Introduction: Reaping benefits of privatisation, liberalisation and globalisation, many Indian companies, especially the IT and ITES companies, have been able to establish thumping international presence. To ensure timely delivery, installation, customisation and maintenance of products and rendering of services outside India, these companies have established branches or subsidiaries outside India or entered into various arrangements […]
S. 115JB(1) of the Income-tax Act, 1961 (Act in short) provides for payment of a minimum alternate tax in case the Income-tax computed on the total income falls short of 10% of the book profits of the company. For ensuring that companies do not adopt accounting practices to render the provision otiose, Ss.(2) requires the profit and loss account of companies to be prepared as per Parts II and III of Schedule VI to the Companies Act, 1956. Proviso to this sub-section further ensures that the accounting policies, accounting standards and the method and rates of depreciation adopted for the purposes of S. 210 of the Companies Act, are not varied while computing ‘book profit’ u/s.115JB.
Almost a year after it was rattled by the Satyam scam, auditing firm PricewaterhouseCoopers (PwC) on Monday announced a sudden change of leadership of India operations as its chairman Ramesh Rajan stepped down prematurely to make way for Gautam Banerjee, who takes over from Singapore with immediate effect.
AAYAKAR Seva Kendra (ASK) is a one stop computerized shop for the taxpayers to obtain services promised by the Department in its Citizens’ Charter in a time bound manner. In order to achieve these objectives, Sevottam provides for a front office to be backed by re-engineered processes and a new outlook of the personnel so that grievances of taxpayers are not only redressed quickly but also eventually prevented.
The ministry of corporate affairs is planning to introduce extensible business reporting language (XBRL) for its MCA 21 portal, which is the database for 9 lakh companies in India. This means that the companies will also have to file their documents in the XBRL format, which would inturn increase their compliance cost. At present, XBRL is being followed in many countries including the US, where after a period of voluntary compliance with XBRL, they are now moving towards mandatory XBRL filings for the domestic companies.
Notification No. 93/2009 – Income Tax In exercise of the powers conferred by clauses (a) and (b) of Explanation 2 to section 90A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following as specified territory and specified association respectively for the purpose of the said section, namely :-
No. 54-EL(1)/18/ 2009: In exercise of the powers vested under clause (2) of Para 6 of Schedule 6 to the Chartered Accountants (Election to the Council) Rules, 2006 read with Regulation 134 of the Chartered Accountants Regulations, 1988, the undersigned after satisfying himself, as the Returning Officer of the elections to the Twenty First Council and the Twentieth Regional Councils, that the polling held on 5th December, 2009 in polling booth No. C-097 in Aryan Public School, Sector-IV, Vaishali, Ghaziabad (UP) has been interrupted/ obstructed with sufficient cause, hereby declare that the polling held at the said polling booth on 5th December, 2009 was void and consequently order a fresh polling on 18th December, 2009.
The President of India to Give Away the ‘National Corporate Awards’ on the Concluding Day. The Indian corporate sector, which has been growing at a rapid pace in the current decade, has been making significant contribution to the economic development of the country. At the same time, India Inc. is also developing sensitivity to community and social concerns which are a part of the broader national agenda of inclusive and sustainable growth. The Ministry of Corporate Affairs has been constantly trying to reposition itself as not only the regulator but also the developer and facilitator of the Indian Corporate Sector.
A remedy by way of appeal from the orders of ITAT is provided both u/s.260A of the Income-tax Act, 1961 and u/s.15 (w.e.f. 6-1- 2006) of the N.T.T. Act, 2005. Although appeals from the orders of ITAT are supposed to be filed only in the National Tax Tribunal from 6-1-2006, yet appeals are being filed in the High Court for good reasons. Hence, wherever reference is made to N.T.T, it may be taken/understood that the date of filing the appeal would have to be on or after 6-1-2006.
Taxmen will keep a close watch on corporate advance tax payments as the income-tax department turns the heat on them to shore up direct tax collections that have grown in low single digits in the first eight months of the current financial year. The third quarter advance tax payments are crucial as they largely form the basis of all significant changes in tax laws in the Budget, presented usually on the last working day of February every year.
