The Bombay High Court held that expression “order” for the purposes of section 264 of the Income-tax Act, 1961 (the Act) has a wide connotation. The words used under section 264(1) of the Act are ‘any order other than order under section 263’. Hence, the rejection of an application by the Assessing Officer (AO) for lower withholding rate under section 197 (See Note-1 Below) of the act is an ‘order’ eligible for revision by the Commissioner of Income-tax (CIT) under section 264 of the Act.
The Tax Deducted at Source (TDS) wing of the income tax (I-T) department, on Friday conducted surveys on three major pharmaceutical companies following information of TDS rule violations. The surveys were conducted on GlaxoSmithKline (GSK) Pharmaceut
The tax department will take a close look at the expense accounts of real estate giants Emaar MGF, Parsvnath, Unitech, DLF and others in the wake of the bribes-for-loan racket unearthed recently. The Central Board of Direct Taxes (CBDT) will also pro
With just four months to go before the new internationally consistent financial reporting standards kick in, the accounting professionals are awaiting clarification from the Ministry of Corporate Affairs on a number of issues, particularly the taxati
An alleged scam involving realisation of bogus income tax refund has come to light here after a man tried to deposit fake refund cheques to the tune of Rs 47 lakh, officials said today. Police, on the complaint of Ludhiana Income Tax Department
IT IS HEREBY notified for the information of the Advocates and the parties appearing in-person that in partial modification of the extant assignment of judicial work, from Monday, 22nd November 2010: (I) All Writ Petitions, Appellate Side and Origi
There should be a cap on the pecuniary benefits earned by independent directors serving on boards of companies, according to Mr N. Ramanathan, Managing Director, Ponni Sugars. At a panel discussion on issues relating to board of directors and indepen
Taking banking services to customers’ homes, public sector lender Central Bank of India on Saturday launched a service through which a bank’s representative will visit customers for carrying transactions and collecting cheques and drafts. The service
Union Finance Minister Mr. Pranab Mukherjee asked Chartered Accountants to apply Accounting Standards uniformly and assist in presenting the true picture of the financial health of the company while ensuring accountability in all aspects. He said tha
The Institute has come across a website on the Council/Regional Council Elections 2010. The said website has been created without the approval, authority or knowledge of the Institute of Company Secretaries of India (ICSI). The creation of the webs
