In the Payment of Gratuity Act, 1972 (39 of 1972) (hereinafter referred to as ‘the principal Act’), in section 2, for clause (e), the following clause shall be substituted, namely:—‘(e) “employee” means any person (other than an apprentice) who is employed for wages, whether the terms of such employment are express or implied, in any kind of work, manual or otherwise, in or in connection with the work of a factory, mine, oilfield, plantation, port, railway company, shop or other establishment to which this Act applies, but does not include any such person who holds a post under the Central Government or a State Government and is governed by any other Act or by any rules providing for payment of gratuity;’.
The government will allow companies to adjust the fringe benefit tax (FBT) paid by them against the advance tax due in the March quarter, reducing the hazard of claiming a refund and slightly improving profits at a time of rising costs, said an income-tax department official. “The Central Board of Direct Taxes has taken an in-principle decision to allow corporates to adjust FBT paid in the first quarter against their advance tax,” he said.
After politicians and judges of the Supreme Court, now the assets of babus have also been prised open to public scrutiny by RTI. In a landmark order, the Central Information Commission (CIC) has said that disclosure of information such as assets of a public servant, routinely collected by the public authority,
In every company sales mangers are required to appoint insurance advisors. What are these advisors are? In general the advisors are the ones who will sell the insurance products to the clients. That means they are one type of representatives of the company. But is this the end of the story of their identity. Nope they are much beyond than the ordinary word of Advisors.
ULIP’s are basically long term investment. But despite being Long Term in nature they are Return Maximizing tool. The return is maximized through the well known option provided itself in the ULIP product SWITCHES. Each Ulip comes with a Switch Option giving opportunity to the policy holder to manage his funds and maximize the Returns over the Long term.
Recently ITAT Mumbai in the case of Mrs. Hami Aspi Balsara (Taxpayer) v ACIT. [2009-TIOL-789-ITAT-MUM] held that where a transfer of shares is made conditional upon fulfillment of certain covenants by the parties, the transfer can be regarded as complete only upon the fulfillment of such covenants.
The internal audit to be conducted on a half-yearly basis by chartered accountants, company secretaries or cost accountants, and will cover all aspects of CRA operations and procedures, including investor grievance redressal mechanism, the regulator said in its circular. The report will have to state the methodology adopted, deficiencies observed and consideration of response of the management on the deficiencies. Besides a summary of operations and of the audit, covering the size of operations, number of transactions audited and the number of instances where violations were observed will also have to be stated.
In partial modification of the guidelines as contained in the Announcement dated 14th September 2009, it is hereby notified for the information of all concerned that the Council, in its 291st meeting held on 16th and 17th December 2009, has decided that delay in submission of Form 112 for having done additional / other course alongwith articleship through correspondence mode of study/private student (where there was no requirement of attending any classes at all)/early morning classes/evening classes (with no clash/overlapping between office and teaching hours) be condoned by taking a liberal view of the lapse on the part of the students concerned and membership be granted, as an amnesty measure for all such requests already received or to be received upto 31st March 2010.
The Central Board of Direct taxes and the Institute of Chartered Accountants of India have jointly constituted a study group to identify direct tax issues arising from convergence of Indian Accounting Standards [IAS] with the International Financial Reporting Standards [IFRS].The 1st meeting of the aforesaid Study Group was held on 6th January, 2010 in the head office of the Institute at New Delhi. The meeting was chaired by the President, ICAI.
The results of the Chartered Accountants Final and Final (New Course) Examinations held in November, 2009 and Common Proficiency Test (CPT) held in December, 2009 are likely to be declared on Sunday, the 17th January, 2010 around 2:00 PM and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination and candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common Proficiency Test) on all India basis will be available on the following website:
