The Union Budget 2011-12 will revolve around fiscal consolidation, inflation control, administrative checks and inclusive growth. We do not anticipate any major roll-back of stimulus (indirect taxes) since some concerns lurk about pace of economic growth in 2011.
Whereas the Chartered Accountants Act, 1949 (No. 38 of 1949) has been amended by the Chartered Accountants (Amendment) Act, 2006 (No. 9 of 2006); And whereas the Council of the Institute of Chartered Accountants of India has been empowered to determine, under sub-section (3) of section 4 of the said Act, the fee for entry of names in the Register; Now, therefore, in exercise of the powers conferred by said sub-section (3) of section 4 of the said Act, the Council hereby determines that,- with effect from the 1st day of April 2011, the fee payable by every person eligible to have his name entered in the Register under section 4 of the said Act shall be rupees one thousand two hundred only.
The Central Bureau of Investigation has today arrested the Director General and the then Secretary-General of organising committee CWG-2010 in the on-going investigation of a CWG case pertaining to procurement of Timing, Scoring and Result (TSR) system.
Ahead of Union Budget, the government today said it hopes to exceed the indirect tax collection estimate of Rs 3.36 lakh crore for this fiscal in view of the buoyancy in the economy.
Reserve Bank Governor D Subbarao today said it can change policy stance at any time to rein in inflation based on the macroeconomic situation. “Notwithstanding (the) scheduled quarterly and mid- quarterly reviews, we reserve the right to alter our policy stance at any time to respond to the evolving macroeconomic situation,” Subbarao said said at the Convocation function of Sambalpur University.
Telecom lobbies COAI and AUSPI are pitching for rationalising multi-level taxes, charges and fees applicable to the telecom industry in the Budget, demanding a unified system along with a single levy for revenue collection.
In the earlier part of Sec.72(1) the expression used is “under the head “Income from business and profession”, while in clause (i) of Sec.72(1) the expression used is “the profits and gains, if any, of any business or profession carried on by him and assessable for that assessment year. Though for the purpose of computation of the income, dividend is classified as “Income from other Sources”, income by way of Dividend was very much part of the income from business, because the shares on which dividend income was earned was stock in trade of business of trading in shares carried on by the Assessee and they formed part of the trading assets.
BELLARY (KARNA): The Income Tax department on Tuesday conducted raids at the premises of a mining company and two iron ore transporters in Hospet here. A 20-member team conducted searches on offices and residences of the mining company’s proprietors, official sources said here.
Rubber stamping of underlying material is hardly a process which can get the imprimatur of the Court as it suggests that the decision has been taken in a mechanical manner. Even if the reasoning set out by the ITO was to be agreed upon, the least, which is expected, is that an appropriate endorsement is made in this behalf setting out brief reasons. If a material is not in existence or if a material is such of which the assessee had no knowledge there would be no duty to disclose such material.
The Budget Session, 2011 of Parliament (7th Session of the Fifteenth Lok Sabha and the 222nd Session of the Rajya Sabha) is scheduled to commence on Monday, the 21st of February, 2011 and subject to exigencies of Government Business, the Session will conclude on Thursday, the 21st of April , 2011.
