Penalty under section 271(1)(c) – Leviability-Expenditure claimed by assessee disallowed by Tribunal-Concealment penalty cannot be imposed merely on the ground that Tribunal disallowed the expenditure claimed by the assessee.
References have been received by the Board from a large number of taxpayers, especially from mofussil areas, that the existing monetary limits for assigning cases to ITOs and DCs/ACs is causing hardship to the taxpayers, as it results in transfer of their cases to a DC/AC who is located in a different station, which increases their cost of compliance.
Tax payers can expect some relief from high inflation in Budget 2011-12 as the government may raise the income tax exemption limit for individuals. Finance Minister Pranab Mukherjee is alive to the price situation and its impact on the common man,” s
India is considering allowing new private sector banks, including those by industrial houses, and a roadmap for the same could be announced in the Union Budget to be presented later this month.While the formal and final guidelines regarding who should be allowed to set up new banks and what should be the terms and conditions would be announced by the Reserve Bank of India (RBI), a roadmap could be announced in the Budget speech on February 28 by Finance Minister Pranab Mukherjee, sources said.
It has been brought to our knowledge that certain SMSs/e-mail chains have been generated claiming that the Institute has preponed the May 2011 Chartered Accountants Examinations scheduled to be held from 2nd May 2011 to 16th May 2011 as contained, in
Empanelment of Chartered Accountants/firms for Audit of Credit and Other Co-operative Societies. I am happy to inform you that the joint efforts of the PDC & WIRC have yielded results and the Maharashtra Government has entrusted the task of preparing the Panel of Chartered Accountants/firms for undertaking Statutory Audits of Credit and Other Co-operative Societies (other than UCBs) to the ICAI. In this regard, you are requested to provide following information for inclusion of your / your firm name in the Panel
As the Panel is urgently required to be submitted to The Commissioner Co-operation, the above-mentioned information along with documents should reach us by 14th February, 2011. Kindly send the above said documents by Hand Delivery / Registered Post Acknowledgement Due/Speed Post/Courier only to the Institute’s WIRC office at the following address super scribing the envelope-“EMPANELMENT FOR AUDIT OF URBAN CO-OPERATIVE BANKS” to :
The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations, held in November,2010 are likely to be declared tentatively on Saturday, the 5th February, 2011 around 5 P.M. and the same as well a
The Income Tax department has alerted its air intelligence units at all airports in the country after it detected unaccounted wealth of Rs 33 crore and seized Rs 8.3 crore worth of diamonds from the IGI airport here recently. The I-T sleuths are also
Commerce and Industry Minister Anand Sharma today said the Government will soon announce incentives for labour intensive export sectors, notwithstanding high growth in the shipments during December. “I do plan to announce export sops to labour inte
