"06 October 2010" Archive

If asseee repaid the short term loan received by him the said amount could not be treated as income of assessee

CIT Vs. Saranapal Singh (HUF) (Punjab & Haryana Court)

CIT Vs. Saranapal Singh (HUF) (Punjab & Haryana Court)- In the instant case, it was held that where the assessee had received a certain amount as short term loan and was duly repaid the said amount could not be treated as income of assessee under section 56(2)(v) of the Act....

DTC and GST likely be taught to commerce students in universities

The proposed Direct Taxes Code (DTC) and the goods and services tax (GST) will likely be taught to commerce students in universities on the initiative of the Institute of Chartered Accountants of India (ICAI). The ICAI is in talks with several univer...

Posted Under: Income Tax |

ICAI proposes changes in accounting practices in commercial banks to make bank audits foolproof and effective

The Institute of Chartered Accountants of India (ICAI), the national standard setting body of auditors, has proposed comprehensive changes to the current accounting practices in commercial banks to make bank audits foolproof and effective. ...

Posted Under: Income Tax | ,

MCA resists ordinance to amend Companies Act to meet deadline for implementation of IFRS

The ministry of corporate affairs (MCA) does not plan to push for an ordinance to ensure India meets the deadline on conforming to International Financial Reporting Standards (IFRS), reversing its earlier stance, according to two officials at the min...

Posted Under: Income Tax |

Cotton exports- Traders rush for registration

Within days of opening the registration, exporters have applied for about 30 per cent of the cotton permitted for exports in the backdrop of high global prices. Of the 55 lakh bales (170 kg each) allowed for exports in the current season, traders hav...

Posted Under: Income Tax |

Government launches website to get feedback on 12th Plan

In a bid to make 12th Five Year Plan (2012-17) more inclusive and effective, the Plan panel today launched a web portal to get public feedback on the 'Approach Paper to 12th Plan'. Before unveiling any five year Plan, the Plan panel prepares an appr...

Posted Under: Income Tax |

Islamic Banks – More Resilient to Crisis?

In “The Effects of the Global Crisis on Islamic and Conventional Banks: A Comparative Study,” economists Jemma Dridi of the IMF’s Middle East and Central Asia Department and Maher Hasan of the IMF’s Monetary and Capital Market Department look at the effects of the crisis on bank profitability, credit, and asset growth in countries...

Posted Under: Income Tax |

Income-tax Settlement Commission (Procedure) Amendment Rules, 2010

Notification No. G.S.R. 820(E)-Income Tax 06/10/2010

Notification No. G.S.R. 820(E)-Income Tax In exercise of the powers conferred by sub-section (7) of section 245F of the Income-tax Act, 1961 (43 of 1961), the Income-tax Settlement Commission hereby makes the following further amendments in the Income-tax Settlement Commission (Procedure) Rules, 1997...

CBI files chargesheet against former CLB member

New Delhi, Oct 5 (PTI) The CBI has filed chargesheet against former member of Company Law Board R Vasudevan and five others for allegedly accepting a bribe of Rs seven lakh for giving a favourable order in a case being presided over by him....

Posted Under: Income Tax |

The Judicial Standards and Accountability Bill, 2010

The Union Cabinet today approved ‘The Judicial Standards and Accountability Bill, 2010” and its introduction in the Parliament. The Bill provides a mechanism for enquiring into complaints against the Judges of the Supreme Court and the High Courts, l...

Posted Under: Income Tax |

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