accountability

One may govern life in accordance with the revealed truth as one sees it or natural law or a simple precept of not treating others as ends, or in pursuit of the good life of contemplation prized by Aristole . One may believe that morality lies in doing the best one can for oneself and one’s children and giving something back to the society, when one can buy money or time. Full Article

This new service is a new centralised web based software application of CBEC which provides us an online electronic interface with the department. ACES aims to reduce paperwork, visits to the department and transaction costs while increasing accountability, responsiveness, efficiency and transparency in indirect tax administration. Full Article

SUMMARY OF CASE LAW The relationship between the assessee-airlines and the travel agent is one of principal and agent; the supplementary commission which is the amount retained by the travel agent is commission within the meaning of section 194H read with Explanation (i) to the said section; the difference between the full value of the [...] Full Article

SUMMARY OF CASE LAW The proceedings under section 147 cannot impinge upon items which have no connection or relation with items of income and/or expenditure which form the basis of a notice under section 148(1).  CASE LAW DETAILS Decided by: HIGH COURT OF DELHI, In The case of: Jay Bharat Maruti Ltd. v. CIT, Appeal [...] Full Article

The high-level committee set up to look at the multi-crore rupee fraud at Satyam Computer by the Institute of Chartered Accountants of India is close to coming out with its recommendatations by June.  “The high-level committee set up to look into matters arising out of Satyam fraud is carrying out deliberations and is likely to [...] Full Article

CASE LAW DETAILS Decided by:. ITAT, PUNE `A’ BENCH, PUNE , In The case of: Skoda Auto India Pvt. Ltd. v ACIT, Appeal No. : ITA No. 202/PN/07, Decided on: March 12, 2009 SUMMARY OF CASE LAW It is permissible in principle to make adjustments in the costs and profits in fit cases; the Assessee [...] Full Article

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

Concerned over the increasing instances of financial wrongdoings by corporate, the government on Sunday said those who are guilty would not be let off just by payment of some fine. “We are making stiff provisions under the new Companies Bill, 2008. The number of crimes for which provisions of compounding are available under the present [...] Full Article