"September, 2009" Archive - Page 30

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: CA, CS, CMA |

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: CA, CS, CMA |

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: CA, CS, CMA |

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: CA, CS, CMA |

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: CA, CS, CMA |

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: CA, CS, CMA |

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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