Archive for January, 2009

RBI/2008-09/ 362 – DPSS (CO) RTGS No. 1288 / 04.04.002 / 2008 – 2009 January 28, 2009 Chairman and Managing Director / Chief Executive Officer of all banks participating in RTGS Dear Sir, Extension of service window for RTGS transactions Please refer to our previous circular DPSS (CO) No. 2118 / 04.04.002 / 2007 – [...] Full Article

After the Satyam scam, the role of chartered accountants (CAs) has come into focus again. This time the Income Tax (I-T) Department has found that CAs have given false certificates, enabling Non-Resident Indians (NRIs) and foreign nationals to evade taxes in India. The government agency has informed the Institute of  Chartered Accountants of India (ICAI), [...] Full Article

Construction of building complexes, having more than twelve residential units is subject to service tax under the category of „Construction of Complex Services.? In the past, various views have been expressed on the applicability of the service tax in cases where an agreement of sale is entered into between the builder and the buyer of a unit in a residential complex, as mentioned below Full Article

Satyam’s Auditors Arrested – Who’s Next? Participate In Signature Campaign Now Based on confessions of fraud made by the promoters of Satyam and its CFO, the Andhra Pradesh Police arrested the two members of the Institute of Chartered Accountants of India, who signed the Audit Report and put them behind bars along with common criminals. [...] Full Article

Taking a leaf from Satyam scam, National Institute of Securities Market (NISM), an initiative of Sebi, has started a nationwide training programme for the internal audit of the stock brokers. The programme aims at helping the audit professionals to carry out an effective internal audit of the broker’s books in order to satisfy the requirements [...] Full Article

TRADE CIRCULAR    No.VAT/MMB/1008/ 15/ADM-6         Mumbai Dt : 29.1.2009                        Trade Cir.5T of 2009  Sub :  Tax Treatment of Goods sent to other States.  Ref  :   Trade Cir.16T of 2007 dated 20th February 2007.    Gentlemen/Sir/ Madam,    This office had issued a Trade Circular dated the 20th February  2007.   A view had been taken  in [...] Full Article

Export Credit Guarantee Corp vs. ITO (ITAT Bombay) Where the AO reopened the assessment to rework the book profits u/s 115JA and in an appeal against such order the assessee raised other issues unconnected with the reassessment and the preliminary point arose as to whether in the light of the judgement of the Supreme Court [...] Full Article

A non-resident whose income is liable to deduction of tax at source under s. 195 is not liable to pay advance tax u/s 209 (1)(d). Consequently, there can be no liability on such assessee u/s 234B for shortfall in advance tax. IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX [...] Full Article