Archive for April, 2009

To All the Members,   This has reference to the announcement regarding the transfer of articles dated 27th March, 2009.In view of the transitional difficulties experienced by members and students in the matter of transfer of articles, effected on or prior to 27th March, 2009, Institute with a view to mitigate the difficulties so experienced, [...] Full Article

A new form introduced by the Central Board for Direct Taxes (CBDT) to improve tax deductions at source (TDS) has allegedly made the process more cumbersome, and may even prompt the government to put the transition to the new regime in abeyance. The new form for tax deductors — those responsible for deducting tax while [...] Full Article

Tech Mahindra plans to appoint two auditors at Satyam Computer Services as part of its initiative to enhance the corporate governance standard of the fraud-hit software exporter, said a top Tech Mahindra executive. But, the appointments will have to be ratified by Satyam shareholders. Satyam’s corporate governance practices and the role of its auditors came [...] Full Article

Profits earned from the sale of jaggery will be taxed as converting sugarcane into a saleable commodity like jaggery or gur is not an agricultural operation, a tax tribunal has ruled. “Profit from the sale of jaggery falls beyond the ken of agriculture income,” the Chennai bench of the Income Tax Appellate Tribunal (ITAT) said, [...] Full Article

The ministry of corporate affairs has said that out of the eight lakh companies in India, a large chunk of them would be interested in getting converted into limited liability partnership (LLP) once a suitable tax structure for LLP is brought in. “We are getting enquiries from thousands of companies every week who are interested [...] Full Article

In a move to plug loopholes that led to the alleged tax evasion by telecom giant Vodafone, the Income-Tax Department will make it mandatory for firms to submit information to it online before remitting payments to foreign companies, from July this year. “The information … shall be furnished electronically to the website designated by the [...] Full Article

It’s the central bank & finance ministry versus commerce over ‘unintended liberalisation’ permitted in February guidelines. Differences have developed between both the Reserve Bank of India (RBI) and the finance ministry and within the government on the impact of Press Notes 2, 3 and 4 issued in February 2009 that significantly relax the guidelines on [...] Full Article

CIT Vs. M/s K.G. Denim Ltd. (Madras HC) - The Assessing Officer is not entitled to touch the profit and loss account prepared by the assessee as per the provisions contained in the Companies Act, while arriving at the book profit under Section 115J and the book profit so arrived at should be the basis for taxation and therefore, the computation under Section 80HHC should be limited to the case of profits of eligible category only. The Tribunal has also come to the concl.. Full Article