"03 September 2009" Archive

Constitution of a committee to examine suggestions on draft DTC

F.No. 402/78/2009-ITCC (28/08/2009)

F.No. 402/78/2009-ITCC Dated 28-8-2009 Issued By:- Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, CONSTITUTION OF A COMMITTEE TO EXAMINE THE SUGGESTIONS ON THE DRAFT DIRECT TAXES CODE...

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Posted Under: Income Tax |

Journey to “ICAI”

In 1918, the scheme of Government Diploma in Accountancy (GDA) was introduced by the Government of Bombay to provide the eligibility to accountants for Unrestricted Certificate to practise accountancy in India. In 1930, the Government of India decided to control and regulate the accountancy profession and provided for the grant of certifi...

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Posted Under: Income Tax |

In order to have a charity, you must have a source of income

ICAI Accounting Research Foundation Vs. DGIT (Exemption) [Delhi High Court]

ICAI won the Income Tax Exemption Case in the High Court - Scope of the term "Charitable Purpose" defined by the High Court - In order to have a charity, you must have a source of income - Section 10(23C)(iv) September 2, 2009. Director General of Income Tax (Exemption) has denied the exemption to Institute of Chartered Accountants of In...

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Provision of Electricity – Whether sale of goods or supply of service ?

Karnataka Power Transmission Corpn. Vs Ashok Iron Works Pvt. Ltd (Supreme Court of India)

As the principal arguments have been advanced in Civil Appeal No. 1879/2003, we take up the facts of that appeal which are thus, briefly put. M/s. Ashok Iron Works Private Limited (for short, 'the company') is a Private Limited Company and engaged in the activity of manufacture of iron products. The company applied for the supply of elect...

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Important Announcement Regarding Examination Form of IPCE – Nov. 2009

Candidates who have converted into IPCC/ATC from Intermediate/ PE-II/ PCC on or before 1st February, 2009 but have not completed 9 months of registration in Intermediate/ PE-II/ PCC, should fill up the form as under:...

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Posted Under: Income Tax |

Misuse of circular No.74/2002-Cus dated 8th November, 2002 – reg

Circular No. 24/2009-Custom Duty (03/09/2009)

CIRCULAR NO. 24/2009-Cus F.No.609/09/2008-DBK Government of India Ministry of Finance Department of Revenue Central Board of Excise & Custom New Delhi, the 3rd September, 2009 To All Chief Commissioners of Customs All Chief Commissioners of Customs & Central Excise All Commissioners of Customs /Customs (Preventive)/ Customs & ...

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Deduction in respect of a sum payable to an employee in lieu of leave to his credit–Section 43B(f)

As per the provisions of section 43B(f) of the Income-tax Act, 1961 (the Act), any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee shall be allowed only in the previous year or financial year in which such sum is actually paid by him. In other words, the claim for deduction in respect of the p...

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Posted Under: Income Tax |

PCE & top two rank holders for PE-II held in June-2009

The Institute of Chartered Accountants of India (ICAI) today announced the results of Professional Competence Exam (PCE) and Professional Education Examination (PE-II) held in June-2009. The results were made online in the morning for the exams conducted in 350 centres in which 1, 81,968 candidates appeared. The Curriculum of the Chartere...

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Posted Under: Income Tax |

ICAI election – 2009 – Availability of List of Voters

In pursuance of sub-rules (3) and (5) of rule 6 of the Chartered Accountants (Election to the Council) Rules, 2006 specified under the Chartered Accountants Act, 1949 read with regulation 134 of the Chartered Accountants Regulations, 1988, it is hereby notified that the list of members eligible to vote (i.e., List of Voters) from the [&he...

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Posted Under: Income Tax |

MRTP Act repealed and is replaced by the Competition Act, 2002

The Ministry of Corporate Affairs, Government of India has issued a Notification dated 28th August 2009, whereby the most controversial the Monopolies and Restrictive Trade Practices Act, 1969 (the MRTP Act) stands repealed and is replaced by the Competition Act, 2002, with effect from September 1, 2009....

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Posted Under: Income Tax |

Circular on Power to grant exemption from Service tax

Notification No. 35/2009-Service Tax (03/09/2009)

Notification No. 35/2009-Service Tax In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following amendment in the Government of India in the Ministry of Finance (Department of Revenue) Notification No.16/2009-Service Tax, dated the 7th July, ...

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Dos and Donts for printing and submitting of ITR-V (Acknowledgment) to ITD-CPC Bangalore

1. Please use Ink Jet /Laser printer to print the ITR-V Form. 2. The ITR-V Form should be printed only in black ink. 3. Do not use any other ink option to print ITR V. 4. Use of Dot Matrix printer should be avoided....

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Posted Under: Income Tax |

Penalty paid in the normal course of business is allowed in calculation of tax liabilities

The Income-Tax Appellate Tribunal (ITAT) has held that any expenditure, which is viewed as an offence or is prohibited by law, but is of a commercial nature incurred in the normal course of business, can be treated as an outgo at the time of calculating tax liabilities....

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Posted Under: Income Tax |

CBDT introduced software to provide automatic alerts for scrutiny assessment

The Central Board of Direct Taxes (CBDT) has introduced a new software programme, called ‘360 degree profiling’, which would provide automatic alerts for scrutiny assessment of an individual or a company to the income tax department, based on its investments and expenditure....

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Posted Under: Income Tax |

RBI circular on extension of last date under Agricultural Debt Waiver and Debt Relief Scheme, 2008

RBI/2009-10/145 UBD.BPD.PCB.Cir.No 8 /13.05.006/2009-10 (03/09/2009)

Please refer to our Master Circular RBI/2009-10/56 IDMD.PDRS. 01/03.64.00/2009-10 dated July 1, 2009 on Operational Guidelines to Primary Dealers, in terms of which, Primary Dealers (PDs) are allowed to borrow from call/notice money market, on an average in a reporting fortnight, up to 200 percent of their Net Owned Funds (NOF) as at the ...

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DEPB and Duty Drawback are not eligible for deduction u/s 80-IB

M/s Liberty India Vs Commissioner of Income Tax (Supreme Court of India)

(1) The Act broadly provides for two types of tax incentives, namely, investment linked incentives and profit linked incentives. Ch VI-A essentially belongs to the category of “profit linked incentives” (2) When ss. 80-IA/80-IB refer to profits derived from eligible business, it is not the ownership of that business which attracts the...

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ICAI presidents message to CA community on the XBRL, IFRS, Direct Tax Code, Satyam, Companies Bill, 2009 etc

Dear CA Pariwar, The enthusiasm of our members and students throughout the country in celebrating our Diamond Jubilee Year has indeed been overwhelming and I would also like to take this opportunity to extend my heartfelt gratitude to all our members, students, my colleagues in the Council, Regional Councils and Branch Managing Committee ...

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Posted Under: Income Tax |

Amendments to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999

Circular No. SEBI/CFD/DIL/ ESOP/5/2009/03/09 (03/09/2009)

The Securities and Exchange Board of India (Sebi) has allowed pricing of employee stock options (ESOPs) on the Black-Scholes model or a Binomial model. This model uses an option-racing model that takes into account, as of the grant date, the exercise price and expected life of the option....

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Liability of interest where CENVAT credit was wrongly taken but reversed by assessee before utilization

Circular No. 897/17/2009-Central Excise (03/09/2009)

Companies will have to bear interest on any cenvat credit wrongly taken even if it is not utilised, according to the Central Board of Excise and Customs, the apex indirect tax body. Cenvat credit is the set-off for levies paid on inputs. In other words, for every rupee of service tax or manufacturing tax (excise duty) paid by the company...

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