Archive for April, 2009

TAN or Tax Deduction and Collection account number is a unique ten digit alpha-numeric number required to be compulsorily obtained by all persons who are responsible for deducting or collecting tax at source on behalf of Income Tax Department. Section 203A of the Income tax Act, 1961 makes it mandatory to quote TAN in all [...] Full Article

Crorepati (KBC), Harshvardhan Nawathe is being re-visited by the tax Harshvardhan Nawathe had won the Rs 1 crore jackpot on KBC in 2000 man. A division bench of the Bombay High Court last week admitted an appeal filed by the Income Tax Department. I-T has challenged the order of the Income Tax Appellate Tribunal (ITAT) [...] Full Article

Two other big four accounting firms have received a letter from the accounting regulator, the Institute of Chartered Accountants of India (ICAI). According to sources, the ICAI has written to Deloitte and E&Y, asking for detailed information on their activities, international affiliations and operating structure in India. Just over a week ago, we had reported [...] Full Article

Removing difficulties being faced by the students for successfully completing 100 Hours Information Technology Training before the commencement of June, 2009 Professional Competence Examination.  It has been brought to the notice of Board of Studies that some of the students who have to appear for the Professional Competence Examination to be held in June, 2009,are facing difficulties in successfully completing [...] Full Article

Income tax assesseess may soon hope to get their refund amounts earlier than they are used to now. The income tax department will be coming up with a central processing centre in Hyderabad, which may help in early assessment of income, followed by early refunds. The facility, being developed in association with IT major Infosys, is expected [...] Full Article

RBI/2008-09/461, (A. P. (DIR Series) Circular No 65, Dated :April 28,  2009) Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to A.P.(DIR Series) Circular No. 39 dated December 8, 2008 and A.P. (DIR Series) Circular No. 58 dated March 13, 2009 on the captioned subject. In terms of Para [...] Full Article

RBI/2008-09/462 ( A. P. (DIR Series) Circular No.66 Dated: April 28, 2009) Attention of Authorised Dealer Category – I banks and Authorised banks (the banks) is invited to Para 6 (a), (b), (c) and (d) of Schedule 1 and Para 9 of Schedule 2 to Foreign Exchange Management (Deposit) Regulations, 2000 notified vide Notification No. [...] Full Article

RBI/2008-09/460 A.P. (DIR Series) Circular No. 64 Dated : April 28, 2009 Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the A.P. (DIR Series) Circular No. 46 dated January 2, 2009  relating to External Commercial Borrowings (ECB) and in terms of Para 2 of the circular, it was decided [...] Full Article