"January, 2009" Archive

Levy of service tax on educational institutions- regarding

Circular No. 107/01/2009 – ST (28/01/2009)

Circular No. 107/01/2009 – ST   New Delhi, dated 28th January 2009 F.No137/23/2007- CX.4 Government of India , Ministry of Finance , Department of Revenue , Central Board of Excise and Customs Subject: Levy of service tax on educational institutions- regarding Various educational institutions impart training and conduct courses in dif...

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Income Tax Department ignored Raju's diversion of funds

The income-tax department appears to have turned a blind eye seven years ago to diversion of funds from Satyam to members of the Raju family. A deputy director of investigation in IT found fixed deposits worth Rs 19.5 crore in banks on which tax had not been deducted at source....

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Posted Under: Service Tax |

CBEC draws Supreme Court ire over faulty notices to tax defaulter

While the Central Board of Direct Taxes recently got a go -ahead from the Supreme Court for its showcause notice to Vodafone, the Central Board of Excise and Customs (CBEC) has displeased the apex court by providing insufficient details in its showcause notices sent to defaulting assessees. The Supreme Court has dismissed the case. Taking...

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Posted Under: Service Tax |

Joint audits and inspections by the ICAI/DCA are critical if the system has to work

The Satyam affair has shaken the country’s audit profession and regulatory authorities to its roots. Investors have suffered in a big way and Indian business has lost some of its sheen. Has there been a systemic failure or is Satyam just a big exception? Has the macro-structure of the audit procedure not evolved in a […]...

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Posted Under: Service Tax |

Chargeability of interest income to tax when same is only technically accrued

Brahamputra Capital & Financial Services Ltd. Vs ITO (ITAT Delhi)

8. We have carefully deliberated on the rival contentions raised by the learned AR and DR. The controversy here revolves around chargeability of interest income to the tax which even though technically accrued as per the mercantile-system of accounting being followed by the assessee, but the same was not accounted for as income in view of...

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PROVISIONS OF SECTION 194H OF IT ACT WOULD NOT BE ATTRACTED ON DISCOUNTS GIVEN

6.We have considered the rival submissions. A perusal of the agreement entered into by the assessee to the concessionaires clearly shows that the concessionaires are duty bound to use the premises and the equipment as belonging to the assessee. The agreements also clearly show that the control over the shops is with the company. The token...

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Posted Under: Service Tax |

Why ICAI stays quiet on PwC?

PriceWaterhouse partners S Gopalakrishnan and Srinivas Talluri have been arrested in the Satyam scam but the Institute of Chartered Accountants of India (ICAI), citing lack of evidence, has taken no action yet. Well, is this regulator effective enough or a mere a rubber stamp for CAs?...

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Posted Under: Service Tax |

CAs have given false certificates to evade taxes in India by NRI & Foreigners

After the Satyam scam, the role of chartered accountants (CAs) has come into focus again. This time the Income Tax (I-T) Department has found that CAs have given false certificates, enabling Non-Resident Indians (NRIs) and foreign nationals to evade taxes in India. The government agency has informed the Institute of  Chartered Accountant...

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Posted Under: Service Tax |

Service Tax Circular on applicability of service tax on activities carried out by builders / promoters / developers

Construction of building complexes, having more than twelve residential units is subject to service tax under the category of „Construction of Complex Services.? In the past, various views have been expressed on the applicability of the service tax in cases where an agreement of sale is entered into between the builder and the buyer of ...

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Wake up call for Chartered Accountants

Satyam’s Auditors Arrested – Who’s Next? Participate In Signature Campaign Now Based on confessions of fraud made by the promoters of Satyam and its CFO, the Andhra Pradesh Police arrested the two members of the Institute of Chartered Accountants of India, who signed the Audit Report and put them behind bars along with commo...

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Posted Under: Service Tax |

internal audit of the stock brokers-SEBI Training Programme for CAs, CMAs and CS

Taking a leaf from Satyam scam, National Institute of Securities Market (NISM), an initiative of Sebi, has started a nationwide training programme for the internal audit of the stock brokers. The programme aims at helping the audit professionals to carry out an effective internal audit of the broker’s books in order to satisfy the requi...

