Getting started:One of the world’s leading licensing examinations, the CPA Examination serves to protect the public interest by helping to ensure that only qualified individuals become licensed as Certified Public Accountants (CPAs).
There is smarter lot of taxpayers who are nowadays trying to beat the May 31 deadline? The lot that’s partly fuelling an unusual spurt in cash deals in recent weeks. Deals to organise a mountain of cash to pay a builder for a home or to keep off a sticky-fingered bureaucrat. For some, these are the last and the easiest routes to transform currency notes stashed inside cupboards into legitimate bank deposits; while for many others, it’s a way to gift a friend without any tax hassles.
The Delhi High Court Friday ruled that even those companies in which the government has a minority stake can be brought under the purview of the Right to Information (RTI) Act. Declaring National Agricultural Cooperative Federation of India Ltd (NAFED), National Cooperative Consumer Federation of India Ltd (NCCF) and Krishak Bharti Cooperative Ltd public authorities, Justice S. Muralidhar said there is no need to have deep or pervasive government control over an institution to bring it under the ambit of the transparency law.
The Union government on Friday discussed some “pending areas” in the proposed Goods and Services Tax (GST) with the empowered committee of state finance ministers, and asked it to resolve the issues at the earliest to meet the April 2011 deadline for the roll out of GST.
Facing criminal contempt of court proceedings? Apologize unconditionally and as swiftly as possible. Dithering is fraught with the risk of landing in jail, the Supreme Court has warned. An apology in a contempt proceeding must be offered at the earliest possible opportunity, said a Bench comprising Justices G S Singhvi and A K Ganguly in an order that toughens already stringent laws dealing with criminal contempt of court.
To set up a Company Law Tribunal without further delay, the Ministry of Corporate Affairs has begun consultations to make the necessary amendments in the Companies Act. The move comes in the backdrop of the Supreme Court judgment recommending changes in the existing Act to accommodate the tribunal within the constitutional framework.
As per the aforesaid section 206AA, any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVII, shall furnish his PAN to the person responsible for deducting such tax at source. It is further provided therein that if the tax-deductee fails to furnish his PAN to the tax-deductor then the tax will be deductible at source at the higher of the following rates :-
Whether income returned was a profit or loss, was really of no consequence. Therefore, even if no tax was payable, the penalty was still leviable. It is in that context, to be noted that even prior to the amendment it could not be read to mean that if no tax was payable by the Assessee, due to filing of return, disclosing loss, the Assessee was not liable to pay penalty even if the Assessee had concealed and/or furnished inadequate particulars. The necessary consequence thereof would be that even if Assessee has disclosed NIL income and on verification of the record, it is found that certain income has been concealed or has wrongly been shown, in that case, penalty can still be levied. The aforesaid position is no more res integra and it stands answered in favour of the Revenue and against the Assessee.
Two new Big 4 lawsuits – one against Ernst & Young and the other against PwC – reminded me how many times professionals have written to say their firm had just knocked the stuffing out of them. They had been fired suddenly or a student’s offer was pulled at the last minute. They were crushed. Humiliated. Confused. Betrayed.
It is hereby informed that Paper -4 – Cost Accounting & Financial Management of Group-II of Professional Competence Examination and Paper-3 – Cost Accounting & Financial Management of Group-I of Integrated Professional Competence Examination held on 10th May-2010 in respect of candidates who had opted for Hindi medium stand cancelled due to an inadvertent typographical error in the question paper. The said examinations will now be held again on 22nd May-2010 from 2.00 PM to 5.00 PM . The venues of the examinations will remain unchanged. Admit Cards already issued would remain valid.
