Copies of the balance sheet, tax audit reports and similar documents attested by chartered accountants as part of several million mandatory filings done by companies across the country each year may soon have a unique code number as authentication.
Intention of the aforesaid provision for revalidation is to allow the utilization of the re-credited amount. Hence, it is clarified that the validity of the re-credited scrips shall be six months from the date of endorsement by Regional Authorities or the original validity of the duty credit scrip, whichever is later. This revalidation shall be irrespective of the fact as to whether the scrip has expired on or before the date of submission of the scrip to the Regional Authority.
IN a move to impart comprehensive knowledge of financial markets to its members, The Institute of Chartered Accountants of India ( ICAI ) recently signed an MOU with United Stock Exchange (USE). As part of this MOU, members of ICAI will be educated b
Sleuths of Income Tax Department have initiated search operations across several offices of the Hyderabad-based Nagarjuna Construction Company Ltd. The search process was initiated in the early hours of Wednesday starting from its corporate office in
Taking up cudgels on behalf of corporate India, the Confederation of Indian Industry (CII) has expressed itself against making maintenance of cost records mandatory as suggested by the parliamentary standing committee that has studied the Companies B
Briefly stated the relevant facts of the present case are that on 14th September, 2004, a survey under Section 133A of the Act was conducted out on the respondent-assessee?s business premises. During the course of survey, the tax officials noticed some discrepancies in stock and cash in hand. During the said survey, respondent-assessee surrendered an amount of ` 99,50,000/- and offered the same for the purposes of taxation. The additional income offered included a sum of Rs. 45,00,000/- on account of excess stock found during the course of survey and offered by one of the partners of the respondent-assessee as additional income.
This circular is issued in exercise of powers conferred by sub-section (1) of section 11 and section 11A of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
S. 115 JB can only come into play when the assessee is required to prepare its profit and loss account in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act. The starting point of computation of minimum alternate tax u/s 115 JB is the result shown by such a profit and loss account.
Destination banks may also explore the possibility of using the Unique Transaction Reference (UTR) number to link / retrieve the original message received by them, based on which additional information can be provided as a service initiative when customers make requests online or through call centres.
In this context, we advise that a Committee was constituted by the Controller General of Accounts, Ministry of Finance, Government of India, to review the permissible period for transfer of funds to Government account in case of e-payment and other related issues. The Committee recommended that the remittance norm of T+1 working day (including put through date) for e-payment as applicable for Private Sector Banks may also be made applicable for the Public Sector Banks.
