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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
IT major TCS’s Chairman Ratan Tata today said the company has not received any scrutiny notice from the Income Tax Department for claiming tax benefits on its onshore services.
Examination Date Sheet for Special Examination for Members of Institutions with whom ICAI had entered into Mutual Recognition Agreement (MRA)/Memorandum of Understanding (MOU)
Despite the popularity of the EPF as a saving tool, not many people are enthused by or even aware of the Employees’ Pension Scheme. Introduced in 1995, it is funded by diverting 8.3%, or a little more than a third of your PF contribution. The pension on retirement is linked to the number of years in service and the average salary drawn in the year before retirement.
The Ministry of Corporate Affairs had mandated certain class of companies to file their financial statements in XBRL format for the year ended 31st March, 2011. In order to educate members on XBRL and providing hands-on training on the process, XBRL India has planned a chain of workshops to be organized at various locations across the country. During the first phase, workshops will be organized to provide training on XBRL filings in selective big cities using the resources of the Information Technology Training Centres of the Institute. Three leading companies having expertise in XBRL filings will be the knowledge partners for this initiative. This training will help members to understand XBRL, which is emerging as the most popular reporting language across the world.
RBI has issued Master Circulars on 01.07.2011 on the following subjects. These Master Circulars are updated till 30th June 2011. Full text of the Master circulars can be checked on the website of RBI. A link to master circulars is given at the bottom of this post. 1. Master Circulars – Miscellaneous Instructions to NBFC- ND-SI
Indian economy is likely to register an average growth of above 8% in the Eleventh Five Year Plan and that the 12th Plan will see a growth of 9 to 10%. It is my view that it is possible for India to aim at a 10% growth for the next 20 years. Only then growth will be truly sustainable and inclusive. Private enterprise and investment coupled with the demographic advantage can be the underlying drivers of the country’s immense growth potential, going forward. We cannot forget the fact that India’s new growth trajectory of the last decade coincided with a significant pick up in private investment and a transition to a younger demography. Both factors make us believe now that a 10 per cent growth can be achieved and sustained, going forward.
Data on sectoral deployment of credit collected on a monthly basis from select 47 scheduled commercial banks accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks for the month of May 2011 are set out in Statements I and II . These data are also available in the Real-Time Handbook of Statistics on the Indian Economy (http://dbie.rbi.org.in).
CIT v Kewalchand Pratapchand (High Court of Madhya Pradesh) – From the perusal of aforesaid, it is apparent that the Board Circular dt.27.3.2000 was applicable even to the old references which are still pending and are undecided. By circular dated 27.3.2000 financial limit to the extent of tax liability of Rs.2 lakh was fixed, which is applicable in this case.
TRO v Industrial Finance Corpn. of India and Ors. (Gujrat HC)- The charges created against the property, by the mortgaging of the property by the assessee-borrower in favour of the financial institution during the pendency of any proceedings under the Income-tax Act, 1961, cannot be declared as void against any claim in respect of income tax if the same was made for adequate consideration and without notice of the pendency of such proceedings, or without notice of tax or other sum payable by the assessee.
