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Archive: 28 March 2009

Posts in 28 March 2009

Tax losses need to be carefully evaluated during acquisition

March 28, 2009 1281 Views 0 comment Print

In commercial sense, even tax losses are valued assets and hence need to be carefully evaluated at the time of acquisition. Recently, the Pune Tribunal in case of DaimlerChrysler India (DIPL) examined the provision relating to carry forward and set-off of losses under Section 79 of the Income Tax Act, 1961 in the backdrop of […]

coaching classes for C.A. student shall not continue after 9.30 a. m. or start before 5.30 p.m.

March 28, 2009 360 Views 0 comment Print

IMPORTANT ANNOUNCEMENT The following decisions taken by the Council of the Institute are brought into force immediately for compliance by the Students / Members concerned. It is advised that required compliance be made by the concerned students / members. It may please be noted that non-compliance will be viewed seriously and proceeded against accordingly. a) […]

Sony India Pvt. Ltd. Versus Commercial Tax Officer & Anr (Supreme Court)

March 28, 2009 799 Views 0 comment Print

Similar goods manufactured in India and sold by other dealer like Samsung, LG etc. in Tamil Nadu are being taxed at 12% after 27.03.2002. However, the petitioners (assessee) herein alone are now required to pay tax at 20%. Presently, the Act imposes a higher rate of 20% on sales tax whereas other similar goods suffer sales tax at 12% -Liability of sales tax on imported goods transferred to warehouses.

Auditor’s Responsibilities Relating to Restructuring of Advances

March 28, 2009 396 Views 0 comment Print

Members may note that mere receipt of an application for restructuring does not by itself makes the advance(s) referred to above qualified to retain its classification as Standard Asset(s).

ICAI is mulling changes in the chartered accountancy course

March 28, 2009 420 Views 0 comment Print

Institute of Chartered Accountants of India (ICAI) is mulling bringing about some changes in the chartered accountancy course syllabus, ICAI president Uttamprakash Agrawal said recently. “Indian chartered accountants are capable enough not just to fight the economic downturn, but also guide the world on how to come out of it,” he said. Nearly 4.50 lakh […]

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