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Archive: 04 April 2009

Posts in 04 April 2009

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7170 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

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

April 4, 2009 1866 Views 0 comment Print

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 benefits to its employees. Section […]

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

April 4, 2009 438 Views 0 comment Print

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 […]

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

April 4, 2009 435 Views 0 comment Print

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, […]

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

April 4, 2009 724 Views 0 comment Print

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 […]

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

April 4, 2009 21931 Views 0 comment Print

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 income tax shall include,-

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

April 4, 2009 9435 Views 0 comment Print

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.

Now You can pay your stamp duty at Post Office

April 4, 2009 715 Views 0 comment Print

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. Retrieval of information regarding […]

BJP promises Income Tax exemption up to Rs 3 lakh

April 4, 2009 324 Views 0 comment Print

BJP’s manifesto promises Income Tax exemption up to Rs 3 lakh for individuals and Armed Forces. Learn more about their plans for strengthening coastal security.

ICAI – Announcement Relating to AS-11

April 4, 2009 1186 Views 0 comment Print

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 an amendment i.e. a new Paragraph-46 to be inserted in the AS-11 earlier prescribed as aforementioned.

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

April 4, 2009 387 Views 0 comment Print

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 behalf of the […]

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