Aug 19, 2009

Posted: 19 Aug 2009 08:42 PM PDT

TDS Rates • For payment to residents and domestic companies, there will be no surcharge and cess on the basic rate of TDS. This simplifies TDS rates to a great extent. • There are changes in TDS rates for payments to contractors and payment of...

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IRDA extend deadline for collection of PAN by one month

Posted: 19 Aug 2009 07:03 PM PDT

Acceding to insurers' request, sectoral regulator IRDA on Tuesday extended the deadline for collection of PAN of every customer paying an annual premium of over Rs 1 lakh by one month to September 1, 2009."Many insurers have expressed...

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Immediate clarity need on restatement of previous year figures to be reported as IFRS norms

Posted: 19 Aug 2009 06:35 PM PDT

Accounting regulator in India have not yet clarified on whether Indian companies, when they shift to IFRS on April 1, 2011, should recast revenues and expenses of the previous years, in line with the IFRS practices followed elsewhere, or would the...

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Direct tax code propose to remove the difference between tax avoidance and tax evasion

Posted: 19 Aug 2009 06:15 PM PDT

In India, the law is settled that tax avoidance is legal and evasion is not. A taxpayer may create a device to arrange his commercial affairs to minimise his tax liability and its acceptance is based on operation of law. While revenue authorities...

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Dispute Resolution Panel, National Tax Code, Returns and assessment procedures, Appeal, revision and penal provisions in Direct Tax code

Posted: 19 Aug 2009 05:57 PM PDT

Self reporting of Tax Bases & Acknowledgment [Section 148 & 154] 1. Similar to the concept of filing return of income, taxpayers have been required to file 'Return of Tax Bases' ('RTB') 2. The RTBs have to be filed on or before: • 30th June...

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ICAI announced date for result of Professional Education – II and Professional Competence Examinations held in June, 2009

Posted: 19 Aug 2009 06:24 AM PDT

The results of the Chartered Accountants Professional Education – II and Professional Competence Examinations held in June, 2009 are likely to be declared on Monday, the 31st August, 2009 around 2 P.M. and the same as well as the merit list...