The Institute of Chartered Accountants of India [ICAI] today signed an MoU with Corporation Bank, a premier public sector bank. This MoU will offer a specially designed scheme (Corp CA) to cater to various financial needs of Chartered Accountants. Sh
It has been brought to our knowledge that certain SMSs/e-mail chains have been generated claiming that the Institute has changed the passing requirements of its various examinations w.e.f. November, 2010 examinations. It may be clarified that the sa
The Committee has taken a major initiative to arrange financial assistance to all members in practice / firms in the form of specially designed loan scheme through Corporation Bank. Through the scheme, eligible Chartered Accountants can avail finance
Several crores of unclaimed and un-refunded money belonging to consumers have been lying with various Central and state government departments, undertakings, financial and banking institutions for almost 10 years, according to a petition filed in the
This article summarizes the Discussion Paper (DP) released on 28 September 2010 on ’Foreign Direct Investment in Limited Liability Partnerships’ issued by the Department of Industrial Policy & Promotion (DIPP) of the Government of India (GoI). Even t
Royalty paid by a taxpayer computed even on sales made to the Associated Enterprise is at arm’s length. Further, a taxpayer paying royalty to its Associated Enterprise can make additional payments for technical services rendered by personnel deputed by the Associated Enterprise.
Central Bank of India v. DCIT- In view of non-discrimination clause under the India-USA tax treaty, the non-resident should be given same treatment as given to resident’s taxpayers. Accordingly, the payment made to USA entities cannot be disallowed on account of non deduction of tax at source.
The Circular, while clarifying several aspects on which earlier there was ambiguity, also recognises the introduction of various Discussion Papers issued by DIPP (Defence, multi brand retail, existing venture/tie-ups, issue of shares for consideratio
The Department of Industrial Policy & Promotion (DIPP) on 28 September, 2010 released its fourth discussion paper in its series of such papers being released on various aspects relating to Foreign Direct Investment (FDI) – Issue of Shares for Consideration Other than Cash.
In a recent ruling, ITAT Mumbai held that no disallowance under section 14A of the Income-tax Act, 1961 is attracted in the case of a life insurance company. The Tribunal also held that disallowance of software expenses and of expenses incurred for increase in authorised share capital, is not attracted in view of the special provisions of section 44 of the Act read with the relevant rules in the First Schedule to the Act.
