"April, 2009" Archive - Page 21

ICAI Communication to members providing Articles Training to Articled Assistants

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 ...

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Posted Under: CA, CS, CMA |

After Vodafone department send notice to E*Trade Mauritius to pay capital gains tax

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 [...

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Posted Under: CA, CS, CMA |

Notification No. S.O. 903(E), dated 02/04/2009

Notification No. S.O. 903(E) (02/04/2009)

Further amendment in the notification of the Government It of India in the Ministry of Corporate Affairs, published :n the Gazette of India, Extraordinary, dated the 30th May, 2008 vide No. S.O. 1270(E), dated the 30th May, 2008...

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40A shall also be attracted where cash payments made to a single party exceeds twenty thousand rupees in a day.

13. Amendment to the provisions of sub-section (3) of section 40A of the Income-tax Act 13.1 Clause (a) of sub-section (3) of Section 40A of the Income-tax Act, 1961 provides that any expenditure incurred in respect of which payment is made in a sum exceeding Rs.20,000/- otherwise than by an account payee cheque drawn on […]...

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Posted Under: CA, CS, CMA |

Reverse mortgage created under a scheme made and notified by the Central Government shall not be regarded as a transfer U/s. 2(47)

The Finance Minister, in paragraph 89 of his speech, while presenting the Union Budget, 2007-08, had announced that the National Housing Bank (NHB) will introduce a reverse mortgage scheme for senior citizens. In pursuance of this announcement, some of the banks have already formulated scheme for reverse mortgage....

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Posted Under: CA, CS, CMA |

Commodities Transaction Tax is applicable w.e.f. 01.04.2009

45. Commodities Transaction Tax 45.1 Chapter VII of the Finance Act, 2008 has introduced a new tax called Commodities Transaction Tax (CTT) to be levied on taxable commodities transactions entered in a recognized association. 45.2 ‘Taxable commodities transaction’ has been defined to mean a transaction of purchase or sale in a recogn...

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Posted Under: CA, CS, CMA |

Even if Income is exempt Assessee need to adjust written down value of fixed Assets with depreciation as per Income tax Act, 1961

1/ 2009 (27/03/2009)

Some persons were exempt from tax and, therefore, not required to compute their income under the head “profits and gains of business or profession”. Upon withdrawal of exemption, such persons became liable to income-tax and hence were required to compute their income for income-tax purposes. In this context, dispute has arisen regardi...

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Posted Under: CA, CS, CMA |

Stock brokers cannot set off losses in the trading business against their other income : Bombay High Court

Stockbrokers who have been taking advantage of the ambiguity in the Income Tax Act rules to reduce their tax payouts could be in for a rude shock. The Bombay high court has ruled that brokers cannot set off losses in the trading business against their other income and that these losses can only be neutralised […]...

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Posted Under: CA, CS, CMA |

Excel Format of Form 16 Salary Certificate & Form 16A

We have uploaded on this page latest Form 16 Salary Certificate & Form 16A TDs certificate in Excel Format which can be used by the tax Deductor to issue the same to deductee. Forms are easy to use. ...

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66% Indian Companies do not have policy for rotation of the members of their audit committees

In the case of one third of every mid cap company in India, the roles of the chairman and managing director or CEO were played by the same person. A majority of such companies (66%) do not have a policy for rotation for the members of their audit committees....

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Posted Under: CA, CS, CMA |

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