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Posted Under: Service Tax | ,

The assessee is entitled to take advantage of reassessment proceedings to re-raise issues that have not attained finality

Export Credit Guarantee Corp vs. ITO (ITAT Mumbai)

Where the AO reopened the assessment to rework the book profits u/s 115JA and in an appeal against such order the assessee raised other issues unconnected with the reassessment and the preliminary point arose as to whether in the light of the judgement of the Supreme Court in CIT vs. Sun Engineering 198 ITR 297, […]...

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Non-residents are not liable to pay interest u/s 234B and 234C for shortfall/deferment in advance-tax

The Director of Income Tax Vs M/s. NGC Network Asia LLC (Bombay High Court)

"Whether on the facts and in the circumstances of the case the Tribunal was right in law in upholding the assessee’s contention that when the assessee is not liable to pay advance tax, there is no question of charging interest under Section 234B of the Act by relying upon the decision in the case of Motorola Inc. rendered by Hon’ble S...

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Even an Indian company can claim the benefits of non-discrimination under the DTAA

Daimler Chrysler India Vs. DCIT (ITAT Pune)

Where the assessee was an Indian company and more than 51% of its equity share capital was held by a German company (Daimler Benz AG) and pursuant to an offshore merger the said shares came to be held by another German company (DaimlerChrysler AG) and there being a change of more than 51% of the beneficial interest in the shares, the ques...

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Public Notice No. 140 (RE-2008)/2004-09, Dated: 30.01.2009

Public Notice No. 140 (RE-2008)/2004-09 (30/01/2009)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby notifies the following amendments/additions in Appendix 1 (List of Regional Authorities and their jurisdiction) in the Handbook of Procedures....

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Commissioner of Central Excise Vs. Afcons Pauling Joint Venture (Punjab and Haryana High Court)

Commissioner of Central Excise Commissionerate, Jalandhar Vs M/s Afcons Pauling Joint Venture (Punjab & Haryana High Court at Chandigarh)

There was a divergent view of the various High Courts whether crushing of bigger stones or boulders into smaller pieces amounts to manufacture. In view of the divergent views, of the various High Courts, there was a bona fide doubt as to whether or not such an activity amounted to manufacture. This being the position, it cannot be said th...

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VAT Trade – 6T of 2009 – Filling of E-return for revised & fresh

Trade Circular No. 6 T of 2009 (30/01/2009)

This circular cannot be made use of for legal interpretation of provisions of law as it is clarificatory in nature. If any member of the trade has any doubt, he may refer the matter to this office for further clarification....

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Proof of travel not required for claiming LTA: SC

Commissioner Of Income Tax Vs M/S Larsen & Toubro Ltd (Supreme Court of India)

It may be noted that the beneficiary of exemption under Section 10(5) is an individual employee. There is no circular of Central Board of Direct Taxes (CBDT) requiring the employer under Section 192 to collect and examine the supporting evidence to the Declaration to be submitted by an employee(s). For the above reasons there is no merit ...

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Notification No. 6/2009 – Service Tax, Dated: 30.01.2009

Notification No. 6/2009 (30/01/2009)

Notification No. 6/2009 – Service Tax In exercise of the powers conferred by section 37A of the Central Excise Act, 1944 (1 of 1944) as made applicable to service tax by section 83 of the Finance Act, 1994 (32 of 1994), the Central Government hereby directs that the powers exercisable by the Central Board of Excise and Customs under the...

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Investors not like companies whose promoter pledged shares

After the Satyam fiasco, investors seem to be paying more attention to whether promoters have pledged holdings a la Rajus, rather than concentrate on fundamentals.After Satyam announced that lenders had sold 2.45 crore shares pledged by the promoter, the market have shown a negative reaction to similar instances.Signalling their aversion ...

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Posted Under: Service Tax |

7 possible suitors for Satyam: Tarun Das

Scam-hit Satyam Computer has been approached by as many as seven possible suitors, including private equity players, even as the company’s investment bankers are trying to find the best match....

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Posted Under: Service Tax |

Impose provisional safeguard duty on imports of Phthalic anhydride

Notification No. 9/2009-Customs (29/01/2009)

Nothing contained in this notification shall apply to imports of Phthalic anhydride from countries notified as developing countries under clause (a) of sub-section (6) of section 8B of the said Act, other than Pakistan, Indonesia and Thailand....

