The above ban, however, shall not be applicable to relaxations / exemptions granted vide Notification No.33 (RE-2008)/2004-09 dated 19th August, 2008, and Notification No.60 (RE-2008)/2004-09 dated 20.11.2008, respectively.
The Exposure Draft (ED) of revised AS 16 Borrowing Costs, issued by the ICAI, retains the core principle that al borrowing costs incurred on borrowings undertaken to construct a ”qualifying asset” should be capitalized as part of the cost of constructing the asset. However, the ED proposes certain other changes vis-à-vis the existing AS 16. […]
The Income-tax Appellate Tribunal (“the Tribunal”) , in the case of First State Investments (Hongkong) Ltd. A/c First State Asia Innovation and Technology Fund1 (“the assessee”), examined the manner of set-off of short- term capital loss suffered from sale transactions subject to Securities Transaction Tax (”STT”) against short- term capital gains arising prior to introduction of STT, during the financial year.
The Securities and Exchange Board of India is turning a stricter eye on company promoters who have been issued preferential warrants, saying that they will have to forfeit the upfront payment made on unexercised warrants.This is contained in its recently notified Issue of Capital and Disclosure Requirements (ICDR) Regulations 2009 , which SEBI made public […]
The remaining limit for investment in Government debt shall be allocated among the FIIs/sub-accounts on a first come first served basis in terms of SEBI circular dated January 31, 2008, subject to a ceiling of Rs. 249 Cr. per registered entity.
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
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 certificates to auditors through […]
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 India (ICAI)
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 electrical energy (2500 KVA)
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:
