Archive for August, 2007

The office of the Andhra Pradesh Chief Commissioner of Income Tax today informed that e-payment of Direct Taxes was mandatory for Corporate Tax payers and those coming under the purview of Sec 44 AB, with effect from January 1, 2008. Full Article

Chartered Accountants, as a tribe, are workaholics. Whether one is in practice; or in employment. It is not unusual to see a Chartered Accountant put in twelve hours of work everyday. Six days in a week.Fifty two weeks in a year. Perhaps some of them put in even more.While many are effective, some are not. Being busy does not necessarily mean being effective. Some put in fewer hours and are effective. Others may put in long hours and are far from being effective. With to.. Full Article

The Foreign Exchange Regulations Appellate Board (FERAB) has pointed out that in most of the cases of foreign gifts, the recipients made cash payments to the account holders, their nominees or agents on receipt of the amount by cheque in India. In the Shanti Devi Jain vs Director of Enforcement (1996 89 Taxman 198) case, the FERAB observed: "It is also not unreasonable to take note of the common phenomenon that receiving gift cheques in this manner is a common mode of mo.. Full Article

NOTIFICATION NO. 214/2007, DATED 3-8-2007- In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to seventy-five per cent of the average rise in the Consumer Price Index for the financial year commencing from the 1st day of April, 2006 and ending on the 31st day of March, 2007 for the urban non-manual employees, hereby specifies the Cost Inflation Index for the fi.. Full Article

Reserve Bank of India Governor Dr Y Venugopal Reddy on Tuesday presented the First Quarter Review of Annual Statement on Monetary Policy for the Year 2007-08 on Tuesday. Dr Reddy kept the interest rates unchanged, but hiked the Cash Reserve Ration by 50 basis points to 7.0 percent. Full Article