From the above provision, it is clear that the authorities mentioned in the definition of AO in section 2(7A) of the Income-tax Act, 1961, must be assigned the jurisdiction to any authorities mentioned in the definition by the CBDT under the provisions of section 120 of the Income-tax Act, 1961, to act as an Assessing Officer. Only in that circumstances that Assistant Commissioner or Dy. Director of Income-tax, other authorities mentioned in the definition u/s 2(7A) of the Income-tax Act, 1961, can act as fee Assessing Officer) In this case, the Dy. Director of Income-tax (Investigation II
Circular No. 1/2009 – Income Tax 10.1 In order to encourage the outsourcing of scientific research, a new clause (iia) in sub-section (1) of section 35 of the Income-tax Act has been inserted to allow a weighted deduction of 125 per cent of the amount paid by a person to an approved company to be used for scientific research subject to prescribed conditions. To avoid multiple claims of deduction by a company approved to receive such
The Institute of Chartered Accountants of India (ICAI) has approached the ministry of corporate affairs (MCA) to discuss the functioning of all those foreign firms who are offering auditing services in India through their tie ups with the local firms. According to ICAI, the manner in which the foreign firms handle their auditing services in […]
The Institute of Company Secretaries of India (ICSI) has given a clean chit to the the company secretaries, G Jayaraman, global head of corporate governance and Savita Jyoti, practicing company secretary of Satyam Computers on their role in the accounting fraud. NK Jain, secretary, ICSI told FE, “On the basis of the investigation done by […]
Circular No.1/2009 – Income Tax 12.1 As per the provisions of sub-clause (ia) of clause (a) of section 40, any interest, commission, brokerage, fees for professional services, fees for technical service payable to a resident, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work, rent and royalty on which tax is deductible at source and such tax has not been deducted or, after deduction
Circular No. 1/2009 – Income Tax 11.1 Section 35D provides for deduction of certain specified preliminary expenses. After the commencement of business, the deduction was being allowed to only an industrial undertaking or unit. In order to provide a level playing field to the services sector, the section has been amended to provide the benefit of amortization to all assessees after commencement of his business, in connection with the
The government is considering a proposal to do away with the current system of calculating a product’s cost through a fixed format, a move that will bring in flexibility and reduce compliance costs for companies. In turn, the Institute of Cost and Works Accountants of India (ICWAI), the apex body regulating the cost accounting profession […]
Institute released two CDs on ‘Bank Branch Audit – An Overview’ recently and made content of these CDs available free of cost to the members associated with Bank Branch Audit. Accordingly they created http links for the said content. Please download the content from the following links: http://www.meficai.org/BankAudit/CD1.zip http://www.meficai.org/BankAudit/CD2.zip After download, you will require WINRAR […]
Institute of Chartered Accountants of India (ICAI) doesn’t seem to have taken the growing doubts over the credibility of chartered accountants (CAs) post-Satyam scam very kindly. President of ICAI Uttam Prakash Agrawal said here on Wednesday that CAs are being targeted unnecessarily in the Rs 7,000-crore scam that jolted the entire nation a few months […]
In what may strain the already troubled relations between the Samajwadi Party and the Congress, the Income Tax (I-T) department on Wednesday moved the Supreme Court challenging a seven-month-old order of the Bombay high court, which gave relief to superstar Amitabh Bachchan in a case related to Kaun Banega Crorepati. The move to appeal against […]
