Archive for September, 2009

ICAI will soon recommend Accounting standered for Insurance sector

The Institute of Chartered Accountants of India (ICAI) is likely to come out with insurance specific accounting standards in the next three months, a top official said. ”We are likely to come out with it (insurance sector accounting standards) in the next two-three months,” ICAI President, Uttam Prakash Agarwal, told.
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Income tax official may be appointed in tax heavens to investigate tax evasion in cross border transactions

Income tax officials from India could be posted in the tax haven nations to collect information about tax evasion from these countries; if a proposal made by a committee set up to investigate abuse of tax treaties goes through.
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TDS on salary arrear payment pursuant to recommendation of Sixth Central Pay Commission

Clarification regarding deduction of tax at source from payments of second installment of arrears to Government employees on account of implementation of Sixth Central Pay Commission's recommendations. Circular No. 6/2009, dated 31-8-2009
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ITAT cannot remand to apply section 14A if AO in his Assessment order not made disallowance u/s 14A

CASE LAW DETAILS Decided by: Mumbai High Court, In The case of: Topstar Mercantile Pvt. Ltd. (Formerly, Urvi Chemicals & Allied Industries Ltd) (Appellant)  V/s. The Asstt. Commissioner of Income Tax (Respondent), Appeal No.:, 1460 of 2009, Decided on:  26.08.2009 SUMMARY OF CASE LAW In assessment proceedings, the AO raised a query about disallowance of expenditure [...]
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