| AO can make adjustments to the book profits for computation of MAT, if book of Accounts are not as per schedule VI of the companies Act Posted: 06 Apr 2010 08:43 PM PDT Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of DCIT v. Bombay Diamonds Co. Ltd. (ITA no. 7488/Mum/07) held that if the books of accounts of the taxpayer which are not prepared in accordance with part II and part III of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| To claim bad debts it is sufficient if the debt is written off as irrecoverable in the books of accounts of the taxpayer Posted: 06 Apr 2010 08:32 PM PDT Supreme Court in the case of TRF Limited held that post amendment (with effect from 1 April 1989) to claim deduction for the bad debts under section 36( 1)(iii) of the Income-tax Act, 1961 (the Act) it is not necessary for the taxpayer to establish... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Sale of cruise tickets through the services of an Indian entity on principal to principal basis and at an arms length prices would not be liable to tax in India Posted: 06 Apr 2010 08:24 PM PDT Mumbai Income-tax Appellate Tribunal (the Tribunal) in the case of DDIT v. Star Cruises (India) Travels Services Pvt. Ltd [2010-TIOL-04-ITAT-MUM] has held that merely booking of different cruise tour packages for M/s. Star Cruises Management Ltd.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Saral Form can be as Saral as law, Income Tax law need to be simplified Posted: 06 Apr 2010 07:42 PM PDT The finance ministry will soon unveil a new format for income-tax returns that will hopefully make tax filing easier for the salaried and pensioners. Theoretically, redesigning a returns form should not be as complex as, say, rewriting archaic... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Notified Income-tax authorities for the purpose of Dispute Resolution Panels- Notification No. 21/2010 Posted: 06 Apr 2010 07:10 PM PDT In exercise of the Powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the income-tax authorities specified in column (2) of the Table below shall, for the purposes of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Top multinational accounting firms flouted norms to provide services in India Posted: 06 Apr 2010 07:04 PM PDT Top multinational accounting firms (MAFs) — PriceWaterhouseCoopers, KPMG, Ernst & Young and Deloitte Touche Tohmatsu —have flouted norms to provide services in India, a report by an Institute of Chartered Accountants of India (ICAI) committee... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government may introduce separate legislation to speed up insolvency proceedings Posted: 06 Apr 2010 07:02 PM PDT The government plans to introduce a separate legislation to speed up insolvency proceedings and help distressed firms wind up operations quickly. The new law will shorten the legal processes involving insolvency operations of small and medium... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SEBI circular reduced time for disclosure of results and made it mandatory to disclose solvency position every 6 months Posted: 06 Apr 2010 06:19 PM PDT Reduces time for disclosing results; solvency position to be disclosed every 6 months. The Securities and the Exchange Board of India (Sebi) has reduced the period within which companies can announce their annual financial numbers. The regulator has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Listed company now required to disclose quarterly result in 45 days from the end of every quarter and Annual result in 60 days from the end of financial year Posted: 06 Apr 2010 06:13 PM PDT With a view to improve transparency and corporate governance, market regulator SEBI made it mandatory for all listed companies to disclose their financial results within 45 days of the end of every quarter. Companies would also be required to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICWAI invites Member's comments invited on Exposure Draft of CAS on Cost of Posted: 06 Apr 2010 06:01 PM PDT The Council of The Institute of Cost and Works Accountants of India has approved the release of Exposure Draft Cost Accounting Standards on Cost of Service Cost Centres as recommended by the Cost Accounting Standards Board (CASB), the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Aayakar Sewa Kendra Pune receives ISO certification Posted: 06 Apr 2010 09:27 AM PDT The Central Board of Direct Taxes (CBDT) and the Income Tax department has received certification under IS 15700:2005 from the Bureau of Indian Standards for excellence in public delivery system after audit of the Directorate of Organisation and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Engagements of individual Chartered Accountants as consultants with Principal Director of Commercial Audit, Indian Audit and Accounts Department, Mumbai Posted: 06 Apr 2010 09:24 AM PDT 1. The office desires to engage CAs as consultants for a period of 11 months. 2. The Consultant will be required to assist this office in gathering and evaluating audit evidence within the framework of methods and techniques followed by this... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Income tax department will recommend de-freezing of about 100 demat accounts Posted: 06 Apr 2010 09:21 AM PDT The income tax department will recommend de-freezing of about 100 demat accounts after it found the claims of a few individuals in the frozen accounts to be genuine. The department has been probing more than 6,300 frozen demat accounts, which had Rs... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Cost of Litigation Posted: 06 Apr 2010 09:16 AM PDT The Law Commission of India, in its 128th Report (1988) examines the "cost of litigation" and suggested ways to compensate the wronged party so that cost of litigation does not become an impediment in the road to justice. This paper examines the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service Tax on Membership Subscription on "Club of Association Service" (An analysis of levialbility of Service tax on Trade/Industry Associations) Posted: 06 Apr 2010 09:13 AM PDT With effect from 16.06.2005, Service Tax was levied on Club or Association Services. Club or Association was defined under Section 65(25a) as, Club or Association means any person or body of persons providing services, facilities or advantages, for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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