claimants

Insurance companies, while settling third party insurance claims, cannot deduct tax at source (TDS) on the interest earned on the compensation amount, ruled Bombay high court. A division bench of justice Sharad Bobde and justice SJ Kathawalla, in an interim order, directed the New India Assurance Company not to deduct tax from the amount of interest to be paid over a compensation granted to a widow, her two children and her mother-in-law. Full Article

The Delhi High Court has ruled that a comprehensive insurance policy for vehicles also covers the pillion rider on a two-wheeler and passengers in a car. Following the ruling, all 17 insurance companies providing insurance to two-wheelers and four-wheelers have also agreed to implement it earnestly and immediately. Full Article

More than 6,300 frozen demat accounts are now finding some claimants, giving new leads to the Income Tax department's probe in the matter pertaining to Rs 6,700 crore of unclaimed stocks. A number of accounts were lying idle since 2007 and no transactions were being carried out in them for almost two years. A number of such accounts have now been claimed which the department is scrutinising, official sources said. Full Article

The role of modern day accounting professionals has come a long way, from a core accounting function to that of being viewed as a corporate gatekeeper. Today’s professionals are not just auditors, certifying routine book of accounts, but also on the boards of companies as directors. This multi disciplinary role puts emphasis on "always taking the correct decisions and doing everything right". While accountants look to successfully achieve the set standards, they are in.. Full Article

Trade Circular No.  24 T of 2009,    No. : – ACST/VAT 01/ Refunds/ Mumbai, Dt :  29th August 2009 Subject: -  Grant  of  refund  under  MVAT  Act  to  specified category of dealers – Modifications/clarifications Gentlemen /Sir /Madam, 1. This  office  had  earlier  issued  Trade  Circular  No.  19  T  of  2008  Dt.  23.05.2008, Trade Circular [...] Full Article