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.
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 […]
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 Challan […]
21. Five year tax holiday for hotels located in specified districts having a world Heritage Site 21.1 Section 80-ID of the Income-tax Act provides for a five year tax holiday to new hotels of two, three and four star categories and convention centres. It is a requirement that such hotel must be constructed and has […]
20. Five year tax holiday to hospitals located in certain areas 20.1 Sub-section (11B) of section 80-IB provides for a tax holiday for five consecutive assessment years, beginning from the initial assessment year, to an undertaking deriving profits from the business of operating and maintaining a hospital in a rural area. The undertaking is required […]
19.1 Sub-section (9) of section 80-IB provides for a hundred percent deduction of profits and gains derived from commercial production or refining of mineral oil. For the purpose of this section, the term ‘mineral oil’ does not include petroleum and natural gas, unlike in other sections of the Income-tax Act. The deduction under this 21 […]
18 Additional deduction for health insurance premium paid for parents 18.1 Pre-amended section 80D of the Income-tax Act provides for a deduction of up to fifteen thousand rupees to an assessee, being an individual or a Hindu undivided family. The deduction is allowed for making a payment to effect or keep in force an insurance […]
The government is likely to exempt the services provided inside the Special Economic Zones from service tax, a move for which it is expected to seek approval from the Election Commission. Hitherto, service providers were paying taxes first and than claiming refunds, an issue on which the Commerce Ministry has written to the Ministry of Finance suggesting exemption from taxes.
Dear Sir(s)/Madam, The Council of the Institute appointed a Working Group to study various students related issues sometime back. The recommendations of the Group were then considered by the Council and certain decisions have been taken in this regard. Some such decisions, among others, relate to the minimum and maximum working hours for the articled […]
Buoyed by a favourable Supreme Court order in the Vodafone tax case, the income-tax department has asked E*Trade Mauritius to pay capital gains tax on the sale of its shares held in Indian company IL&FS Investsmart to HSBC in September 2008. E*Trade Mauritius is indirectly held by E*Trade Financial Corporation and is in the business […]
