Archive for January, 2009

Circular No. 107/01/2009 – ST   New Delhi, dated 28th January 2009 F.No137/23/2007- CX.4 Government of India , Ministry of Finance , Department of Revenue , Central Board of Excise and Customs   Subject: Levy of service tax on educational institutions- regarding Various educational institutions impart training and conduct courses in different fields. Many of these [...] Full Article

TRADE CIRCULAR  No. VAT/E-Return/            Mumbai dt. 30.01.2009     Trade Cir. No. 6 T of 2009   Sub : Mandatory Filling of E-return  Ref :   Notifications 1) No. VAT 1507/CR-94/Taxation -1, Dt.14.03.08 2) No. VAT/1007/ Adm-6/ Taxation-1 dated 19th April 2008 3) No. VAT/AMD-1007/ IB/Adm-6 Dated 30th August 2008 4) No. VAT/AMD-1007/ IB/Adm-6 Dated 20thDecember 2008 [...] Full Article

The income-tax department appears to have turned a blind eye seven years ago to diversion of funds from Satyam to members of the Raju family. A deputy director of investigation in IT found fixed deposits worth Rs 19.5 crore in banks on which tax had not been deducted at source. The fixed deposit accounts were [...] Full Article

While the Central Board of Direct Taxes recently got a go -ahead from the Supreme Court for its showcause notice to Vodafone, the Central Board of Excise and Customs (CBEC) has displeased the apex court by providing insufficient details in its showcause notices sent to defaulting assessees. The Supreme Court has dismissed the case. Taking [...] Full Article

The Satyam affair has shaken the country’s audit profession and regulatory authorities to its roots. Investors have suffered in a big way and Indian business has lost some of its sheen. Has there been a systemic failure or is Satyam just a big exception? Has the macro-structure of the audit procedure not evolved in a [...] Full Article

Chargeability of interest income to tax when same is only technically accrued as per mercantile system of accounting followed by assessee. The provisions of section 145 of IT Act cannot override section 5 of the Act; if income has neither actually accrued nor received within the meaning of section 5; whatever section 145 may say, [...] Full Article

PROVISIONS OF SECTION 194H OF INCOME TAX ACT,1961  WOULD NOT BE ATTRACTED ON DISCOUNTS GIVEN BY MOTHER DAIRY TO ITS CONCESSIONAIRES ITAT, DELHI BENCH `D’: NEW DELHI Mother Dairy India Ltd. v. ITO -    Appeal No. : ITA NO. 2975/DEL/08 ,  Date: DECEMBER 12, 2008 Just because Mother Dairy keeps a substantial control over the [...] Full Article

PriceWaterhouse partners S Gopalakrishnan and Srinivas Talluri have been arrested in the Satyam scam but the Institute of Chartered Accountants of India (ICAI), citing lack of evidence, has taken no action yet. Well, is this regulator effective enough or a mere a rubber stamp for CAs? The PwC partners have been in custody for over [...] Full Article