The Central Board of Direct Taxes (CBDT) has come out with a new income tax Form – Saral-II . The new form aims at making the process of filing tax returns easier for individual taxpayers. The form is to be used to file the income tax returns for the financial year 2009-10 (assessment year 2010-11 ).
In rule 12, after sub-rule (2), after clause (a), the following proviso shall be inserted, namely:-Provided that where an assessee has paid total duty of rupees ten lakh or more including the amount of duty paid by utilization of CENVAT credit in the preceding financial year, he shall file the said Annual Financial Information Statement electronically:
The Comptroller and Auditor General of India (CAG) has highlighted glaring lapses in the recovery of service tax being administered by the Union Government, while the number of cases and amount entailed in demands for service tax outstanding for adjudication/recovery keep escalating.
Section 206AA starts with the words “Notwithstanding anything contained in any other provisions of this Act”. This is a non-obstante clause which means that the provisions of section 206AA shall override other provisions of the Act. If we go through Section 90(2), it provides that ‘Where the Central Government has entered into an agreement with the Government of any country outside India or specified territory outside India, as the case may be, under sub-section (1) of section 90, for granting relief of tax,
The Supreme Court’s Order Last Week on the constitution of the National Company Law Tribunal brings two important factors to the fore. One, Parliament has the power to create tribunals for quick dispensation of justice, and it can transfer judicial functions traditionally performed by courts to tribunals, where the Constitution allows.
A 28-year-old chartered accountant, who had come to Ryan International School in Beta-I sector for auditing, was found dead inside the school on Thursday. Ajay Sharma, originally from Koderma in Jharkhand, allegedly scaled a four-feet high wall around 7.15pm on Thursday evening to reach the swimming pool where he was found drowned.
As members may be aware that recently, the ICAI has made an announcement regarding certain procedure to be followed while signing audit reports. This announcement affects all audit reports that would be signed by a Chartered Accountants on or after 1st April, 2010. Since the matter is very important and affects any auditor, we would like to draw your attention to the same.
Shri Salman Khurshid, Minister of Corporate Affairs, has said that in order to increase awareness in investors , an ‘India Investor Week’ will be organized in the 2nd week of July, 2010. Presiding over the meeting of the Governing Council of the National Foundation for Corporate Governance (NFCG), Shri Khurshid said that during that Week, 5 major events in the metros, regional events in the states and a large number of investor awareness camps will be organized all over the country.
PRESS RELEASE NO. DSM/BY/KP-163/10 Central Board of Direct Taxes (CBDT) that the process for renewal of the security certificate of the department’s e-filing portal was initiated well in time before it lapsed on 8th May 2010. Pending completion of certification procedure, the e-filing facility for AY 2010-11 has been temporarily suspended. This will not affect taxpayers in any way, as the earliest income tax return for AY 2010-11 falls due on 31st July 2010. The facility is expected to be renewed very shortly.
Everybody knows that the legislature has proposed to constitute a special tribunal to deal with the issues under the Companies Act, 1956 through Companies (Second Amendment) Act, 2002. The constitution of National Company Law Tribunal and Appellate Tribunal is challenged by the Madras Bar before the High Court of Madras. Justice Jayasimha Babu of Madras High Court has passed a considered and laudable judgment while disposing of the Writ Petition filed by the Madras Bar challenging Companies (Second Amendment) Act, 2002.
