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Normally every sovereign state provides a legal framework to decide about the accounting year. Every entity carrying on a business is required to prepare the final accounts as understood by us for pre-defined accounting year. [More...] Besides annual report to various stakeholders, collection of tax revenue is also based on this pre-determined accounting year. In India, such an accounting year is financial year starting from 1st April and ending on 31st March. Earlier in.. Full Article

Cheap money supply will remain for some more time giving more opportunity to invest in emerging market and increase the assets prices. But among all these we forgot to accentuate that US fiscal deficit is rising which is not a burden for US economy but will be shared equally among other economies. Now a thought line will emerge among my readers that how that happens to affect. Full Article

32. Whether gross expenses or net expenses (i.e. net of recovery) are to be considered for the purposes of FBT? For example, part of the expenses on various items like travel, may be recovered from the employees. Therefore, whether FBT would be levied on the gross travel expenditure or on the ‘net’ travel expenditure’? Where [...] Full Article

Dear Friends, Due to your Kind support within few month of Lauch of www.taxguru.in we got Google Pagerank 3 while earlier we were having Page Rank 1. So friends target for Next quarter is Pagerank 5. Keep Supporting your site. With Reagrds, CA Sandeep kanoi WHAT IS PAGERANK? PageRank is a numeric value that represents how important [...] Full Article

CASE LAW DETAILS Decided by: ITAT, INDORE BENCH, INDORE, In The case of: J. C. Bansal v. TRO, Appeal No. : ITA Nos. 115 to 117/Ind/2005, Decided on: May 23, 2008  RELEVENT PARAGRAPH  20. On examination of the license agreement and schedule attached with the same, we find that entire factory building along with plant [...] Full Article

TRADE CIRCULAR No : No. VAT/ AMD-1007/ IB/ ADM- 6  Dated: 08.05.2009 Mumbai, Dt. 20.04.2009 (Trade Cir. No.- 17T of 2009)  Sub- Problems in E-return filing due to discrepancies in TINs or otherwise Ref- Issues referred by the dealers to the sales tax office.  Dear Sir/Madam,  The filing of electronic returns has been made compulsory for all the dealers [...] Full Article

Filing date changed from “14 days” from end of quarter to “15 days” from end of quarter to align with the Form 24/26Q E-TDS Filings. NOTIFICATION NO 11/2009, Dated: January 21, 2009 In exercise of the powers conferred by Section 295 read with sub-section (3) of section 200 of the Income-tax Act, 1961 (43 of [...] Full Article

All tax deductors / collectors are required to file the TDS/TCS returns in Form No.24Q (for salaries), Form No.26Q (for payments other than salaries) or Form No.27EQ (for TCS). These forms require details of all tax deductions with name and permanent account number (PAN) of parties from whom tax was deducted. It had earlier been decided that Form No.24Q with less than 90% of PAN data and Form No.26Q & Form No.27EQ with less than 70% of PAN data will not be accepted for t.. Full Article