It may now become compulsory for all big and medium manufacturing companies to get their cost accounts audited, if an expert group’s recommendation on the same is accepted by the government.
1. Key Managerial Personnel (Clause 178) (a) Definition As per clause 178, every company belonging to such class or description of companies as may be prescribed shall have Whole-Time Key Managerial Personnel (KMP).
Having an effective management in India is not a sufficient ground to deny exemption from capital gains tax to a company that is based in Mauritius, ruled a Delhi bench of the Income-Tax Appellate Tribunal (ITAT). The ITAT held that under the India-Mauritius double taxation avoidance agreement
The government will arm income-tax officials with details about assets of individuals whose tax payments are pending, a move aimed at meeting the Rs 13,153-crore target for arrears collection this fiscal.
September, 07th 2009 , The President of the Institute has constituted a Committee on Electoral Reforms, comprising of the following members, to suggest electoral reforms, based on the experience gained in the elections held under the Chartered Accountants Regulations initially and the Chartered Accountants (Election to the Council) Rules, 2006 subsequently, suggestions made but could not […]
The interest paid on delayed compensation to land owners by companies or entities engaged in the creation of Special Economic Zones, industrial parks and infrastructure developments,and payments by electricity distribution companies to transmission line owners,will now attract tax . The Central Board of Direct Taxes has also issued instructions to take all returns filed by […]
A company incorporated outside India is entitled to become partner in LLP. The LLP Act also provides that a Foreign Limited Liability Partnership can also establish a place of business in India.A careful study of the LLP Act will reveal that an LLP enjoys the beneficial features of incorporated bodies without having the disadvantages of normal partnerships. It is easy and inexpensive to incorporate.
The Income Tax gazetted officers and employees under the umbrella of Joint Council of Action have threatened to strike work on September 9, to protest delay in implementation of a 11-point charter of demands, pending with the Central Board of Direct Taxes. The demands include a share of the Rs 196 crore (Rs 1.96 billion) incentive […]
Corporate Affairs Minister Salman Khurshid has said he would exert pressure on the Institute of Chartered Accountants of India for a final report on the multi-crore Satyam fraud, although the accounting regulator said it has submitted one in July. “I don’t know why it (ICAI report) is not coming. I am not able to understand […]
S. 47 (v) provides that a transfer of a capital asset by a subsidiary company to its holding company shall not be regarded as a “transfer” if the whole of the share capital of the subsidiary company is held by the holding company. The assessee transferred shares to its subsidiary and claimed exemption from capital gains u/s 47 (v). The AO denied exemption on the ground that as two shares of the said subsidiary
