"04 April 2009" Archive

Major amendment in Fringe Benefit Tax applicable from A.Y. 2009-2010

Rationalisation of the provision of the Fringe Benefit Tax Sub-section (2) of section 115WB of the Income tax Act provides that where an employer incurs any expenditure, inter alia, for the purposes of entertainment, hospitality, conference, and sales promotion (including publicity), such employer shall be deemed to have provided fringe b...

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Posted Under: Income Tax |

Granting of power to the assessing officer to extend the time for completion of special audit under sub-section (2A) of section 142

Sub-sections (2A) to (2D) of section 142 deal with power of Assessing Officer to order a special audit. Such power is required to be exercised by the Assessing Officer having regard to the nature and complexity of the accounts of the Assessee and the interest of the revenue. Sub-section (2C) of the said section specifies […]...

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Posted Under: Income Tax |

Deemed payment of tax by the employee where FBT on securities (ESOPs) allotted to him is recovered by the employer

The Central Board of Direct Taxes (CBDT) had issued circular number 9, dated 20th December, 2007, clarifying therein certain issues relating to levy of FBT on ESOPs. One of the clarifications was that if FBT on account of share allotted or transferred under ESOPs has been paid by the employer, but recovered from an employee, […]...

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Posted Under: Income Tax |

Explanation on Relief in respect of tax on distributed profits of domestic companies

23. Relief in respect of tax on distributed profits of domestic companies 23.1 Provisions of sub-section (1) of section 115-O provide for levy of tax on distributed profits of a domestic company at the rate of fifteen per cent in addition to the income tax payable on its taxable profits. Where a parent company receives […]...

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Posted Under: Income Tax |

For Calculation of Book Profit u/s. 115JB profit need to be increased by deferred tax and the provision thereof, if debited to profit and loss account

1/ 2009 (27/03/2009)

With a view to clarifying the intention, a new clause has been inserted after clause (g) of the Explanation 1, as so numbered, so as to provide that the book profit shall be increased by the amount of deferred tax and the provision thereof, if debited to profit and loss account. 22.3 Further, it has also been clarified that the amount of...

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Posted Under: Income Tax |

Partnership firms & Other Non Corporate Bodies have to abide by AS 11: ICAI

Corporates are now breathing easy with the government deferring compliance with provisioning in their balance sheets of forex losses and gains on mark-to-market basis till 2011, but partnership firms are not as fortunate as they have to abide by this norm....

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Posted Under: Income Tax |

Now You can pay your stamp duty at Post Office

India Post has announced that it will start collecting government stamp duty through 21 post offices in the Mumbai circle. The technology for evidencing stamp duty payment is provided by Pitney Bowes, a mail stream and document management company. The tamper-proof Pitney Bowes solution will help in secured evidencing of payments. Retrieva...

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Posted Under: Income Tax |

BJP promises Income Tax exemption up to Rs 3 lakh

The Bharatiya Janata Party (BJP) will exempt all armed forces and paramilitary personnel from Income Tax if voted to power, the party said while releasing its manifesto on Friday for the Lok Sabha elections. In another populist promise, it said it would exempt individuals with an Income of up to Rs 3 lakh per year […]...

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Posted Under: Income Tax |

ICAI – Announcement Relating to AS-11

Standard-11 relating to The Effects of Changes in Foreign Exchange Rates earlier prescribed under the Companies (Accounting Standards) Rules 2006 has been now amended by the Central Government, in terms of the powers conferred on them under the Companies Act, 1956, vide Notification dated 31st March, 2009. The said Notification contains a...

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Posted Under: Income Tax |

KPMG faces $1-bn law-suit in America for negligence in Audit

Accounting major KPMG is being sued for $1 billion (690 million pounds) in damages from a trustee of collapsed American lender New Century Financial Corporation and has been accused of conducting “reckless and grossly negligent audits”, a media report says. Law firm Thomas, Alexander & Forrester LLP has filed two suits on ...

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Posted Under: Income Tax |

Changes in TDS Payment Challan & TDS return Applicable from 01.04.2009

Following are the major changes pursuant made by Income Tax Department Pursuant to NOTIFICATION NO 31/2009, Dated: March 25, 2009 applicable with effect from FY 2009-2010. New Amended Formats are available at following Links in Excel and PDF format. Excel Format of New Form No. 16 (Salary Certificate), Form No. 16A (TDS Certificate), TCS ...

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Posted Under: Income Tax |

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