragraph 83 of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements, states as follows: "83. The needs of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | | Enhancement of CPT Registration from Rs. 3500/- to Rs.6,000 Posted: 23 Aug 2009 06:13 PM PDT 
The existing fee of Rs.3,500 for registration for the Common Proficiency Test(CPT) has been increased to Rs..6,000. The increased fee is payable by the students registering for the CPT on or afterSeptember 1, 2009.Completion of Orientation Programme.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | | View You Tax Credit (Advance Tax Paid and TDS deducted) online Posted: 23 Aug 2009 05:59 PM PDT 
TAKING the taxpayers' services to a higher level, the Income Tax Department has begun to provide credit statements which are available for viewing by taxpayers. A taxpayer can register for such a facility and can get information about the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | | Filing Fee for appeal to ITAT in 'assessed loss' cases is only Rs. 500 Posted: 22 Aug 2009 09:53 PM PDT 
Gilbs Computer vs. ITAT (Bombay High Court) The assessee, having been assessed to a loss of Rs. 9 crores, filed an appeal before the Tribunal. S. 253 (6) provides that if the assessed 'total income' is "less" than Rs. 1 lakh, a fee of Rs. 500 for... |
With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
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