"02 July 2009" Archive

Procedure for representation before BIFR and AAIFR

Circular No. 5/2009-Income Tax 02/07/2009

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 Reconstructi...

Fema-Master Circular released containing consolidated instructions/ guidelines/ circulars issued from July 01, 2008 to June 30 2009

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 ...

Posted Under: Income Tax |

Tax planning as opposed to tax evasion has legal sanction

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. J...

Posted Under: Income Tax |

ICAI president letter to CBDT mentioning the difficulties in getting a Certificate for lower deduction or non-deduction of tax at source

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 ...

Posted Under: Income Tax |

The ICAI Logo – A little known Story

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. Nest...

Posted Under: Income Tax |

Government consides one-page Saral form for income tax return

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. ...

Posted Under: Income Tax |

Government likely to extend the tax benefits from the Software Technology Parks of India (STPI), to March 31, 2010

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 […...

Posted Under: Income Tax |

How to fill form 15CA for effecting remittances to Non Residents

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. ...

Posted Under: Income Tax |

ICAI submitted report suggesting lapses on the part of PWC while auditing Satyam

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 […]...

Posted Under: Income Tax |

ICAI specified some more conditions for Transfer/Termination of Articleship

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 sta...

Posted Under: Income Tax |

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