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Archive: 25 June 2010

Posts in 25 June 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7350 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Eight more income tax overseas units to facilitate seamless flow of tax-related information from abroad

June 25, 2010 312 Views 0 comment Print

To check the menace of international cross border tax evasion, the Union Ministry of Finance has approved eight income tax units within the Indian missions overseas, Finance minister Pranab Mukherjee said.The Union Finance Ministry has already set up two income tax overseas units within the Indian missions in Singapore and Mauritius, and recently approved eight more such units to facilitate seamless flow of tax-related information from abroad.

Indian rupee set to get symbol for the first time in its history

June 25, 2010 243 Views 0 comment Print

The Indian currency achieves another milestone, as the rupee is set to get a symbol for the first time in history.The Indian rupee will now sport a distinct identification symbol like the world’s major currencies – dollar, pound sterling, yen and the euro.

Service tax waived on power supply, services within ports

June 25, 2010 243 Views 0 comment Print

The government has decided to exempt distribution of electricity, services provided within ports and airports, international passengers in transit and those travelling to and from the North-East from the ambit of service tax while bringing in more services in the tax net from July 1.

Importance of Keeping proper documents of inherited property from taxation point of view

June 25, 2010 444 Views 0 comment Print

Any profits or gains arising from the transfer of a capital asset is taxable as ‘capital gains’ and is deemed to be the income of the tax payer in the financial year in which the transfer takes place. Similarly, income of every kind, which is not specifically taxed under any of the specified heads of income, like salary, house property, business income etc., and unless specifically exempt, is subject to tax under the head ‘income from other sources’.

Notification No. S.O.1548(E), dated 25-6-2010

June 25, 2010 624 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of Section 637 of the Companies Act, 1956, the Central Government hereby delegates its powers under clause (a) of sub-section (1) of Section 240, sub-section (1A) of Section 240, clause (b) of sub-section (2) of Section 240 and sub-section (3) of Section 240 of the Companies Act, 1956, to the Director, Serious Fraud Investigation Office only in respect of those cases wherein the Central Government appoints officers of Serious Fraud Investigation Office as inspectors, to investigate into the affairs of a company under section 235 or section 237 of the Companies Act, 1956.

Companies cant keep details of financial assets secret:ICAI

June 25, 2010 444 Views 0 comment Print

Companies may have to provide detailed information including details of financial assets, the complete list of shareholders and directors to the Institute of Chartered Accountants of India (ICAI) if the government accepts the amendments to Chartered Accountants (CA) Act 1949 suggested by the institute.

ITAT subject to RTI though case details cannot be disclosed without applicant showing public interest

June 25, 2010 592 Views 0 comment Print

The Applicant sought from the CPIO, ITAT, inspection of records relating to appeals of Escorts Limited & another and information on how third parties can become interveners and inspection of records relating to s. 4 RTI compliance. Information on the procedure to make vigilance complaints was also sought.

Govt exempts slew of services from service tax

June 25, 2010 522 Views 0 comment Print

Starting next month, there will be no service tax on construction of some low-cost housing, power distribution, foreign travelers in transit, those flying to and from the Northeast, services within ports and airports, and certain tournaments and championships.

IASB and FASB propose a new joint standard for revenue recognition

June 25, 2010 357 Views 0 comment Print

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs.

Mutual fund industry officials will soon meet CBDT officials seeking parity in tax treatment with life insurance products

June 25, 2010 210 Views 0 comment Print

The top brass of the Rs8 trillion Indian mutual fund industry will soon meet officials of the Central Board of Direct Taxes (CBDT), seeking parity in tax treatment with life insurance products. The industry, facing outflow of funds and migration of agents to insurers following regulatory changes, is unhappy with proposals in the new draft of the Direct Taxes Code (DTC) that seeks to withdraw tax benefits.

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