| IT department facing criticism for showing national flag in its advertisement 
A Mumbai-based social worker has threatened to press charges against the I-T department for placing ads in various newspapers, which allegedly disrespect the national flag. According to Sundeep Sharma , the advertisement, which urges people to pay... |
| Government considering a proposal to raise the tax exemption limit for transport allowance to Rs 3,200 a month from Rs 800 
The government is considering a proposal to raise the tax exemption limit for transport allowance to Rs 3,200 a month from Rs 800 follows a similar hike for government servants under the Sixth Pay Commission award. It is likely to find adoption in... |
| IT dept not happy with stripping of CBDT power to issue certain orders, instructions, directions and circulars in DTC 
THE new direct tax code, launched with much fanfare by finance minister Pranab Mukherjee and his predecessor P Chidambaram recently, is up against a bureaucratic wall with the Indian Revenue Service (IRS) brigade complaining that it will reduce this... |
| Meaning of Shariah index and reasons for the creation of such indices 
Meaning:- A SHARIAH Index in an index of companies that are found to be compliant with the Islamic canonical law or the Shariah. Most Shariah indices which have been created so far have been based on an existing or an underlying index, whose... |
Acquisition of unlisted foreign companies by Indian corporates will be scrutnised by Income Tax Department 
Acquisition of unlisted foreign companies by Indian corporates has come under the scanner of income-tax (I-T) authorities who plan to scrutinise the deals to ensure they are not being structured to evade tax. Deals involving equity swaps are... |
| ICWAI recommended compulsory cost audit of all companies 
It may now become compulsory for all big and medium manufacturing companies to get their cost accounts audited, if an expert group's recommendation on the same is accepted by the government. The 13-member expert group comprising... |
| Provisions contained in Companies Bill, 2009 related to the profession of Company Secretaries 
1. Key Managerial Personnel (Clause 178) (a) Definition As per clause 178, every company belonging to such class or description of companies as may be prescribed shall have Whole-Time Key Managerial Personnel (KMP). A Company Secretary is a... |
| Management in India not sufficient ground to deny exemption from tax to a company based outside India 
Having an effective management in India is not a sufficient ground to deny exemption from capital gains tax to a company that is based in Mauritius, ruled a Delhi bench of the Income-Tax Appellate Tribunal (ITAT). The ITAT held that under the... |
| Government planning confiscation of assets of tax defaulters 
The government will arm income-tax officials with details about assets of individuals whose tax payments are pending, a move aimed at meeting the Rs 13,153-crore target for arrears collection this fiscal. With tax arrears of Rs 2,13,646 crore due... |
| ICAI announced Constitution of Committee on Electoral Reforms 
September, 07th 2009 , The President of the Institute has constituted a Committee on Electoral Reforms, comprising of the following members, to suggest electoral reforms, based on the experience gained in the elections held under the Chartered... |
CBDT ordered scrutiny of certain type of receipts, Companies deferring TDS transfers & others 
The interest paid on delayed compensation to land owners by companies or entities engaged in the creation of Special Economic Zones, industrial parks and infrastructure developments,and payments by electricity distribution companies to transmission... |
| LLP act provides lot of benefit to foreign investors  
A company incorporated outside India is entitled to become partner in LLP. The LLP Act also provides that a "Foreign Limited Liability Partnership" can also establish a place of business in India.A careful study of the LLP Act will reveal that an... |
| Income Tax gazetted officers and employees threatened to strike work on September 9 
The Income Tax gazetted officers and employees under the umbrella of Joint Council of Action have threatened to strike work on September 9, to protest delay in implementation of a 11-point charter of demands, pending with the Central Board of Direct... |
ICAI not submitted its report on Satyam even after seven month of fraud 
Corporate Affairs Minister Salman Khurshid has said he would exert pressure on the Institute of Chartered Accountants of India for a final report on the multi-crore Satyam fraud, although the accounting regulator said it has submitted one in... |
| For s. 47(v), share capital of the subsidiary need not be "held" in the name of the holding company 
CASE LAW DETAILS Decided by: Delhi High Court, In The case of: The Commissioner of Income Tax (Appellant) Vs. M/s.Papilion Investments Pvt. Ltd. (Respondent), Appeal No.: 4 SOT 304 (Mumbai), Decided on: 28Th August 2009. SUMMARY OF CASE LAW S. 47... |
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