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Imposition of service tax on Builders – regarding

Circular No. 108/02/2009 – ST (29/01/2009)

Circular No. 108/02/2009 – ST Dated 29th January 2009 Construction of residential complex was brought under service tax w.e.f.01.06.2005. Doubts have arisen regarding the applicability of service tax in a case where developer / builder/promoter enters into an agreement, with the ultimate owner for selling a dwelling unit in a residenti...

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MVAT Trade Cir – 5T of 2009 – Tax Treatment of Goods sent to other States.

Trade Circular No. 5 T of 2009 (29/01/2009)

This office had issued a Trade Circular dated the 20th February 2007. A view had been taken in that Trade Circular that Section 6A of the C.S.T.Act, 1956 deals only with transactions between agents and principals and does not deal with transactions which are on a principal to principal basis. ...

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PWC Suspends arrested auditors until investigations completes

Embroiled in the Satyam scam, auditing firm Price Waterhouse’s  assurance leader Thomas Mathew – a top executive in the organisation’s hierarchy stepped down from his position on Tuesday with immediate  effect. The firm also suspended S Gopalakrishnan and Srinivas  Talluri, the two arrested partners in the Hyderabad o...

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Posted Under: Service Tax |

India's biggest scams……….

1. Ramalinga Raju The biggest corporate scam in Indiahas come from one of the most respected businessmen. Satyam founder Byrraju Ramalinga Raju resigned as its chairman after admitting to cooking up the account books....

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Posted Under: Service Tax |

Satyam Computer Services is close to finalising a new head : P. C. Gupta

Satyam  is close to finalising a new head to help the government-appointed board put the fraud-hit outsourcing firm back on track, a minister said on Wednesday. Corporate Affairs Minister P.C. Gupta said the new head of Satyam would would not be called a chief executive, but declined to name the identified candidate....

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Posted Under: Service Tax |

Exchange Rate notification for Import /Export of goods wef 1st February, 2009

Notification No. 18/2009-Customs (N.T.) (28/01/2009)

in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.140/2008-CUSTOMS (N.T.), dated the 29th December, 2008 vide number S.O. 2985(E), dated the 29th December, 2008...

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Notification No. 04/2009- Central Excise (N.T.); Dated: 28.01.2009

Notification No. 04/2009-Central Excise (N.T.) (28/01/2009)

In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944), the Central Board of Excise and Customs hereby makes the following amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue No. 5/2007-Central Excise (N.T)...

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Notification No. 03/2009 Central Excise (N.T.); Dated: 28.01.2009

Notification No. 03/2009-Central Excise (N.T.) (28/01/2009)

G.S.R. (E). In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue, No. 24/2005-Central Excise (N.T.), ...

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Notification No. 02/2009-Central Excise (N.T.); dated: 28.01.2009

Notification No. 02/2009-Central Excise (N.T.) (28/01/2009)

In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue No. 25/2005-Central Excise (N.T), dated the 13t...

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Clarifications in respect of quantum of Bond and Bank Guarantee (BG) under Advance Authorization and Export Promotion Capital Goods schemes- reg

Circular No. 04/2009-Custom Duty (28/01/2009)

I am directed to invite your attention to the above mentioned subject and to say that, doubts have been raised, whether the amount of Bond and Bank Guarantee(BG) to be executed under Advance Authorization and Export Promotion Capital Goods schemes, include the interest amount also....

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Price Waterhouse may not be able to practice in India if partners found guilty

Price Waterhouse may not be able to practice in India, if either or both of its partners — S. Gopalakrishnan and Talluri Srinivas — are found guilty in the Satyam Computer Services fraud case. If the regulators concerned agree to the suggestion made by the Institute of Chartered Accountants of India (ICAI), this kind of […]...

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Posted Under: Service Tax |

Chartered Accountants in Big Four on Alert

In what could be a fall-out of the Satyam account fabrication episode, the Institute of Chartered Accountants of India (ICAI) has started pitching for restraining all foreign firms from associating with domestic firms that do statutory audits in India ....

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Posted Under: Service Tax |

Rule-2(l) of Cenvat Credit Rules does not require that service has to be rendered at the factory of the manufacturer for the purpose of eligibility for service tax credit

Commissioner of Central Excise Vs Alidhara Textool Engineers Pvt. Ltd. (CESTAT Ahmedabad)

Rule-2(l) of Cenvat Credit Rules does not require that service has to be rendered at the factory of the manufacturer for the purpose of eligibility for service tax credit. Therefore the stand of the revenue that since the service was provided at the buyer's premises credit is not admissible cannot be accepted. What has to be examined is w...

