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Archive: 08 December 2010

Posts in 08 December 2010

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 87 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

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

May 15, 2024 7401 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.

Inauguration of Income Tax Office at Chinsurah, West Bengal

December 8, 2010 3401 Views 0 comment Print

Inauguration of Income Tax Office at Chinsurah, Dist-Hooghly, West Bengal by Honble Union Finance Minister Shri Pranab Mukherjee on 04.12.2010 – Publicity in the official web site

Finance ministry wants to make UID compulsory for securities transactions

December 8, 2010 348 Views 0 comment Print

The ministry of finance has sought the views of capital market regulator Securities and Exchange Board of India (Sebi) on making the unique identification (UID) number mandatory for all securities transactions, a move that, if implemented, could help

E Y Auditor found guilty of tampering with work papers

December 8, 2010 645 Views 0 comment Print

The Public Company Accounting Oversight Board disciplined Jacqueline Higgins, a manager in E&Y’s Boston office, alleging repeated violations of documentation standards and requirements to cooperate with the board’s inspection process. The disciplinar

Accountant is rated as among the 50 Best Careers of 2011

December 8, 2010 339 Views 0 comment Print

Accountant has been named one of the 50 Best Careers of 2011 by U.S. News & World Report, which based its list on projected employment growth and other factors. The Bureau of Labor Statistics forecasts that employment for accountants and auditors wil

Non-aided employees staff credit/ urban credit societies can appoint auditors of their choice in their AGM/SGM-Bombay HC

December 8, 2010 823 Views 0 comment Print

The Hon’ble Bombay High Court has held that impugned Govt. Circular dt.11-11-1996 (which gave powers to the Registrar to appoint statutory auditors for urban credit/employees co-op. credit societies) is not applicable to the non-aided cooperative societies of any category. As a result of this Judgment, henceforth the non-aided employees staff credit/ urban credit societies can appoint auditors of their choice in their AGM/SGM etc.

If no expenditure has been incurred to exempt income no disallowance under section 14A can be made

December 8, 2010 1222 Views 0 comment Print

Income Tax – Section 10(33), 14A, Rule 8D – Whether disallowance of expenses incurred to earn an exempt income under section 14A, in effect from April 2007, could be applied to assessee for assessment year 2006-07 without an established nexus between exempt income and expenses – Assessee’s appeal allowed: DELHI ITAT In CIT vs. Hero Cycles 323 ITR 518 (P&H) it was held that disallowance u/s 14A required finding of incurring of expenditure and where it was found that for earning exempted income no expenditure had been incurred, disallowance u/s 14A could not stand. On the other hand, in Godrej Boyce Mfg. Co 328 ITR 81 (Bom) it was held that the AO could adopt a reasonable basis to identify the expenses in relation to the earning of exempt income; Rule 8D does not apply to AY 2006-07. The assessee has urged that no expenditure has been identified to have been incurred to exempt income. Neither the AO nor the CIT (A) has rebutted this submission. The AO has made an adhoc estimate which is not sustainable in the light of Hero Cycles. Accordingly, in view of Vegetable Products 88 ITR 192 where it was held that if two constructions are possible, one favouring the assessee should be adopted, the precedent laid down in Hero Cycles should be followed. Referred: M/s Vegetable Products Ltd. 088 ITR 0192 (SC) , that in the taxing provision if two constructions are possible, one favouring assessee should be adopted. Followed: CIT vs Hero Cycles Ltd (2010) 323 ITR 0518 (P&H) and Godrej & Boyce Mfg.Co.Ltd vs Dy. CIT (2010) 004 TaxCorp (DT) 46941 (BOMBAY)

Common Errors in filling of Income Tax returns

December 8, 2010 324 Views 0 comment Print

For AY 2009-10 onwards, E-returns are being processed u/s143 (1) at CPC Bangalore. In some cases, taxpayers have requested for rectification of the intimation u/s 154. In almost all cases it is seen that the rectification can be correctly processed

Income tax refunds up 6.7 Percent in first eight months

December 8, 2010 231 Views 0 comment Print

Income tax department’s schemes for speedy issuance of I-T refunds seem to be paying off well. Income tax refunds have picked up encouragingly during the first eight months of the current fiscal by 6.7 per cent compared to the corresponding period a

House panel seeks to delay rollout of IFRS by two years

December 8, 2010 288 Views 0 comment Print

Chairman of an influential parliamentary committee has urged the prime minister to delay the rollout of global accounting norms by at least two years, saying India need to enter into a dialogue with other countries to modify the proposed norms to sui

Mayawayti demands Rs. 2528 Crore to switch to GST

December 8, 2010 609 Views 0 comment Print

The Mayawati government on Monday demanded an early settlement of its claim for Rs 2,527.93 crore from the Centre and set it as one of the pre-conditions for enforcing the Goods and Service Tax (GST) regime, proposed to be implemented throughout the

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