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Archive: July, 2010

Posts in July, 2010

ICAI Announcement regarding The Student’s Journal

July 14, 2010 777 Views 0 comment Print

Students under PCC stream are sent Student’s Journal, free of cost, for a total continuous period of three & half years (42 months) from the date of commencement of articleship. They will continue to receive the Student’s Journal even after joining final course, provided the period of 42 months is not over.

Changes to the original draft of the direct taxes code will cost taxpayers

July 14, 2010 558 Views 0 comment Print

The changes to the original draft of the direct taxes code are going to cost taxpayers, with the government planning to significantly alter the slabs. While the slabs are yet to be reworked, officials indicated the highest one could be in the range of Rs 10-15 lakhs (Rs 1-1.5 million), instead of the Rs 25 lakhs (Rs 2.5 million) proposed when the first draft was released last August.

Satyam fraud: Promoter and family members wrongfully gained Rs 2,743 crore

July 14, 2010 820 Views 0 comment Print

B Ramalinga Raju, the disgraced founder of the erstwhile Satyam Computer Services , and his family members wrongfully gained Rs 2,743 crore (Rs 27.43 billion), the Central Bureau of Investigation (CBI) said.For the first time, the premier investigating agency, as a part of its media workshop, discussed Satyam fraud as a case study.

Tips to make your computer run faster

July 14, 2010 1759 Views 0 comment Print

There could be several hardware-related reasons for a slow computer. For example, the processor, the brain of your computer, may be too slow to run today’s demanding software. It may drag along if you have several programs running simultaneously. Then, there is RAM – the temporary memory the computer uses to do its calculations.

Warehousing permission to Storage Tanks mounted on a vehicle

July 14, 2010 1192 Views 0 comment Print

Necessary action may immediately be taken to withdraw such facility, if any, granted by any field formation under your jurisdiction. It is also requested to advise such assesses to avail the option of rebate under Rule 18 of Central Excise Rules for supply of duty-free fuel to foreign bound aircraft.

Taxability of Construction Service –New Provisions

July 14, 2010 836 Views 0 comment Print

For the purposes of this sub-clause, construction of a complex which is intended for sale, wholly or partly, by a builder or any person authorised by the builder before, during or after construction (except in cases for which no sum is received from or on behalf of the prospective buyer by the builder or a person authorised by the builder before the grant of completion certificate by the authority competent to issue such certificate under any law for the time being in force) shall be deemed to be service provided by the builder to the buyer.

Imposition of penalty for bouncing of SGL forms

July 14, 2010 6487 Views 0 comment Print

In terms of the existing regulatory framework, if the SGL transfer form bounces three times in a half year, for want of either funds or the securities, the account holder is liable to be debarred from using the SGL account facility for a period of six months. After restoration of the facility, if the SGL transfer form of the account holder bounces again, such account holder is liable to be permanently debarred from using its SGL account.

Director’s Responsibility for Dishonour of Cheques?

July 13, 2010 1371 Views 0 comment Print

We need not go into the background concerning the usage of cheque and it is a reality now that the payments through cheque have become an indispensable part of the mercantile community and even the public in general. In fact, payments through cheque is encouraged and made mandatory in view of certain regulations and as a best accounting practice.

Section 37(1) of Income-tax Act – Expenditure incurred for imparting technical know-how to assessee’s personnel has to be deducted under section 37(1) and it does not fall under section 35AB

July 13, 2010 4760 Views 0 comment Print

The Tribunal was correct in holding that consideration paid by the assessee to certain American Company for providing technicians to train assessee’s personnel in manufacturing, testing, inspection and quality control of its products and to impart know-how and technical data and suggest improvements thereto, did not fall under section 35AB, but was entitled to total relief under section 37(1)

Display at Airports / LCS about prohibition of import / export of Indian currency notes of denomination of above Rs.100 in India and in Nepal

July 13, 2010 517 Views 0 comment Print

As you may be aware, the export and import of currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs.100 in either case) is not allowed to and from Nepal and Bhutan in terms of Notification No. FEMA 6 / RB-2000 dated 3.5.2000

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