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RBI – Extension of service window for RTGS transactions

RBI/2008-09/ 362 -DPSS (CO) RTGS No. 1288/04.04.002/2008-2009 (28/01/2009)

Please refer to our previous circular DPSS (CO) No. 2118 / 04.04.002 / 2007 - 2008 dated June 25, 2008 on the captioned subject. On a review of RTGS timings, the RTGS Standing Committee has decided to extend RTGS timings for customer transactions on Saturdays from 12:00 noon to 12:30 hours and for inter-bank transactions from 14.00 to 14....

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SEBI Takeover Guidelines

Notification No. LAD-NRO/GN/2008-2009/33/15022 (28/01/2009)

No. LAD-NRO/GN/2008-2009/33/15022. In exercise of the powers conferred by Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, namely:-...

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RBI Policy: No change in key policy rates and reserve ratios

Stating the Reserve Bank’s credit policy to be “on expected lines”, bankers today said the RBI could cut key policy rates and ratios in the months to come with demand for credit picking up and inflation remaining subdued. The RBI in its third quarterly review of the credit policy announced today kept key policy rates [&h...

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Posted Under: Service Tax |

Public Notice No. 139 (RE-2008)/2004-2009, Dated: 27.01.2009

Public Notice No. 139 (RE-2008)/2004-2009 (27/01/2009)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, amendments/corrections at appropriate places as mentioned in ANNEXURE "A” to this Public Notice are made....

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ICAI suggested amendment in listing norms

Faced with criticism that its disciplinary machinery is only focused on errant members and not on the firm that they represent, the auditing profession regulator Institute of Chartered Accountants of India (ICAI) has trained the gun on audit firms now. The ICAI has written to the Securities and Exchange Board of India suggesting that the ...

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Posted Under: Service Tax | ,

ICAI asked to help CPSEs embrace global accounting norms

The government has asked the Institute of  Chartered Accountants of India (ICAI) to prepare a roadmap for public sector companies to meet  international accounting norms that would make their financial statements easily comparable with that of companies in more than 150 nations....

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Posted Under: Service Tax |

Satyam is just an aberration: ICAI's Ved Jain

There is no lapse in the standard of accounting and auditing ethics in India. Satyam shock is just an aberration or an accident, said Mr Ved Jain, president of the Institute of Chartered Accountants of India....

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Posted Under: Service Tax |

Ramalinga Raju under lens for capital gains tax fraud

The tax authorities are taking a hard look at how the disgraced promoter of Satyam Computer Services, B Ramalinga Raju, used money raised through pledging of shares. The move will enable the income-tax department to trace some of the undisclosed income of Mr Raju, his family members and their investment firms—an exercise that is distinc...

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Posted Under: Service Tax |

TDS details of Satyam Computers Staff under I-T lens

The Central Board of Direct Taxes has sought a fresh report from its field officers about the details of tax deducted at source (TDS) submitted by Satyam, to get fresh leads in the case after the Andhra Pradesh CID accused the company of having 13,000 ghost employees on its rolls, a senior government official said....

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Posted Under: Service Tax |

A.P. Police claims the two Price Waterhouse executives confessed

The Andhra Pradesh Police claims the two Price Waterhouse executives arrested in relation to the Satyam case have confessed, continuing the trend seen thus far with the police claiming significant success  in getting almost everyone arrested in the case to sing....

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Posted Under: Service Tax |

The Parliamentary standing committee on Finance to probe Satyam case

The Parliamentary standing committee on Finance, headed by BJP member of parliament Ananth Kumar, has convened a meeting on Wednesday to examine the crisis sparked by the fraud in Satyam Computer Services. This could lead to changes in company law to strengthen regulation and governance....

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Posted Under: Service Tax |

Notification No. 83 (RE-2008)/2004-2009, Dated: 27.01.2009

Notification No. 83 (RE-2008)/2004-2009 (27/01/2009)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes, with immediate effect, the following amendment to Notification No.38 (RE-20...

