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Archive: 01 May 2010

Posts in 01 May 2010

Service tax officials raid Eden Gardens, check IPL papers

May 1, 2010 303 Views 0 comment Print

Days after the Income Tax raid, service tax department sleuths of the West Bengal government Friday swooped down on the Eden Gardens to check papers relating to the alleged financial wrongdoings related to the Indian Premier League.

ICAI President's Message – May 2010

May 1, 2010 303 Views 0 comment Print

‘Success is a journey, not a destination,’ so goes the saying which is true for our profession too. We should not rest with success but instead should sustain it as a continuous journey to ultimate excellence – season after season. April and May are the months of hectic and breathless activity in a chartered accountant’s office, with the March year end closing of the financial statements and the pressures from all the clients,

Exposure Draft- Referencer on Secretarial Audit

May 1, 2010 348 Views 0 comment Print

Need for Compliance Management Secretarial Audit is compliance audit; it is a part of total compliance management in an organisation. The Secretarial Audit is an effective tool for corporate compliance management. It helps ensure timely corrective measures when non-compliance is detected.

Pending tax cases are holding back more then Rs 64,000 cr

May 1, 2010 845 Views 0 comment Print

There are more than a lakh tax cases pending in courts and various tribunals, holding back Rs 64,244 crore in both direct and indirect taxes. “The major reasons for pendency of 1,31,780 tax cases are excessive burden on existing tribunals and courts, and shortage of human resources with tax departments, ” junior finance minister S S Palanimanickam told the Lok Sabha today.

A study of proposed amendment to finance Bill 2010

May 1, 2010 423 Views 0 comment Print

Pursuant to the annual budget, the Government of India (Government) had introduced the Finance Bill 2010 (Finance Bill) in the Parliament on 26 February 2010. The Government has now proposed certain amendments to the Finance Bill (As a reply to the debate on the Finance Bill in the lower house of the Parliament) as initially presented before the Parliament. This Tax Alert summarizes the amendments proposed by the Finance Bill to the Direct Tax Law (DTL) and the Indirect Tax law (ITL).

Govt to Set up Directorate of Currency

May 1, 2010 468 Views 0 comment Print

The government proposes to set up a Directorate of Currency (DOC) in the Ministry of Finance. The Directorate of Currency (DOC) will have the mandate to : (i) Monitor & review best practices around the world;

Issuing cheque with alteration may cost you dearly

May 1, 2010 2350 Views 0 comment Print

If you have written ‘hundered’ instead of ‘hundred’ on a cheque, don’t just strike off the additional ‘e’ and issue the cheque. Use a fresh leaf instead, or it could cost you Rs100-550. The Reserve Bank of India (RBI) has notified banks in a recent circular to not accept cheques that have corrections or alterations in anything but the date. The measure has been taken to “help banks identify and control fraudulent alterations”. The banks have started informing customers about the policy change through mailers.

Pranab caps service tax on air travel

May 1, 2010 204 Views 0 comment Print

The airline industry can heave a sigh of relief with finance minister Pranab Mukherjee on Thursday capping the incidence of service tax on air travel at Rs 100 for domestic travel and Rs 500 for international travel.

Telecom companies question CAG’s right to Audit their books

May 1, 2010 399 Views 0 comment Print

The country’s leading mobile operators, including Bharti Airtel, Vodafone Essar, BSNL and Tatas, have questioned the government’s move to direct the Comptroller and Auditor General of India (CAG) to audit their books. The CAG is a constitutional body that conducts independent audits of all government accounts.

Liability to withhold tax would arise only if payment to overseas entities liable to be taxed in India

May 1, 2010 3420 Views 0 comment Print

In a decision that could have a bearing on all cross-border transactions, including those related to the Indian Premier League teams that are currently being probed by tax authorities, the Delhi High Court has ruled that any liability to withhold tax would arise only if payments to overseas entities is liable to be taxed in India.

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