Articles

ROC work may be outsourced to professionals such as chartered accountants and company secretaries

To ensure higher accountability and transparency in auditing company books, the government now plans to outsource audit work to professionals such as chartered accountants and company secretaries. At present, it is undertaken by the Registrar of Companies’ offices across various cities....

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Posted Under: Company Law |

New amended form No. 704 and issues in it under the MVAT

New MVAT Audit Form 704 Additional responsibilities as an Auditor Additional features to be reported in New Form 704 Issues and Difficulties Welcome Changes and Redundant Sections in Old Form 704...

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Posted Under: Company Law |

Summary of Amendments made by Maharashtra Value Added Tax (2nd Amendment) Rules 2009, dt 18th June 2009 w.e.f 01st July 2009

On 18th June 2009 the Government of Maharashtra has passed the Maharashtra Value Added Tax (2nd Amendment) Rules 2009 These amendments are brought into effect from 1st July 2009 unless otherwise specified. Following are the amendments which are made in the MVAT Rules: – ...

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Posted Under: Company Law |

Amendments made by Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2009 (Mah Act No. XVII of 2009) in MVAT ACT

On 29th June 2009 the Government of Maharashtra passed the Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2009 (Mah Act No. XVII of 2009) and amended the Maharashtra Value Added Tax. These amendments are brought into effect from 1st July 2009 unless otherwise specified. Following are the amendments which are made in the MVAT [...

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Posted Under: Company Law |

Assessment, Reassessment, Best Judgement Assessment and related provisions

The process of assessment is the most significant part of the Income Tax Act. The Act requires an assessee to comply with certain requirements for computing income in accordance with the various provisions, and pay tax on his income so computed. An assessment is the process whereby the department verifies whether the person has complied [...

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Posted Under: Company Law |

Chartered accountants not agree with CVC’s charge

The allegation on the audit profession tendering erroneous advice to banks resulting in huge losses by a constitutional authority such as the Central Vigilance Commissioner (CVC) has stirred up a hornets’ nest among the auditors....

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Posted Under: Company Law |

Direct Tax code may bring ULIP & Life Insurance Plan under tax net

Any sum received under a life insurance policy including any bonus thereon will be exempt, only if the premium does not exceed 5% of the capital sum assured and such sum is received only upon completion of the original period of contract or upon the death of the insured....

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Posted Under: Company Law |

New direct tax code and taxability of Provident Fund

It’s Traditionally  been viewed as a retirement saving tool and one that allows you to avail of tax deductions. In fact, you will find that most conversations about provident funds only take place during the income-tax filing season, or when salaried individuals are retiring or leaving one organisation for another. In fact, fairly ...

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Posted Under: Company Law |

View You Tax Credit (Advance Tax Paid and TDS deducted) online

TAKING the taxpayers’ services to a higher level, the Income Tax Department has begun to provide credit statements which are available for viewing by taxpayers. A taxpayer can register for such a facility and can get information about the credits online for different AYs. To see this, a onetime registration is required. Detailed pro...

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Posted Under: Company Law |

Poor drafting of Cenvat credit Rules leading to litigations and conflicting decisions by various benches: SC

The Supreme Court has said the CENVAT Credit Rules were not properly drafted causing huge rise in litigations and conflicting decisions by various benches of Custom Excise & Service Tax Appellate Tribunal (CESTAT). The apex court said that repeated amendments in the CENVAT Credit Rules has given a further fillip in rising number of litiga...

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Posted Under: Company Law |

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