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Indians flee Dubai as dreams crash

Local police have found at least 3,000 automobiles — sedans, SUVs, regulars — abandoned outside Dubai International Airport in the last four months. Police say most of the vehicles had keys in the ignition, a clear sign they were left behind by owners in a hurry to take flight. The global economic crisis has brought […]...

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Posted Under: Service Tax |

Satyam Computers had Rs 3,319 cr bank FDs till 30th September 2008

As government sleuths dig deep into the Satyam quagmire, they have been able to find some of the missing pieces to this sordid jigsaw puzzle. Simultaneously , they have also come up with some new revelations that add to the mystery. Here’s the latest poser: Was Satyam flush with funds in excess of Rs 3,500 […]...

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Posted Under: Service Tax |

PwC to defend, citing 1986 high court ruling

Price Waterhouse will defend its role as an auditor of the disgraced Satyam Computer Services, citing the 1986 verdict of the Bombay High Court that said an auditor should not be held responsible for tracking down ingenious and carefully-laid schemes of fraud in a company....

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Posted Under: Service Tax |

Dubai cancels 1,500 work permits & Visas daily

An average of 1,500 work permits and visas are being canceled in Dubai each day as companies lay off employees in the wake of the global financial crisis. The number is expected to rise in coming months as thousands of labor complaints currently logged at the Ministry of Labor get processed. Adding to that figure […]...

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Posted Under: Service Tax |

Maytas valuation was used inappropriately by Satyam: Ernst & Young

According to Ernst & Young, its aluation of Maytas Properties was used inappropriately by Satyam Computer (Q, N,C,F)* Services for its merger with Maytas, reports Business Standard....

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Posted Under: Service Tax |

HCL Tech Appoints KPMG as independent auditor in addition to PWC

In view of the Satyam scandal, software exporter HCL Technologies today said it has appointed KPMG as an independent auditor to review its balance sheet in addition to its statutory auditor Price Waterhouse. Price Waterhouse was the statutory auditor for Satyam Computer Services Ltd. “We have appointed an additional accounting firm ...

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Posted Under: Service Tax |

Infosys gets notice to pay service tax of Rs 33 cr

We have issued showcause notice as the company has not paid service tax on the underwriting commission paid by Infosys towards American Depository Receipt (ADR) for the years 2003, 2005 and 2006, said a senior tax official from service tax department....

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Posted Under: Service Tax |

Auditors of Satyam Computers arrested by Hyderabad police

Sources in the Hyderabad police said the CB-CID police have arrested Satyam’s two Pricewaterhouse auditors S Gopal Krishnan and Srinivas Talluri last night. Pricewaterhouse had not responded to the arrest, at the time of filing the report....

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Posted Under: Service Tax |

MVAT: Extension of due date for Submission of Audit Report for year 2007-08 with conditions

VAT/ AMD-1008/IB/ ADM-06 (23/01/2009)

No. VAT/ AMD-1008/IB/ ADM-06 Mumbai Dt: 23rd January, 2009 Trade Cir. 3 T of 2009 Sub : Submission of Audit Report for year 2007-08. Ref. : 1. Government Notification No. VAT-1508/C.R. -69/ Taxation-1 dated 10th November, 2008. 2. Trade Circular 39 T of 2008 No. VAT/ AMD-1008/IB/ ADM-06 dated 15th November, 2008. 3. Trade Circular [&helli...

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Supreme Court dismissed USD two billion Vodafone capital gains tax case

Vodafone International Holdings B.V. Vs Union Of India & Anr. (Supreme Court of India)

THE Supreme Court today simply dismissed the much-hyped USD two billion Vodafone capital gains tax case at the admission stage itself. Before rejecting the SLP, the Bench asked the assesee - why did they not furnish the copy of their original agreement to the Court and also to the Revenue? In reply the assessee spoke about their delayed o...

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Filing date of Form 27Q related to E-TDS Changed

Notification No. 11/2009 - Income Tax (21/01/2009)

Notification No. 11/2009 - Income Tax These rules may be called the Income-tax (Fourth Amendment) Rules, 2009. (2) They shall come into force with effect from the 1st day of April, 2009....

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Income Tax officer who gave Maya relief in DA net

The CBI on Wednesday raided 1979 batch income tax commissioner Lov Saxena for allegedly amassing wealth disproportionate to his income. Agency officials claimed that a number of plots and flats were found in the names of Saxena’s family members in Delhi and NCR. Saxena was earlier in the limelight because of the order he had [&helli...

