The finance ministry may put on hold the final phase of its two-year-old road map that was meant to give complete freedom to public sector banks (PSB) to choose their statutory central auditors. The Institute of Chartered Accountants of India (ICAI), the audit standard setting and regulatory body, has been opposing the `autonomy’ move from the very beginning, as it felt that by giving the banks the powers to choose their auditors, the government was weakening the auditor’s powers to make critical observations against the PSBs.
The Institute is pleased to inform that the Certified Filing Scheme of the Ministry of Corporate Affairs for practicing Company Secretaries will be officially opened from the 1st of July, 2010. To facilitate the registration process, the Company Secretaries in Practice who are interested in associating themselves with this scheme may make an online submission through the relevant link on our portal http://www.icsi.edu .
On further appeal by the respondent-dealer who issued invoices, the Tribunal vide order dated 16.9.2009, reduced the penalty to 10% taking into account that 100% penalty had already been levied on the assessee who claimed Cenvat Credit wrongly. 100% penalty has already been levied on the assessee wrongly claiming the benefit of Cenvat Credit, the view taken by Tribunal in reducing penalty in the case of the respondent cannot be said to be perverse so as to hold that a substantial question of law arises.
Mumbai: A 40-year-old man was nabbed by the suburban crime branch for robbing a chartered accountant (CA) at Goregaon (W) recently.Mehul Vora (47) was at work when Rafiq Shaikh and his three aides barged into his office at Jawahar Nagar on June 1. They gagged Vora and threatened him with choppers and revolvers. When his employees tried to intervene, they were beaten up. The accused made away with three mobiles and Rs 1,000. A case was registered at the Goregaon police station.
The Institute of Chartered Accountants of India (ICAI) is trying hard to get more professionals into practise. At present more than 80 per cent of chartered accountants are employed with some company or the other. Very few opt to take up practice. But the opportunities are opening up and we foresee a huge shortage of practising professionals, Mr G. Ramasamy, Vice-President, ICAI said.
On the death of an employee, who is a member of the Fund or of a provident fund exempted under Section 17 of the Act, as the case may be, the persons entitled to receive the provident fund accumulations of the deceased shall, in addition to such accumulations be paid an amount, equal to the average balance in the account of the deceased in the Fund or of a provident fund exempted under section 17 of the Act, as the case may be, during preceding twelve months or during the period of his membership, whichever is less, except where the average balance exceeds rupees fifty thousand, the amount payable shall be rupees fifty thousand plus 40% of the amount in excess of rupees fifty thousand subject to a ceiling of rupees one lakh
The Mumbai Tribunal, following earlier judicial pronouncements and Circulars, has once again highlighted that the characterization of income from sale of shares as „capital gains or business income is a fact-based analysis. The decision of the Mumbai Tribunal in the case of Management Structure & Systems Pvt. Ltd is significant because in this case the taxpayer’s income from investments was substantially higher than the income earned from its main business activity of management consultancy.
Section 80-IA of the Income-tax Act, 1961 (ITA) deals with tax holidays for eligible businesses. Sub-section (5) of section 80-IA of ITA provides that for the purpose of determining the quantum of the deduction, the profits of the eligible business shall be computed as if such eligible business were the only source of income of the taxpayer. This deeming fiction is applicable from the initial assessment year i.e. the first year of claim of the deduction.
Domestic companies routing their investments through Mauritius may soon have to pay capital gains tax as the tax authorities are pressing for checking the misuse of the tax treaty with the island nation. The Central Board of Direct Taxes (CBDT) suspects that the government is losing large amount of revenue due to routing of investments by domestic firms through Mauritius.
Indians, staying in the US, could in next three months avail tax concession on the money they will spend on social welfare projects at their native places in India. Under the ‘India Development Foundation for Overseas Indians’, an initiative of Ministry of Overseas Indians, they will get tax exemption if they want to build schools, primary health centres and other infrastructure in their villages and places of origin in India.
