As per the aforesaid section 206AA, any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVII, shall furnish his PAN to the person responsible for deducting such tax at source. It is further provided therein that if the tax-deductee fails to furnish his PAN to the tax-deductor then the tax will be deductible at source at the higher of the following rates :-
Whether income returned was a profit or loss, was really of no consequence. Therefore, even if no tax was payable, the penalty was still leviable. It is in that context, to be noted that even prior to the amendment it could not be read to mean that if no tax was payable by the Assessee, due to filing of return, disclosing loss, the Assessee was not liable to pay penalty even if the Assessee had concealed and/or furnished inadequate particulars. The necessary consequence thereof would be that even if Assessee has disclosed NIL income and on verification of the record, it is found that certain income has been concealed or has wrongly been shown, in that case, penalty can still be levied. The aforesaid position is no more res integra and it stands answered in favour of the Revenue and against the Assessee.
Two new Big 4 lawsuits – one against Ernst & Young and the other against PwC – reminded me how many times professionals have written to say their firm had just knocked the stuffing out of them. They had been fired suddenly or a student’s offer was pulled at the last minute. They were crushed. Humiliated. Confused. Betrayed.
It is hereby informed that Paper -4 – Cost Accounting & Financial Management of Group-II of Professional Competence Examination and Paper-3 – Cost Accounting & Financial Management of Group-I of Integrated Professional Competence Examination held on 10th May-2010 in respect of candidates who had opted for Hindi medium stand cancelled due to an inadvertent typographical error in the question paper. The said examinations will now be held again on 22nd May-2010 from 2.00 PM to 5.00 PM . The venues of the examinations will remain unchanged. Admit Cards already issued would remain valid.
CANCELLATION OF EXAMINATION OF GROUP-II-PAPER-5, TAXATION OF PROFESSIONAL COMPETENCE EXAMINATION AND GROUP-I- PAPER-4, TAXATION OF INTEGRATED PROFESSIONAL COMPETENCE EXAMINATION HELD ON 12TH MAY-2010 AT CENTRE NO.175 , KESHUB ACADEMY , 148 , RAMDULAL SARKAR STREET , KOLKATA.
The corporate form of organization is increasingly emerging as the preferred vehicle for economic and commercial activity and has contributed significantly to the growth of the Indian economy and the emergence of service, information and knowledge-based enterprises. In this backdrop, a comprehensive review of the Companies Act, 1956 and drafting of a new Companies Bill was taken up by the Government on the basis of a detailed consultative process and the Companies Bill, 2009 was introduced in Lok Sabha on 3rd August, 2009.
The US and Indian competent tax authorities have reached a negotiated settlement on transfer pricing dispute in respect of certain captive software development units for the financial year 2004-05. The settlement has been reached through the mutual agreement procedure (MAP) mechanism provided in the Indo-US Double Taxation Avoidance Agreement (DTAA), sources said.
The Income Tax (I-T) department today searched seven offices of Parsvnath Developers. The department also conducted survey in 22 premises of the company at various locations across the country. “We have done a routine tax enquiry based on some information we had and have seized some documents. There are 100 tax officials involved in this investigation, conducted at Delhi and other regional offices of Parsvnath Developers,” said a source at the I-T Department.
Concerned over the practice of certain companies influencing rating actions, market regulator SEBI on Thursday proposed a stronger disclosure norms for credit rating agencies (CRA). “It is recommended that all registered agencies be required to disclose publicly on their websites their shareholding pattern and the names of the owners,” said a SEBI sub-group in its recommendation on which the regulator has invited comments from public.
The government is likely to subject all investments in sectors closed to foreign investments to greater scrutiny through a new oversight body to ensure that foreign capital does not slip into these sectors undetected. There have been allegations that under the new foreign direct investment policy overseas investments could be routed into the sectors closed to such investments. The prohibited sectors include multi-brand retail, gambling, betting, lottery, atomic energy and plantation.
