CIRCULAR NO. 5/2009 In supersession to all circulars and instructions of the Central Board of Direct Taxes (CBDT) issued on the above subject, the CBDT prescribes the following procedure to be followed before the Board for Industrial and Financial reconstruction (BIFR) and the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) in respect of granting Income tax reliefs/concessions to be given to sick companies for its rehabilitation under the Sick Industrial Companies (SICA) Act, 1985.
As many of you aware that the RBI will be issuing Master Circular in the subject matter on every year in the month of July. It is consolidated the instructions/ guidelines/ circulars issued from July 01 to June 30 (12 months period) in every year. Accordingly, the RBI has issued Master Circular on the following matters pertaining to FEMA by today i.e July 01, 2009.
The Madras High Court has ruled that tax planning as opposed to tax evasion has legal sanction, and if a dealer plans his transactions in such a manner that he pays less tax, it is not open to the revenue to subject him to a conscience audit or moral assessment. The power to lift the veil has to be exercised with great care and caution. Justice V Ramasubramanian on Friday allowing petitions by a registered dealer
DTC/2009-10/ Rep-3 Dated: 27th June, 2009Shri. S.S.N.Moorthy, Chairman, Central Board of Direct Taxes , Ministry of Finance, Government of India, North Block, Delhi-110 001Respected Sir,Re: Request to consider genuine hardships and practical difficulties faced in getting a Certificate for lower deduction or non-deduction of tax at source.This has reference to section 197 which authorizes the Assessing Officer to grant certificate of lower […]
The logo of an organization packs in both heritage and brand DNA. Not to mention trivia gems. Think the swoosh and you’ll think Nike. The genial, bearded and bow-tied Colonel Sanders is the KFC mainman. MontBlanc’s snow-tipped mountain-top and McDonald’s golden arches are as well-known as the brands themselves. Nestle’s ‘small nest’ bird family has stood for baby food, milk and […]
The government is considering to re-introduce one-pager ‘Saral form for filing income tax return. The form was discontinued in 2007-08 and instead of that ITR-1, ITR-2, ITR-3 and ITR-4 were introduced for individual taxpayers.
The government is likely to extend the tax benefits on exports earnings of the information technology (IT) units, operating from the Software Technology Parks of India (STPI), to March 31, 2010 in Budget. The scheme was expired in March 2009. Under the STPI scheme, export incomes are exempted from tax under Section 10(A) for the […]
Form 15CA should be used for furnishing information of remittances in e-mode in accordance with the provisions of section 195 (6) of the Income-tax Act, 1961. The information should be furnished after obtaining a certificate in Form 15CB from an accountant as defined in the Explanation to section 288 of the Income-tax Act, 1961.
MUMBAI: In a big setback to auditing firm Price Waterhouse (PW), accounting regulator Institute of Chartered Accountants of India (ICAI) has submitted a report that seems to suggest glaring lapses on the part of PW while auditing Satyam. According to highly placed sources at ICAI, the report was handed over to CBI a couple of […]
Transfer/Termination of Articleship – (01-07-2009) [Regulation 56(1)] In accordance with the decision of the Council, the transfer/termination of articleship in terms of Regulation 56(1) of the Chartered Accountants Regulations, 1988 shall be permissible to an articled assistant on satisfying any one or more of the conditions as stated below: – Medical grounds requiring discontinuance of […]
