It has also been argued that while computing the perquisite value the salary from only one employer should be considered. We are however unable to accept the argument. The computation of perquisite value as per the rule is based on the annual salary and not on the basis of salary from one employer
The VAT forms i.e VAT 15 form has been updated in view of the change in the rate in the PVAT Act on schedule B goods from 4% to 5% and additional surcharge levied @ 10%. The next quarterly VAT Return under the PVAT Act 2005 is due to be filed in the next month of April.
Mahindra Satyam, which is in the process of restating the accounts of the last few years that preceded the major financial crisis, has reportedly written to the Ministries of Company Affairs and Finance to refund the huge taxes the company had paid on the inflated financials of the company. Sources in the company said the amount could be in the order of Rs 300 crore.
Postal Index Number (PIN) is a 6 digit code. There are 8 PIN regions in the country. The first digit indicates one of the regions. The first 2 digits together indicate the sub region or one of the postal circles. The first 3 digits together indicate a sorting / revenue district. The last 3 digits refer to the delivery Post Office.
While the Public Company Accounting Oversight Board (PCAOB), the regulator for auditors in the US, on March 16 barred Siva Prasad Pulavarthi and Chintapatla Ravindernath — senior executives with PricewaterhouseCoopers’ associate Lovelock & Lewes, the former auditor for Satyam Computers — in the IT firm’s Rs 7,000-crore fraud, the accounting regulator here, the Institute of Chartered Accountants of India, is yet to complete its disciplinary committee hearings.
Compilation of Suggested Answers is a subject-wise compilation of answers to questions set in the Institute’s examinations over a number of years. This compilation in the subject of “Financial Management” covers a period of three years – May, 2007 to November, 2009 and contains compilation of suggested answers of six examinations.
Download Reference Material on Bank Branch Audit (2009-2010)
The question / dispute has been arising that where the Non-resident has rendered services from outside India whether the source of income shall be considered to be lying in India for the purpose of Section – 9. This dispute was settled by Hon’ble Supreme Court of India in the case of Ishikawajima-Harima Heavy Industries Ltd. vs. DIT [2007] 288 ITR 408. The Hon’ble Supreme court has held that to tax the income from fees for technical services, the services must be utilized in India as well as must be rendered in India.
Interest subvention on housing loans: A scheme was introduced by the Finance Minister in Union Budget of 2009-10, wherein an interest subvention of 1% was available on housing loans of upto INR1 million, provided the cost of house does not exceed INR2 million. This scheme has now been extended till 31 March 2011. The Finance Minister has allocated a sum of INR7 billion towards the project in year 2010-11.
Budget 2010 proves to be a mixed bag for the IT industry. From a Technology Policy stand-point, the resolve of the Government in setting up a ‘Technology Advisory Group’, to look into various technological and systemic issues for effective tax administration and financial governance (for certain unique e-governance projects, GST implementation, tax administration, etc), is very welcome.
