Extensive provisions have been made in the Finance Bill, 2010, for expanding the scope of benefits given to the research so as to embrace non-scientific research (social science) and statistical research. Parity has been provided for the social science and statistical research with scientific research.
Institute of Chartered Accountants of India (ICAI), the statutory body regulating chartered accountants in India, has now demanded amendment of some section of the law, which guides them. The whole idea is to seek more legal power to initiate stringent disciplinary measures against erring auditors/CAs on a fast track basis, G Ramaswamy, the newly elected […]
The applicant, a resident of Mauritius, was a subsidiary of a USA company. It received capital contribution and loans from the USA parent which were used to purchase shares in ILFS, an Indian company. On sale of the shares, the applicant earned capital gains which were chargeable to tax under the Act.
Central Board of Excise and Customs has introduced “Automation of Central Excise and Service Tax” (ACES) to improve tax-payer services. ACES is a centralized web based application which enables the assesses to electronically interface with the department. It aims to reduce paperwork, manual interface, transaction costs and increase accountability, efficiency and transparency.
The ICAI requires additional Schools/ Educational Institutions with good infrastructure and facilities in addition to the existing Examination Centres to hold Chartered Accountants Examinations. Interested parties may see the terms & conditions on our website: www.icai.org. The existing Schools/ Educational Institutions which are already providing accommodation for CA Exams need not apply.
Bank Audits for the FY ended 31.03.2010:-The bank audit season is around the corner. Banking being an industry typical in terms of its geographical and customer spread, volume of transactions as well as the types of products and services offered coupled with the time constraints for completing the audits, the members face a number of issues in their bank audit assignments.
We have pleasure in informing you that Dena Bank has invited online applications for empanelment for Concurrent Audit assignment for the year 2010 – 11. The registration for the same will be open on our there website www.denabank.com from 25.03.10 to 15.04.10.
Notification No. 18/2010-Income Tax In the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct taxes), number 9/2010 dated 18-02-2010 bearing S.O. 424(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated 18th February, 2010 –
Attention is invited to Circular No. 791/24/2004 dated 01.06.2004 and No. 52/1/2003 dated 11.03.2004 (modified by Circular No. 71/1/2004-ST dated 02.01.2004) prescribing the procedure for electronic filing of Central Excise and Service Tax returns. Attention is also invited to Notification No. 04/2010-Central Excise (NT) and No. 01/2010-ST both dated 19.02.2010 providing for mandatory electronic filing of Excise and Service Tax returns
The Committees will meet at least once a quarter. The Committees would discuss not only the cases which are ripe for write off/scaling down but also the cases which are being processed for write off and cases which have recommended to the Directorate of Income Tax (Recovery), New Delhi, for further processing. This will ensure a continuous review of the unrealizable demand on the registers of the department.”
