therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the said Act and in pursuance of rule 23 of the said Rules, the Central Government hereby makes the following further amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 117/2003-Customs, dated 24th July, 2003, published in the Gazette of India vide number G.S.R.582 (E), dated the 24th July, 2003, namely.
A Special Bench of the Delhi Income Tax Appellate Tribunal has ruled that the income tax that an employer pays on behalf of its employee is a non-monetary benefit in kind and, therefore, exempt from tax. The Tribunal’s ruling will benefit multinational companies operating through liaison and sales offices and unregistered Indian companies, some of which are known to bear the tax costs for their employees.
The New Year brings in good news for independent finance professionals like company secretaries, chartered accountants and cost & works accountants, who will be allowed to advertise their services and area of proficiency, a move that would enable them to offer services globally and effectively highlight their areas of competence.
Companies shall be required to appoint agencies to monitor the utilisation of funds raised through public and rights issues, and report any deviation in utilisation to the stock exchanges, the Securities and Exchange Board of India announced on Thursday. They will also have to make public the adverse comments of their audit committee (or of the monitoring agency they have appointed) through advertisements in the newspapers.
JUST a week ago, we carried a story and case where a Single Bench of the Delhi High Court had taken serious note of the lackadaisical approach of the Department in releasing the information. The High Court had directed the department to furnish the information within two weeks.
Deferred tax liability is a provision for tax effect of difference between taxable and accounting income – Not a provision for I -T paid or payable – it is also not reserve as same cannot be transferred to P&L a/c, unlike a regular reserve – ITAT
In exercise of the powers conferred under Paragraphs 2.1, 2.4 and 2.29 of the Foreign Trade Policy, 2004-2009, the Director General of Foreign Trade hereby replaces existing Para 3 of Public Notice No. 61(RE-2007)/2004-2009.
In exercise of the powers conferred under Paragraphs 2.1, 2.4 and 2.29 of the Foreign Trade Policy, 2004-2009, the Director General of Foreign Trade hereby amends Para 1 and Para 3 of Public Notice No. 62(RE-2007)/2004-2009, dated 08.10.2007.
Notification No. 1-Income Tax It is hereby notified for general information that the organization Kripa Foundation, Mumbai has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) with effect from 1-4-2002 in the category of ‘other Institution’ partly
The principal notification No. 106/2003-Customs, dated the 10th July, 2003, published in the Gazette of India vide number G.S.R.537 (E), dated the 10th July, 2003 and was amended vide notification No. 136/2003-Customs, dated the 3rd September, 2003, published in the Gazette of India vide number G.S.R.703 (E), dated the 3rd September, 2003.
