In a rare instance, a group of four—led by a chartered accountant (CA)—succeeded in extracting from the income tax (I-T) department fraudulent tax refunds, amounting to over Rs 3 crore, in the names of 30 people.The I-T officials on Tuesday managed to locate one of the four, Nitin Dalvi, and recorded his statement. The other three, CA Dilip Vyas and his accomplices Sandeep Roy and Mohan Gadge, are still at large.
Small and medium enterprises (SMEs) in the country will not have to prepare their accounts as per the International Financial Reporting Standards (IFRS) from April 1, 2011, saving them significant cost of switching to the more rigorous accounting standard A government-constituted core panel on IFRS has decided to exempt SMEs from the first phase of convergence falling due in 2011.
Delhi High Court (HC) in the case of CIT v NIIT Ltd. (Taxpayer) [2009-TIOL-533-HC-DEL-IT], on the issue of whether the amount paid by the Taxpayer to the franchisees, pursuant to a franchises agreement (Agreement), can be considered in the nature of rent, for the purpose of tax deduction at source (TDS) under the Indian Tax Law (ITL).
Property tax rates in the capital are all set to rise from April 2010. After rejecting the proposal for introducing professional tax, Municipal Corporation of Delhi’s (MCD) standing committee on Monday cleared the proposal to hike property tax.
Cricket is now officially an entertainment sport. Forty-five years after it declared horse racing as entertainment, the state government has decided to add cricket to the list. Besides cricket, pubs, discotheques, internet protocol television (IPTV) and permit rooms with a live orchestra (dance bars earlier) will also attract a similar tax. There are 22 discotheques in Maharashtra, of which 20 are in Mumbai city, Mumbai suburbs and Thane. Only two are in Pune.
In a reprieve to the assessees, the Supreme Court has ruled that the Income-Tax Department cannot re-open the assessment cases arbitrarily but on the basis of some ‘tangible material’. If armed with unrestricted power to re-open the cases against assessees, it will amount to review of the assessment by the assessing authority, said the apex court.
The government will mop up Rs 1,400 crore (Rs 14 billion) this fiscal by taxing the second installment of arrears due to central government employees, who were awarded increased salaries by the Sixth Pay Commission. The first installment of arrears (representing 40 per cent of the increased pay) was disbursed during financial year 2008-09.
The Government should implement the GST regime with defined sharing arrangement between the State and the Centre, thereby protecting the interest of the State in generating revenue. How will carbon credits be taxed under the proposed Goods and Services Tax regime?
Kind attention of the members (who intend to pursue DIRM Course) is invited to the last date of receipt of the application form to the Post Qualification Course on Diploma in Insurance Risk Management (DIRM) is 31st January, 2010 in order to be eligible to appear in the DIRM Technical Examination to be held in November, 2010 (subject to fulfillment of other condition). The application form can be downloaded from the hyperlink: http://www.icai.org.in/resource_file/16762rformdisanew.pdf The application form received after the due date would be considered for the May, 2011 DIRM Technical Examination.
Applications for admission to Professional Education –II, Professional Competence Course (PCE) Integrated Professional Competence Course (IPCE) and Final Examinations are required to be made in the prescribed forms. The application forms are priced at Rs. 100/- per application form and will be available for sale from 5th February,2010.
