"17 January 2010" Archive

Delhi shifted to a 5% Value Added Tax (VAT) slab from 4%

Starting Thursday, Delhi shifted to a 5% Value Added Tax (VAT) slab from 4%. The shift to the 5% slab will impact the prices of medicines, surgical and medical equipment, IT and electronic products like computers and software, and industrial inputs, among other things. The five percent slab will cover 170-odd items....

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Posted Under: Finance |

RBI likely to allow money withdrawals from the point of sale terminals using prepaid cards issued by banks

The Reserve Bank of India (RBI) is likely to allow money withdrawals from the point of sale (PoS) terminals using prepaid cards issued by banks. “RBI is considering to allow open loop cards to withdraw money from a PoS terminal. RBI is working on issues, like the amount a PoS owner should charge. The decision may come soon,” said a se...

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Posted Under: Finance | ,

It department challenged deduction u/s. 80RR claimed by fashion designer Tarun Tahiliani

Is Tarun Tahiliani, one of India’s leading fashion designers, an artiste? Those who admire his creations might think so, but not the income-tax [I-T] department. It’s been almost a decade now since the I-T first objected to Tahiliani seeking tax exemption on his foreign income for being an “artiste”, and it still continues to disp...

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Posted Under: Finance |

Company Law Board – National Company Law Tribunal – An Analysis

We all know about the dispute resolution mechanism under the provisions of Companies Act, 1956. Till 2002 amendments to the Companies Act, 1956, significantly, the dispute resolution mechanism was vested with the Company Court and the Company Law Board. Company Court is nothing but High Court having jurisdiction to entertain certain compa...

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Posted Under: Finance |

Tax Gurus failed to find Potholes in Wealth Tax under DTC

The direct tax code is unique in its approach in so far it prescribes a threshold limit of Rs.50 Crore. But it is to be understood only in respect of two taxable entities namely: 1.Individuals and 2. Hindu Undivided Family. However, the third taxable entity which is private discretionary trust is not treated at par for this limit of basic...

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Posted Under: Finance |

New perquisite valuation rules to hit employees with company cars

New perk rules :- Under the new perquisite rules, a distinction is to be made between the car owned by the employer and the car owned by the employee, as the value of the tax perquisite in the two scenarios varies considerably. Even though there could be different permutation and combination, under which the car benefit could be provided ...

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Posted Under: Finance |

IT-Department wants to tax inter-corporate loans given to unrelated companies, but with common shareholders as deemed dividend

Inter-company loans, known as ‘deemed dividends’, are used by companies to route dividend in the form of loans to companies which have common shareholders — both in the company giving the loan and the one borrowing it. It is done to avoid paying dividend tax, otherwise paid by the company before it is distributed among shareholders ...

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Posted Under: Finance |

AEDS announced Scholarship Scheme for CA Students

Accounting Education and Development Society (AEDS) has promoted the accounting and financial management studies and in a step forward has announced the scholarship for the meritorious students of accounting profession. To start with the SOCIETY has launched the first scholarship scheme sponsored by a family of Chartered Accountants....

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ICAI asked government to defer the implementation of GST by one year

The Institute of Chartered Accountants of India (ICAI) has asked the government to defer the implementation of Goods and Services Tax (GST) from April 1, 2010 by an year to allow for a smoother transition to the new indirect tax framework....

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Posted Under: Finance |

ICAI announcement on Counting of Votes pertaining to 21st Council from Central India Regional Constituency

counting of votes, without giving effect to the Order dated 30th December, 2009 issued by the undersigned as Returning Officer during the counting process pertaining to the 21st Council from Central India Regional Constituency shall be held at 11.00 A.M. on 18th January, 2010 in the premises of the Institute at ICAI Bhawan, Indraprastha M...

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