"03 March 2009" Archive - Page 2

Increase in turnover cannot be the sole criteria for steep increase in remuneration payable to director

Shree Laxmi Marketing Pvt. Ltd. Vs ACIT (ITAT Pune)

15. In so far as the assessee's contention that as the remuneration paid to the directors were increased in a properly called meeting of the Board of Directors, such payment is to be considered as reasonable and not excessive, we are of the view that this contention of the assessee would be of no much assistance to the assessee as discuss...

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National Consumer Commission fined Kaun Banega Crorepati – 3 Rs. 1 Crore for unfair trade practice

Kaun Banega Crorepati – 3 which ran on Star Plus TV from January 2007 to April 2007 under the anchor of Shah Rukh Khan, was running a contest called “Har Seat Hot Seat” in which TV viewers were invited to participate. The contest consisted of answering an objective type question with four possible answers. TV […]...

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Posted Under: Income Tax |

Mandatory cost audit: Do we really need it?

It’s a measure of efficiency & governance : Kunal Banerjee President, ICWAI Corporate governance has taken centre-stage in all business models since the Enron debacle. But recent happenings have shown that a governance structure should also support an organisation’s efforts to improve performance. There is a need to move from comp...

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Posted Under: Income Tax |

India lifts six month ban on import of toys from China

India has partially lifted the six months ban imposed on import of toys from China earlier this year. The government, on Monday, decided  to allow import of Chinese toys which have been given quality certificates by internationally recognised laboratories and agencies. The move follows threats issued by China of complaining against India...

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Posted Under: Income Tax |

Road Construction is exempt from Service Tax: CBEC

In a move that has implications for infrastructure firms such as L&T, Reliance Infrastructure, Simplex Infrastructure and Soma Enterprises, the government has clarified that construction of roads is not a taxable service, though repair, management and maintenance of roads will attract service tax. A Central Board of Excise and Customs...

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Posted Under: Income Tax |

1 lakh Indians will return back from US in next 3-5 years

As many as 100,000 Indians and an equal number of Chinese  will return to their native countries in the next three to five years, a move that will greatly boost their economies and undermine technological innovation in America, a new US study warns. The study on immigration by a team at Duke, Harvard and Berkeley […]...

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Posted Under: Income Tax |

ICAI constituted Special Group

ICAI – Constitution of a Special Group ALL MEMBERS OF THE COUNCIL Madam/Dear Sir, I wish to inform you that the President, in terms of the authority given to him by the Council at its 285th meeting held from 2nd to 5th February, 2009, has constituted a Special Group for suggesting improvements in financial reporting […]...

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Posted Under: Income Tax |

Tax Dues claim priority over private debts: SC

In recovering debts or enforcing security interests, the State's right to sales tax dues, etc will have priority over claims of banks, financial institutions and secured creditors, the Supreme Court has ruled. A bench comprising Justices B N Agarwal, G S Singhvi and Aftab Alam...

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Posted Under: Income Tax |

Service tax and excise duty relief will not benefit much to hospitality industry

The recent notification of the Central Government to reduce service tax and excise duty by two per cent is not expected to come to the rescue of the hospitality industry in the current time of despair. The Government directive will only be applicable to the hotel rooms and the banquet and convention facilities....

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Posted Under: Income Tax |

CA rules under government lens

The ministry of company affairs has begun a comprehensive review of the legal provisions and regulations governing chartered accountants following the Satyam accounting fraud that covers, among other issues, the operation of surrogate firms in India by large foreign audit firms. Sources close to the development said a notification to this...

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Posted Under: Income Tax |

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