As a casual fan of Going Concern, and a senior auditor of a small to mid size local firm, I feel the site is quite comical and a vast insight into the world of “bigger and better” feelings. I read the site for humor, comparison, and overall knowledge on the country’s accounting bureaucracy. I would like to dive into some of the obvious differences between the big boys and us local mid-market droids.
E-filing Mandatory for Individual and HUF who required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable
Indirect tax collections grew by a whopping 43% in the first three months of the current fiscal, providing further testimony to a recovery in industrial activity that prompted International Monetary Fund (IMF) to raise its 2010 growth estimate for the country.
The Institute of Chartered Accountants of India through its Board of Studies imparts compulsory 100 Hours Information Technology Training (ITT) to its students as a part of their education and training for the Chartered Accountancy Course at its 150 ITT Centres established at its Regional/ Branch Offices all over the country.
CIT vs. Kalpataru Colours and Chemicals (Bombay High Court)- S. 28 (iiid) provides that “any profit on the transfer” of the DEPB shall be business profits. Under Explanation (baa) to s. 80HHC, 90% of “the sum referred to in s. 28(iiid)” has to be reduced from the business profits. Under the third Proviso to s. 80HHC (3), in the case of an assessee having an export turnover exceeding Rs. 10 crores, the profits referred to in s. 80HHC (3) can be increased by 90% of “the sum referred to in s. 28 (iiid)” only if two conditions are satisfied.
Cooperative sugar mills in Maharashtra have appealed to the Union finance ministry to stop the insistence on tax deduction at source on the income of cane harvesting and transport contractors. The Federation of Cooperative Sugar Mills in Maharashtra says the income tax authorities refuse to recognise that these labour contractors don’t even have PAN cards and were earlier exempted from the tax deduction at source (TDS) rule. It has asked the ministry to intervene and get a ‘No TDS’ certificate to these people.
In a significant ruling, the Supreme Court has ruled that taxpayers can legally reduce their liability through dividend-stripping, a term used for selling mutual fund units at a discount post-dividend. An apex court bench headed by Chief Justice SH Kapadia has said there is nothing wrong in dividend-stripping after getting the tax benefits. The bench further said such dividend stripping after availing of the tax rebates cannot be termed as abuse of law.
The Central Government have specified bonds to be issued by (i) Industrial Finance Corporation of India; (ii) Life Insurance Corporation of India; (iii) Infrastructure Development Finance Company Limited; and (iv) a Non-Banking Finance Company classified as an infrastructure finance company by the Reserve Bank of India; as “Long-term Infrastructure Bond” for the purpose of section 80CCF of the Income Tax Act, 1961.
The guidelines on credit card operations cover various aspects such as issue of credit cards, interest rates and other charges, wrongful billing, use of Direct Sales Agents (DSAs)/Direct Marketing Agents (DMAs) and other agents, protection of customer rights covering among other things right to privacy, customer confidentiality and fair practices in debt collection, redressal of customer grievances, internal control and monitoring systems, fraud control etc.
July 9, 2010 The results of the Chartered Accountants Final and Final (New Course) Examinations held in May, 2010 and Common Proficiency Test (CPT) held in June, 2010 are likely to be declared on Monday, the 19th July, 2010 around 2:00 PM and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination and candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common Proficiency Test) on all India basis will be available on the following websit
