Tax deducted at source (TDS) has become a problematic issue with the income tax department as in more than 50% TDS refund cases it is facing an uphill task in matching the data provided in the assessee’s income tax returns with the TDS deductor’s information available with the NSDL.
With more than 26,000 companies vanishing from the radar of the Registrar of Companies (RoC) in Andhra Pradesh, the ministry of company affairs (MCA) has come up with a scheme to help defunct companies complete formalities for a proper closure.
The Punjab and Haryana High Court on Monday dismissed a petition challenging tax exemption to Members of the Legislative Assembly (MLAs) of Punjab. Dismissing the petition filed by one Manmohan Singh of Ludhiana, a division bench today held that there was no illegality in the exemption from payment of tax granted to MLAs.
The Centre, in a redrafted constitutional amendments bill for the proposed Goods and Services Tax (GST), has suggested that the states also be given a veto power along with the Centre in the proposed GST council so that every decision taken by the council is approved only when all the states and the Centre agree to it.
In a setback to foreign carrier companies, the Bombay high court has ruled that delayed payment of foreign travel tax (FTT) could attract penalty under the provision of the Finance Act, 1979. Rejecting the plea of petitioners Malaysian Airlines, Saudi Arabian Airlines, North West Airlines and Kenya Airlines
The annual Membership and Certificate of Practice fees (if member holds certificate of practice) became due and payable on 1st April, 2010. Circulars advising members to pay the membership/certificate of practice fee were sent to individual members in the month of April, 2010 and published in May, 2010 issue of the Journal.
We are glad to inform that the Council at its 297th meeting held in August, 2010 decided to simplify eligibility requirement s for Final Examination to mitigate the hardship being faced by the students of various streams i.e. Intermediate/ PE -II /PCC /IPCC students and passed the resolution under Regulation 205 of the Chartered Accountants Regulations, 1988
In view of the discontinuation of Professional Education (Examination-II), all students of erstwhile Intermediate/ Professional Education (Course-II) shall have to switchover to Integrated Professional Competence Course (IPCC) to continue their chartered accountancy course. As per the eligibility requirements of the Integrated Professional Competence Examination (IPCE), a student is admitted to the said examination on fulfilling following eligibility criteria:
Accordingly, PE-II students who shifted to PCC or to PCC and then to IPCC or to IPCC shall be allowed to take the Final examination during the last 12 months of their prescribed period of articled training. Students, who remained in PE-II stream and passed examination will continue to undergo 3 years articled training and will be eligible to appear in the Final examination during the last 12 months of their articled training.
The Reserve Bank is constantly watching monetary expansion. To improve the supply position, import doors are kept open and as and when some steps are called for, we will be in a position to take them,” he said in an interview to private news channel.
