"January, 2010" Archive - Page 10

Orissa government imposed entertainment tax on DTH operators

Direct to Home [DTH] operators will have to cough up five per cent of their gross receipt as entertainment tax to Orissa government’s coffer. This was decided in the cabinet meeting chaired by chief minister, Naveen Patnaik on Thursday. State finance minister Prafulla Chandra Ghadei said the government will amend the entertainment tax ...

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Posted Under: Finance |

Professional Opportunities- Only for the 12 Past Presidents ICAI

Airports Authority of India require panel of chartered accountants firms for verification of annual fees for Joint venture Projects. The criteria of the Firm is to have past president ICAI as active(?)partner of the Chartered Accountant firm. It clearly states that the firm shall have a Past President of ICAI for the last twelve years as ...

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Posted Under: Finance |

IT department is giving special attention to collection from TDS

The Income Tax department is giving special attention to tax deducted at source (TDS) as it aims to turn in the highest ever collection from the segment this financial year. During the last five years, the contribution from TDS had gone up from 33 per cent to 38.5 per cent of the net direct tax collection with an annual average growth of ...

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Posted Under: Finance |

Two separate sets of accounting standards u/s section 211(3C) of the Companies act agreed upon by the core group for convergence of Indian accounting standards with IFRS

The Core Group, constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) from April, 2011, that held its meeting on 11th January 2010 agreed that in view of the roadmap for achieving convergence, there will be two separate sets of Accounting Sta...

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Posted Under: Finance |

Central Board of Direct Taxes sought report on “income- tax refund scam”

The Central Board of Direct Taxes (CBDT) has sought a detailed report from the field formation in Mumbai over the reported “income- tax refund scam” in that jurisdiction. “The Government has called for a report. We are monitoring the situation,” sources in the CBDT told today....

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Posted Under: Finance |

Scheme of assistance to training institutions

The Ministry of Micro, Small & Medium Enterprises has been implementing a plan scheme of Assistance to Training Institutions , commonly known as the EDI scheme since 1993-94. Under the scheme assistance is provided to existing and new training Institutions for establishment of Entrepreneurship Development Institute (EDI) and strengthening...

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Posted Under: Finance |

Job Work and Reversal: All is Well……

The credit taken on common inputs is very small but the demand is very huge. The authors of this article have come across the situation where the credit taken on common inputs was only Rs. 30,000 but the demand raised was around Rs. 65 Lakhs. Thus, it has created havoc in the minds of industrialists. Even the defenses taken in reply of su...

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Posted Under: Finance |

Excise Duty Circular on Substantial Expansion by way of increase in installed capacity for the units availing area based exemption

Circular No. 912/02/2010-Central Excise 22/01/2010

Area based exemption is available to the units in the specified areas in the North-East region, Jammu & Kashmir, Himachal Pradesh and Uttarakhand under different notifications. The exemption is applicable to the new industrial units set up after the specified date and also to the existing units which have undertaken substantial expansion ...

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Electronic Clearing System of the Income Tax Department hacked: Hacker Diverted around Rs 15 crore; CBI asked to investigate

The Electronic Clearing System (ECS) of the Income Tax (I-T) Department has been hacked into, jeopardising the functioning of department across Mumbai. On Wednesday, three days after the incident, the I-T department handed over the investigation to the Central Bureau of Investigation (CBI)....

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Posted Under: Finance |

Disallowance of expenditure u/s 40(a) in a case where assessee follows completed contract method

Savala Associates Vs. ITO (ITAT Mumbai)

On plain reading of above section, we find that certain expenditures are not allowable if the assessee failed to deduct tax or after deduction same was not paid in time. However, such expenditures are allowable Provided that where in respect of any such sum. Tax has been deducted in any subsequent year, or has been deducted...

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