We have been hearing after the budget that increase in the limits of tax slab followed with some other measures which will result to increase the flow of funds on the street will spook inflation. It has now become caller tune of Indian economy. Before we get in to the platform of endless debate on this topic let us look into some invisible trends of inflation followed the shadow of analysis.
Creating a record in its placement history, the Institute of Chartered Accountants of India (ICAI) has placed three of its candidates at a record salary of close to Rs 70 lakh with Singapore-based Olam International. This is the highest ever salary offered to fresh CAs recruited from the ICAI campus, the apex body that conducts the CA examination and places the successful candidates every year. Earlier, a record salary of Rs 38.25 lakh was offered in 2007.
The Indian income-tax law requires any person who makes remittance to a non-resident to withhold appropriate tax which corresponds to the income-tax liability of the non-resident. Essentially, there are three modes available to the remitter to determine the Withholding Tax (WHT) liability. The remitter could approach the Authority for Advance Rulings (‘AAR’) for a ruling, or the Indian Revenue for a WHT order.
“Search and Seizure”, the origin of these provisions will in a few years celebrate its golden jubilee. It was since 1956 that the provisions of search and seizure made its first entry into the Income Tax Act. Section 132 was totally substituted by the Finance Act, 1964. After section 132 underwent a through overhaul in the year 1976, to committees had made certain recommendations on search and seizure provisions (i) The Raja Chellaiah Committee and, (ii) The Kelkar Committee. It is seen that the recommendations affecting the substantive law have been given effect to in respect of majority of such recommendations; the assessee friendly measures recommended by these committees have not been given any serious considerations.
The assessee earned a profit on sale of shares held as stock-in-trade. This profit was offered as profit from a ’speculation business’ and was set off against a ’speculation loss’ brought forward from an earlier assessment year. The AO took the view that the profit from sale of shares was not from a ’speculation business’ on the ground that the assessee
Rights and liabilities:- In any contract for sale or purchase of property, both the buyer and the seller have certain rights and corresponding liabilities to each other. The law also establishes such rights in the rule book. The main provisions that relate to this aspect are covered under the Transfer of Property Act. According to the act, in the absence of a contract to the contrary, a seller of property has certain rights and is subject to some liabilities.
The assessee claimed deduction u/s 80HHC which was allowed to the extent of Rs. 32.17 crs by the AO. The claim included DEPB license sale proceeds. The CIT revised the assessment u/s 263 on the ground that s. 28 (iiia) did not apply to a DEPB license and its proceeds were not eligible for deduction u/s 80HHC. The assessee filed an appeal before the Tribunal
Market regulator SEBI today decided to expand the scope of employees quota in public issues of companies by making staff of subsidiaries eligible to paticipate in such offers made by the parent firm. Besides, the Securities and Exchange Board of India (SEBI), in its meeting here decided that institutional investors will have to pay upfront 100 per cent money in primary issues like retail investors.
Chinese philosopher Confucius had once said, ‘ The journey of a thousand miles begins with a single step.’ As I take this first step as 58th President of the second largest accountancy body of the world, I wish to thank all those who have supported and guided me to reach this position today. I thank the members of both 20th as well as 21st Council for reposing trust and confidence in me by electing me as the Vice-President and then as the President of the ICAI during 2009-10 and 2010-11 respectively.
Unless there is an express bar under law and when there is an arbitration agreement either express or implied, a dispute between or among the parties can be referred to an Arbitrator or panel of Arbitrators as specifically agreed to. As everybody knows, Alternative Dispute Resolution Mechanism is mooted to reduce the burden in traditional courts and for providing a speedy relief to the parties. Arbitration and Conciliation Act, 1940 was repealed and Arbitration and Conciliation Act, 1996 was enacted with certain changes and improvements.
