| MCA asked ICAI to seek information from the foreign firms operating in India The government has sought clarity from auditing firm PriceWaterhouseCoopers (PWC) about their operations and business plans in India. "Come back with a plan. What is that you are responsible for? What is that you should be responsible for?"... 
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| Soon stock market may be work from 9 AM to 5 PM Markets can now be open 9 to 5, says regulator. You could soon be able to trade for an additional two-and-a-half hours on stock exchanges with the Securities and Exchange Board of India (SEBI) on Friday allowing trading between 9 a m and 5 p m to...    |
| CBI arrested Income Tax Commissioner and his wife CBI on Sunday arrested an Income Tax Commissioner from Nagpur and his wife for allegedly amassing assets disproportionate to their known source of income to the tune of Rs 4 crore. While IT Commissioner Ajay Kumar Singh was arrested from Mumbai... 
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| CBI raid DOT offices for irregularities in awarding 2G spectrum licenses resulting in revenue loss of more than Rs 20,000 crore CBI raid DOT offices after CVC has charged the telecom ministry of irregularities in awarding the 2G spectrum licenses loss of revenue to the government. Sanchar Bhawan was under raid for the department allocation of 2G spectrum to some of the new... 
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| Once the taxable service is exported and various input services have been utilized for providing the output service the service provider is entitled for the rebate Moreover, on going through the records^ we are satisfied that the appellants had fulfilled the five conditions of Notification No. 12/2005 already enumerated in the submission of the appellants these circumstances, the impugned orders do not have...    |
| TDS u/s 194A of the Act is to be paid by the recipient in respect of the interest income on the delayed payment Therefore, we hold that it is a revenue receipt exigible to tax under Section 4 of the Income Tax Act. Section 194-A of the Act has no application for the purpose of this case as it encompasses deduction of the income at the source. However the... 
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| Penalty under Section 271(1)(c) of the Income tax act, 1961 is neither criminal nor quasi criminal but a civil liability Atul Mohan Bindal - assessee filed return of his income for Assessment Year 2002-03 on August 8, 2002 declaring his total income Rs.1,98,50,021/ -. In the assessment proceedings u/s 143, a notice alongwith questionnaire was issued to him by the... 
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| Loan "waiver" does not fall into either of the three terms "subsidy", "grant" and "reimbursement" The word "waiver" does not fall into either of the three terms "subsidy", "grant" and "reimbursement" used in Explanation 10 to section 43(1) of the Income-tax Act, 1961 or proviso thereof; where plant and machinery were already existing prior to... 
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| How to file return in ACES- Part-II In this article we are describing all the features of Service Tax section like: filing of ST-1, getting of ST-2 and filing of ST-3. Again, as it is not possible to compile all the things in one article, we will give details for filing ER-1 return... 
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| Withdrawal of circular related to taxability of income accruing or arising through, or from, business connection in India to a non-resident The Central Board of Direct Taxes had issued Circular No. 23 (hereinafter called "the Circular") on 23rd July 1969 regarding taxability of income accruing or arising through, or from, business connection in India to a non-resident, under section 9... 
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