Join our free webinar on July 4th at 4:00 PM to gain insights into the dematerialization of securities and recent amendments. Register now for key updates.
Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
Further to the First Discussion Paper released by the Empowered Committee of State Finance Ministers on 10 November 2009, the Finance Commission has released its report giving its recommendations on GST design implementation.
Accounting regulator Institute of Chartered Accountants of India (ICAI) has allowed Indian students of chartered accountancy to undergo their mandatory three-year training programme outside India. This means that even ICAI members working with a local firm outside India would be entitled to train chartered accountancy students. Earlier, CA students had to undertake the training programme within India. This also posed a problem for students settled abroad.
Accounting regulator ICAI said on Wednesday it would give auditors of Price Waterhouse in the Satyam scam a chance to present their side before passing any order against them. “I told my office to take permission of the court because I want Director, Discipline, to begin proceedings against them (S Gopalakrishnan and Srinivas Talluri). Unless I listen to them, I cannot pass the order against them… either send them to us or a llow us to hear them while in custody,” ICAI President Mr Uttam Prakash Agarwal said.
In the event of a reasonable doubt about the applicability of Chapter XVII-B, Section 40(a)(ia) cannot be invoked, would be stretching our jurisdiction beyond the permissible limit which cannot be done. In as much as we have reached a conclusion that the object sought to be achieved while enacting Section 40(a)(ia) was for augmenting the provision of TDS, with which object we do not find any impermissibility or lack of constitutionality and hence there is no scope for applying the doctrine of Reading Down to the said provision.
For the purpose of Expenditure Tax Act, 1987 the convention center managed by a hotel is an extension of the hotel itself and therefore, rent collection from the convention center shall be eligible for the levy of expenditure tax.
Tribunal has got the power of rectifying a mistake which is apparent from the record itself and even an error of judgment is outside the ambit of section 254(2) of the Act. The oft-quoted judgment of the Hon’ble Rajasthan High court in CIT v. Ramesh Chand Modi [2001] 249 ITR 323[2] distinguishing the judgment of the Hon’ble jurisdictional High Court in the case of Ramesh Electric & Traaing Co. (supra) needs to be examined.
We have considered the rival submissions and also perused the relevant material on record. It is observed that the amount of liability in question in respect of TISCO written back by the assessee company in its accounts was treated by the authorities below as its income by applying the provisions of section 41(1). There is no dispute that the such liability represented the trading liability of the assessee and as declared by the assessee itself in the return of income, there was remission or recession of the said liability during the year under consideration. The said liability accordingly was writ
Valuation of Perquisites under Rule 3 of Income Tax Rule 1962 read with sub section 2 of section 17 of Income Tax Act, 1961 (As Revised wide Income Tax (Thirteenth Amendment) Rules. 2009). The Finance (No. 2) Act, 2009, has withdrawn the levy of Fringe Benefit Tax (“FBT”) on expenditure incurred by an employer on or after 1 April 2009. Consequently, by an employee benefits which were subject to FBT have been brought back within the ambit of perquisites and taxable in the hands of employees from the financial year (“F.Y.”) 2009-10 onwards.
1. Verlekar Gautam Eliminated.2. Paliwal Dayaram eliminated 3. Agarwal Subhash Hariprasad Eliminated 4. Kailash Mantry Eliminated. THE CANDIDATE WISE POSITION AT ELIMINATION NO: 6, WAS AS FOLLOWS:
Kind attention of the members pursuing Post Qualification Course on Diploma in Insurance and Risk Management (DIRM) who have yet to pass Eligibility Test (ET) Papers is invited towards the last date for submission of ET Papers in order to become eligible to appear in the DIRM Technical Examination to be held in May 2010 (subject to fulfillment of other conditions in this regard) is 31st December, 2009. The soft copy of the ET Question Papers are hosted at our website at the hyperlink http://www.icai.org/post.html?post_id=3650 The ET papers should be posted in a manner so as to reach the following address on or before 31st December, 2009.
