India’s second largest private sector lender by assets, HDFC Bank Ltd, has paid Rs131.40 crore, inclusive of interest, to the service tax department after the government agency detected violations of certain provisions of service tax rules, two officials familiar with the matter said.
1. The Indian government represented by the Corporate Affairs Minister Salman Khurshid said last Friday said that the government will support Mahindra Satyam in resolving class action suits which it is facing in the US.On the other hand, not only does the Securities and Exchange Board of India (Sebi), which is probing the accounting scam […]
The Sahar police on Thursday arrested a citybased chartered accountant, Munuf Mamdani (49), and a tax consultant, for alleged human trafficking. The accused are believed to be part of a racket involved in sending people abroad by declaring them as employees of Mamdani’s bogus firm, Tisco International Leather Company, Malad. The special branch officials at the […]
An unlisted company making an IPO shall list the securities on at least one stock exchange having nationwide trading terminals. This would provide a liquid trading platform to investors in securities of the company.
BUDGET 2009 has proposed to substitute existing explanation 5A below section 271(1)(c ) with new explanation 5A with retrospective effect from 01/06/2007. This new section provides that if in the course of search an assessee is found to be the owner of any money, bullion, jewllery or other valuable articles or thing; and the assessee […]
Even as the government termed the forgery of about Rs 10,000 crore in private technology services provider Satyam Computer Services as ‘an aberration’ on Thursday, a report by the Comptroller Auditor General of India points to significant irregularities in the accounts of its own companies, including NTPC, Bharat Heavy Electricals Ltd (Bhel), Mahanagar Telephone Nigam Ltd (MTNL) and […]
The Annual Membership fee and Certificate of Practice fee for the year 2009-10 became due for payment w.e.f. 1st April, 2009. The last date for payment of fee was 30th June, 2009 which has now been extended upto 31st August, 2009. The membership and certificate of practice fee is as follows:- Annual Fee for Associate :- 1,125/- […]
In all, 37 cases were referred to the Serious Fraud Investigation Office (SFIO) during the last three years i.e. during the years 2006-07, 2007-08 and 2008-09. Out of these 37 cases, investigations in respect of 9 cases have been completed. Number of people in respect of other six companies will be known only after launching prosecutions. In respect of the […]
7.4 The reconstruction of a business or an industrial undertaking must necessarily involve the concept that the original business or undertaking is not to cease functioning, and its identity is not to be lost or abandoned. The concept essentially rests on changes but the changes must be constructive and not destructive. There must be something positive about the whole matter as opposed to negative
5.8 The question whether income from property should invariably be taxed under the head “income from house property” is to be decided after taking into consideration the cumulative effect of all factors prevailing in a given case. The Courts have formulated different tests to determine the head under which such income can be taxed. Merely because income is attached to immovable property
