In this connection, it may be mentioned that frequent dishonour of cheques of value of less than Rs. 1 crore is also a matter of concern and banks need to take appropriate action in those accounts where such dishonour of cheques occur.
An acute shortage of trained tax professionals coupled with a changing and complex tax landscape has led to a sharp rise in the pay packets of such experts with the average salary more than doubling in the past year alone, according to senior executives from tax and legal firms. While an entry level tax professional today commands not less than Rs 10 lakh per annum in some of the country’s top firms, the salary range for a middle-level professional is between Rs 25 lakh and Rs 35 lakh; while for a partner it ranges upward of Rs 75 lakh.
The Income Tax Appellate Tribunal has held that contractors, while calculating their income-tax liability, cannot claim deduction on profits from an infrastructure project. Section 80-IA (4) of the Income-tax Act allows deduction in respect of profits from infrastructure projects for developers but not contractors, who execute only part of the project.
Media reports on Wednesday said that ICAI had withdrawn the showcause notice issued to Price Waterhouse for alleged violation of norms. The Institute of Chartered Accountants of India (ICAI) on Thursday denied media reports that it has withdrawn an 8 October showcause notice against accounting firm Price Waterhouse that was statutory auditor for the erstwhile Satyam Computer Services Ltd. Price Waterhouse New Delhi in a Wednesday statement claimed that the notice had been withdrawn.
Under the existing regulatory norms, remittances made by Indian residents to a foreign collaborator are permissible without any prior regulatory approvals to the extent of a lumpsum fee of USD 2 million and royalty payment of 5% on domestic sales and 8% on exports. However, payments in excess of the specified caps would require a prior approval from the Government.
F.No.354/189/2009-TRU Customs duty on packaged software – As basic customs duty is Nil for packaged software, the additional duty of customs („CVD?) levied in lieu of the Central Excise duty payable on like goods manufactured in India (including education cess and secondary and higher education cess on such CVD) is the effective customs duty paid on import of such software; and Service tax in relation to providing right to use information technology software for commercial exploitation under the category of ITSS on reverse charge mechanism.
The Commissioner is empowered to call for such further documents or information or calls such enquiries in order to satisfy himself about the genuineness of the activities of the institution. If the Commissioner is satisfied that the condition laid down in clauses (i) to (v) of sub-section (5) of section 80G are fulfilled, he shall record such satisfaction and grant approval.
In fact, it is not disputed that the assessee company takes benefit of additional depreciation on account of revaluation of the fixed assets by increasing the revaluation reserve in the relevant assessment year 2000-2001 and consequently, the same definitely has the effect of reducing the net profit for the said Assessment Year.
This new service is a new centralised web based software application of CBEC which provides us an online electronic interface with the department. ACES aims to reduce paperwork, visits to the department and transaction costs while increasing accountability, responsiveness, efficiency and transparency in indirect tax administration.
Provided that in case of American Depository Receipts or Global Depository Receipts entitling the holder thereof to exercise voting rights in excess of percentage specified in regulation 10 or regulation 11, on the shares underlying such depository receipts, public announcement shall be made within four working days of acquisition of such depository receipts.
