"May, 2009" Archive - Page 5

ICAI president advocates more power for chartered accountants

Uttam Prakash Agarwal, president of Institute of Chartered Accountants of India (ICAI), has been in focus lately, handling queries on the role of auditors in the Satyam Computer fiasco. Agarwal, who is also chairing the six-member high-level committee set up by ICAI to look into the Satyam scandal, talked to Vivek Seal of DNA on […...

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Posted Under: CA, CS, CMA |

ICAI will update accounting norms for oil and gas industry

The Institute of Chartered Accountants of India (ICAI) will soon update the accounting norms for oil and gas industry to keep pace with the technological developments in the sector. “We issued guidelines for oil and gas industry in 2003. But since then a lot of technological improvement has taken place. Therefore, we are revising ...

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Posted Under: CA, CS, CMA |

Government Notified provisions of competition act, 2002

The Central Government has notified from on 20th May, 2009, the provisions of the Competition Act, 2002 relating to anti-competitive agreements (section 3) and abuse of dominant position (section 4) alongwith other related and miscellaneous provisions. This will enable the Competition Commission of India to enforce these provisions o...

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Posted Under: CA, CS, CMA |

Norms for execution of Bank Guarantee under specified export promotion schemes- Modifications in Circular No.58/04-Cus dt.21.10.04-reg

Circular No. 17/2009-Custom Duty 25/05/2009

As regards considering the combined export performance / duty payment of all the units of a manufacturer operating under single Importer exporter code (IE code) for the purposes of deciding the eligibility of the said importer for benefits under the said circular, it has been felt that the exporter operating under one IE code and having d...

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Grant of All Industry rate of duty drawback to merchant exporters- reg

Circular No. 16/2009-Custom Duty 25/05/2009

I am directed to refer to Para (vi) of Ministry's Circular No. 64/98-Cus dated 01.09.1998, where it was clarified that in the case of merchant exporter who procures the export goods from the open market, the benefit of All Industry Rates of Duty Drawback shall be restricted to the Customs allocation only, if any. Export goods purchased f...

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IT dept. imposed penalty on DLF for understatement of income, auditors role in question

NEW DELHI: The I-T authorities have slapped a tax liability of Rs 300-400 crore on realty leader DLF over what they called understatement of income and fund diversion by the company. The liability was raised after a special audit by the Income Tax department in the accounts of DLF for the year 2005-06. With the kind of […]...

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Posted Under: CA, CS, CMA |

Advance Ruling on nature of receipts derived by an Australian company from ONGC

In re Worley Parsons Services Pty. Ltd., (Authority for Advance Rulings- Income Tax)

3. The applicant contends that the services under various contracts except contract no. 5 cannot be brought within the sweep of `royalties' as defined in Art. XII.3 of the Double Taxation Avoidance Agreement (hereinafter referred to as `DTAA' or `Treaty'), that there was no permanent establishment in India except in relation to Contract n...

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AAR on tax liability of a partnership firm to be formed in Canada by a Canadian company for executing its PSCs in India

In re Canoro Resources Limited (Authority for Advance Rulings-Income Tax)

10.1 It is the common stand of both - the applicant and the Revenue, that the nature of income arising from the transfer of the applicant's participating interest in Amguri block to the proposed partnership firm, shall be capital gains. Where they differ is regarding the mode of computation of that income. Whereas the applicant submits th...

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To claim deduction under section 80P the status of the co-operative society shall be a primary society

ACIT Vs The Salem District Co-op. Milk Producers Union Ltd. (ITAT Chennai)

8. As seen in section 80P(2)(b), the deduction in respect of income of co-operative societies has been dealt in under different parts. In respect of the sums referred in clause (a) of sub-section (2), the assessee needs to be a co-operative society engaged in various activities specified therein. In the case of sums referred to in clauses...

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Determination of residential status of Assessee not resident in India in 9 out of 10 previous years

Satish Dattatray Dhawade Vs ITO (ITAT Mumbai)

15.2 On a careful reading of section 6(1) alongwith the circular cited above we are of the considered opinion that where the individual is resident in the previous year, but was not a resident in India in 9 out of 10 previous years preceding the year or was in India for a total period of 730 days or more in seven previous years then his r...

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