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Posted Under: Service Tax |

Public Notice No. 138 (RE-2008)/2004-09, Dated: 23.01.2009

Public Notice No. 138 (RE-2008)/2004-09 (23/01/2009)

On completion of approval period as provided for in paragraph 6.6 of FTP, it shall be open to unit to continue under scheme or opt out of scheme. Where unit opts to continue, DC concerned will extend approval period. If no intimation in this regard is received from unit within a period of six months of expiry of approval period, DC will t...

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Notification No. 82 (RE-2008)/2004-2009, dated: 23.01.2009

Notification No. 82 (RE-2008)/2004-2009 (23/01/2009)

Import of ‘Toys’ from China appearing under ITC Codes 9501, 9502, 9503 of Schedule – I of ITC(HS) Classifications of Export and Import Items is prohibited for six months with immediate effect and until further orders....

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Reasons Why Computer Crash

Fatal error: the system has become unstable or is busy," it says. "Enter to return to Windows or press Control-Alt- Delete to restart your computer. If you do this you will lose any unsaved information in all open applications. " You have just been struck by the Blue Screen of Death. Anyone who uses Mcft Windows will be familiar with this...

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Posted Under: Service Tax |

ICAI in direct need of complete overhaul

“The Indian stock market today has the potential to lift all boats across the entire social spectrum of the country and this potential needs to be exploited to the fullest if the government wants to  realise the dream of reducing the poverty rate to single digit.”...

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Posted Under: Service Tax |

CBI Court sentences Income Tax Officer to five-year RI with Rs 26.3 lakh fine

Principal Special Judge for CBI cases, Chennai, today convicted accused G.Selvakumar, former Income Tax Officer, Chennai and M.Vincent Xavier, a private person and sentenced them to undergo Rigorous Imprisonment for five years with a fine of Rs. 26,30,000/- and Rs.17,40,000/ – respectively, for committing forgery, fraud issue of fal...

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Posted Under: Service Tax |

Central Vigilance Commission Code of Ethics for CAs and advice to Banks

It has been observed that there have been a number of cases in banks and financial institutions wherein due to the erroneous/ambiguous advice tendered by the respective Chartered Accountants, borrowal accounts have had to face quick mortality resulting in loss for the bank. Many a time this has also resulted in vigilance cases being initi...

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Posted Under: Service Tax |

ICSI forms panel to look into corporate governance issues

In response to the ministry of corporate affairs letter to the Institute of Company Secretaries of India (ICSI) to investigate issues related to corporate governance aspect in the Satyam accounting fraud, the ICSI council has constituted a core group to look into the matter....

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Posted Under: Service Tax |

Just Fun, Don’t take otherwise

An aspiring CA goes for an interview:  Interviewer – Do you have experience in finalization of accounts?...

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Posted Under: Service Tax |

Humors- The Magician – Guess who?

Three world famous magicians were in the bar drinking and boasting about their achievements. The first one said,” During my latest show, I made three women from the audience disappear, it was so convincing that their relatives started panicking, no one could find the trick”...

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Posted Under: Service Tax |

I-T man caught accepting bribe did it for his boss?

CBI arrests Assistant Commissioner Raj Kumar Bhatia, who allegedly asked builder to pay his subordinate Rs 2 lakh. Suresh Khaitan, the Income Tax official arrested on a bribery charge on Wednesday, had been contacting I-T assessees and threatening to initiate tax inquiries against them allegedly on behalf of his boss Assistant Commissione...

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Posted Under: Service Tax |

Toppers of CA Final and CPT exam 2008

The Curriculum of the Chartered Accountancy Course has been designed, developed and maintained so that the members of the Profession can become the valued Trustees of the World Class Financial Competence, Good Governance and Competitiveness. For details regarding the curriculum, please refer to Annexure 1. Since December 1949, the Charter...

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Posted Under: Service Tax |

Important Announcement Regarding Next C.A. Examinations

Queries are being received from various quarters as to whether the next Chartered Accountants Examinations will be held in the month of May or in the month of June, 2009. In this regard it is clarified that the date schedule of the next Chartered Accountants PE-II, PCE, Final (Old and New), MAC (Part-I),CMC(Part I), TMC […]...

