working capital

The Ministry of Micro, Small & Medium Enterprises has been implementing a plan scheme of "Assistance to Training Institutions" , commonly known as the EDI scheme since 1993-94. Under the scheme assistance is provided to existing and new training Institutions for establishment of Entrepreneurship Development Institute (EDI) and strengthening of their training infrastructure on a matching basis, not exceeding 50 percent of the project cost or Rs. 150 lakh whichever is les.. Full Article

Necessity of establishing goodwill and reputation, that too in a finance company, is of utmost necessity; at same time, it cannot give a permanent license to the company to continue to violate the provisions of section 269SS/269T. Full Article

Air travel agents will have to forego a part of the commission they receive from airlines on tickets sold by them, as the tax department has decided that such payments will be subject to tax deduction at source, or TDS. This could increase cost of air travel, as agents will pass on this burden to the flyer. The Central Board of Direct Taxes, the apex direct tax body, has directed its field officers to deduct tax at source on payment of commission to travel agents, a tax .. Full Article

An IPO is when a company which is presently not listed at any stock exchange makes either a fresh issue of shares or makes an offer for sale of its existing shares or both for the first time to the public. Through a public offering, the issuer makes an offer for new investors to enter its shareholding family. Full Article

We have duly considered the rival contentions and the material on record. The crux of the matter is to determine the true character of the receipt in the hands of the assessee and not the utilization thereof. The utilization will not determine the nature of the receipt. The assessee may mis-utilise the funds but that will not either determine or change the character of the receipt. The foremost thing to be appreciated is that the assessee has taken Full Article

ICAI – Undue hardship faced by assessees on account of delay of refund in scrutiny cases in respect of A.Y. 2007-08  May, 15th 2009  No.DTC/2009- 10/REP-2 13th May, 2009 Mr. S.S.N. Moorthy Chairman Central Board of Direct Taxes Department of Revenue Ministry of Finance Government of India North Block New Delhi – 110 001.  Respected [...] Full Article

The Budget 2008-09 could bring some cheer to a host of self-employed professionals, like engineers and architects, with the likely increase in the threshold for tax deducted at source (TDS) for these professionals. The existing ceiling for deduction of tax at source is Rs 20,000. As per section 194J of the Income Tax Act, 1961, if the fee for professional or technical service contract undertaken by any of these professionals is more than Rs 20,000, the contract awardee h.. Full Article