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Archive: 18 February 2010

Posts in 18 February 2010

Form 16, 16A, 16AA, 27D for FY 2009-10 / A.Y. 2010-11

February 18, 2010 126462 Views 35 comments Print

Notification No. 9/2010-Income Tax All sums deducted in accordance with the provisions of sections 192 to 194, section 194A, section 194B, section 194BB, section 194C, section 194D, section 194E, section 194EE, section 194F, section 194G, section 194H, section 194-I, section 194J, section 194K, section 194LA, section 195, section 196A, section 196B, section 196C and section 196D shall be paid to the credit of the Central Government—

If Nature of account is complex, Special Audit u/s 142(2A) may be ordered in the Interest of revenue

February 18, 2010 1967 Views 0 comment Print

Having heard learned counsel for the parties, we have perused the impugned order and the material available on record. The apex Court, in the case of Rajesh Kumar v .Dy. Commissioner of Income Tax reported in (2006)287 ITR 91 while considering the scope of Section 142(2A)of the Act

Issues and Procedures for Assessment of Search Cases

February 18, 2010 8763 Views 0 comment Print

Section 153C provides that where an Assessing Officer is satisfied that any money, bullion, jewellery or other valuable article or thing or books of account or documents seized or requisitioned belongs to a person other than the person referred to in section 153A, then the books of account, or documents or assets seized or requisitioned shall be handed over to the Assessing Office having jurisdiction over such other person and that Assessing Office shall proceed against such other person and issue such other person notice and assess or reassess income of such other person in accordance with the provisions of section 153A.

Fewer students are passing the CA final exams, why?

February 18, 2010 1736 Views 0 comment Print

The low pass percentage in the latest CA final exams is causing the supply of good chartered accountants to stay low. Call it a result of the economic downturn, the Satyam effect or simply turning off the tap by the Institute of Chartered Accountants of India (ICAI). The Chartered Accountancy final examination results touched a record low in the November 2009 attempt.

Wipro staff commits $4 Million fraud

February 18, 2010 726 Views 0 comment Print

Bangalore: IT major Wipro has tightened internal control in the finance division after it was noticed that one of its employees embezzled crores of rupees in the last three years. The employee, who was working in the ‘controllership’ division within the finance department in the last three years, stole a password and transferred funds from Wipro’s account at a bank.

Three deputy sales tax commissioners suspended for involvement in sales Tax refund fraud

February 18, 2010 837 Views 0 comment Print

Mumbai:-Three senior sales tax officers have been suspended for their alleged involvement in a Rs 50-crore scam. The three officers are deputy commissioners Lalitkumar Chavardol and Sadashiv Kulkarni and assistant commissioner Chandrakant Guthe. The suspension orders were signed by finance minister Sunil Tatkare on Monday. Incidentally, the department has also sent a proposal to the CM to suspend a joint commissioner.

Review of bilateral clearing arrangements between banks – State and Central Co-operative Banks

February 18, 2010 610 Views 0 comment Print

Currently operational at most locations across the length and breadth of the country, Clearing Houses facilitate multilateral net clearing and settlement of over four million cheques everyday on a T + 1 basis. In fact, the processing cycle in India for local cheques encompasses both the presentation and return clearing legs, and compares favourably with similar systems around the world.

ICAI will make transfer pricing software available to its member at low cost

February 18, 2010 2632 Views 0 comment Print

The Institute of Chartered Accountants of India (ICAI) plans to familiarise its members, especially the partners of small auditing firms, with the best transfer pricing methods to help them take up larger audit assignments involving companies that have overseas businesses.

Allowability of reduction of depreciation as per Income-tax Rules while computing book profit under section 115J

February 18, 2010 642 Views 0 comment Print

The assessee, a private limited company, provided for depreciation in its Profit & loss account by adopting the rates specified in the Income-tax Rules and computed its “book profits” u/s 115J on that basis. The AO recomputed the book profits by adopting the depreciation rates as per Schedule XIV to the Companies Act as those were lower than the income-tax rates.

CCI plans to introduce scheme of pre-merger consultation for companies considering mergers and acquisition

February 18, 2010 408 Views 0 comment Print

”We are considering having pre-merger consultations clause for vetting mergers under sections 5 and 6 of the Competition Act,” said CCI chairman Dhanendra Kumar at the Indo-US Economic Summit held in the capital. The provision of pre-merger consultations will allay fears of the corporates that the CCI’s approval process, which can be as long as 210 days, could delay strategic investments and M&As.

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