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Posted Under: Service Tax |

Results of the CA PE – II and PCE held in November, 2008 are likely to be declared on 29th January, 2009 around 2 P.M. – ICAI

The results of the Chartered Accountants Professional Education – II and Professional Competence Examinations held in November, 2008 are likely to be declared on Thursday, the 29th January, 2009 around 2 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of [&hellip...

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Posted Under: Service Tax |

VAT Trade Cir – 4T of 2009 – Enrollment for E-Services

Trade Circular No. 4 T of 2009 (23/01/2009)

The Department proposes to provide the compendium of e-services viz., e-return, e-registration, e-declarations, e-annexure, e-Form-704 etc. For availing of these e-services it is mandatory for the dealers to get enrolled with the Department’s web-site i.e. www.mahavat.gov.in ....

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How to apply online for C Form, F Form, H Form, EI Form, EII Form

Trade Circular No. 2 T of 2009 (23/01/2009)

Once the application has been approved the Central Repository staff would print the required number and type of statutory forms sign and dispatch them to the dealer s main place of business either through courier or Post. ...

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Notification no. 08/2009-Customs dated 22nd January, 2009

Notification No. 8/2009-Customs (22/01/2009)

For the purposes of this notification, rate of exchange applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 o...

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Notification No. 13/2009 – Income Tax Dated 22/1/2009

Notification No. 13/2009 - Income Tax (22/01/2009)

Notification No. 13/2009 - Income Tax It is hereby notified for general information that the organization The Institute of Chartered Accountants of India, New Delhi, 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 ...

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Notification No. 12/2009 – Income Tax Dated 22/1/2009

Notification No. 12/2009 - Income Tax (22/01/2009)

Notification No. 12/2009 - Income Tax It is hereby notified for general information that the organization World Wide Fund for Nature - India, New Delhi, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (‘said Act’), read with rules 5C and 5E of the...

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SEBI makes it mandatory to disclose details of shares pledged by the promoters

PR No.58/2009 SEBI Board Meeting SEBI makes it mandatory to disclose details of shares pledged by the promoters To enhance the disclosure requirements, SEBI Board, in its meeting held today, decided to make it mandatory on the part of promoters (including promoter group) to disclose the details of pledge of shares held by them in [&hellip...

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CBI raids premises of CIT in Delhi, Kanpur and Bangalore; seizes cash of Rs 66 lakh

THE CBI has registered a case against a Commissioner of Income Tax, New Delhi, for accumulating huge assets worth crores of rupees in his name as well as in the name of his family members, which are disproportionate to his known sources of income....

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Income Tax Department raid 40 Surat units

The investigative wing of the Income-Tax department raided the factory premises of 40 textile and paint manufacturers in Surat Tuesday, an official said. The raids were conducted by a team of 150 sleuths, with senior officials from the Rajkot Income Tax Commissionerate joining in the raids....

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I-T dept Mumbai surveyed 50-60 companies who defaulted in payment of TDS

The Mumbai income tax department has surveyed 50-60 companies, including multinational firms, in the past two weeks as part of its drive to identify and bring to book tax deducted at source (TDS) defaulters. The department is mainly focusing on companies that have collected TDS, but not deposited the same with the department....

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ICAI to launch course on international taxation

The Institute of Chartered Accountant of India (ICAI) will launch a certificate course on international taxation for its member in Mumbai by the end of this month....

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Use your digital camera as a mobile scanner

There are occasions when we need to take a copy of a document or a book but we don’t have a scanner in hand. However, if we have a digital camera, we could take a snap of the document which can work as an emergency replacement for a scanner. But the image shot using a […]...

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ICAI audit norms will get legal status : Prem Chand Gupta

To bring in a more transparent and credible auditing system in the country, the government proposes to give explicit legal status to the audit standards prepared by the Institute of Chartered Accountants of India (ICAI), minister of corporate affairs Prem Chand Gupta said here on Saturday. The minister said that the Companies Bill, 2008, ...

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Frauds can not be stopped by a defined audit process

The Big Four accounting firms are reputed to have strong process controls. How then could one such firm have failed to detect such a multi-year scam as is getting unravelled in Satyam? “There is a co-relation between the size of audit firms and the size of companies, and hence all large corporate frauds involve big […]...

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The Satyam scandal continues to reverberate, with a host of competing

The Satyam scandal continues to reverberate, with a host of competing companies aiming to pick up some U.S. business and some big firms facing questions about why they did business with the Indian outsourcer....

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Claim of freely transferability duty credit scrip benefits under Chapter 3 of FTP, clarification regarding eligibility of exports by EOU there-under

Policy Circular No. 56 (RE-2008)/2004-2009 (21/01/2009)

In such cases, if the EOUs/BTPs wish to claim Chapter 3 scheme benefits on exports made on or after 1.4.2007, then they will have to forego the direct tax exemption status and modify their direct tax exemption permanently and produce evidence to this effect from the jurisdictional Income Tax Authorities that they would not be claiming dir...

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SEBI : Establishment of Connectivity with NSDL and CDSL – Companies eligible for shifting from TFTS to normal Rolling Settlement

MRD/DoP/SE/Cir-1/2009 (21/01/2009)

.It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories during the month of November 2008....

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Comparison between traditional partnership and LLP

Limited Liability Partnership Bill has received the accent of Honourable President of India and has now become a legislation and is to be called as ‘Limited Liability Partnership Act, 2008′ Click here to download the Limited Liability partnership Act,2009 : http://mca.gov. in/MinistryWebsi te/dca/actsbills /pdf/LLP_ Act_2008_ 15jan200...

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J.P. Morgan , Goldman Sachs Shortlisted for Advice: Satyam

JPMorgan and Goldman Sachs are among the banks shortlisted to advise the new board of Satyam Computer Services as it tries to save the fraud-stricken Indian outsourcing firm, three banking  sources said on Wednesday. The new six-member board appointed by the government to contain the fallout of country’s largest corporate scandal w...

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Raju refuses to answer CID questions

HYDERABAD: Dodgy Ramalinga Raju is proving to be a hard nut to crack even for the seasoned interrogators of the Crime Investigation Department (CID) questioning him, his brother Rama Raju and former CFO Vadlamani Srinivas in the multi-crore scam. On the second day of police custody, Raju proved to be a tough cookie either bluntly [&hellip...

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Satyam gets takeover offers; board meeting on Jan 22-23

NEW DELHI: Troubled software exporter Satyam on Tuesday said it has been approached for takeover by domestic and foreign companies, the IT company’s board member Tarun Das said on Tuesday....

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Companies will not be allowed to get away by just paying fines

Concerned over the increasing instances of financial wrongdoings by corporate, the government on Sunday said those who are guilty would not be let off just by payment of some fine. “We are making stiff provisions under the new Companies Bill, 2008. The number of crimes for which provisions of compounding are available under the pres...

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Satyam's board had violated Section 372A of the Companies Act

 The RoC’s findings which it said will be made final after all documents are made available suggest that in approving the acquisition of 100 per cent in Maytas Properties and 51 per cent in Maytas Infrastructure, Satyam’s board had violated Section 372A of the Companies Act. Sub-section 1 of Section 372A stipulates that no co...

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Can Satyam claim a refund of taxes on onerstated income?

Today, the fraud at Satyam Computer Services is one of the hottest topics around. There are so many questions relating to various taxation issues that are constantly cropping up. One of the common questions going through everyone's mind is: Can Satyam claim a refund of taxes already paid on its inflated income for all the earlier years?...

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RBI bans bank auditors from acting as its consultants

The Reserve Bank of India, or RBI, has prohibited the statutory auditors of a bank from carrying out any consultancy work for the bank to avoid a possible conflict of interest....

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ICAI introduces new study modules to detect scams

The Satyam scam has made auditors realise the need to have a ‘fraud-finding’ approach, rather than the conventional fault-finding mode while examining the books of companies. Looking at the need and appetite for such accounting practices, the apex body of chartered accountants, Institute of Chartered Accountants of India (ICAI), has i...

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IFRS to be made mandatory by 2011: ICAI

Plans are afoot to make International Financial Reporting Standards (IFRS) mandatory for large-scale companies by April 2011, said K Raju, central council member of the Institute of Chartered Accountants of India (ICAI)....

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Due date of Form 704 in respect of the year 2007-08

After e-enrolment is made by a registered dealer, the ‘Acknowledgment’ will be made available on the website. The signed copy of the Acknowledgment is required to be furnished in the Department only once. After furnishing such copy, there is no need to furnish the signed acknowledgment of e-return which at present is required to be fu...

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