information technology act

E-COMMUNICATION – A Serious Thing

Corporate Law - CS. Monika Bhardwaj, B.Com (Hons.), ACS, LL.B (I), Gurgaon This article aims to highlight that communications done through electronic mode are now recognized by Indian Law and hold true as an ‘evidence’ as well as ‘contractual liability’. Internet and electronic communications has now become an integral part of our...

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What are books of account?

Corporate Law - In a recent case, the Madras High Court concluded that P&L account and balance-sheet are not books of account as contemplated under the I-T Act. Computation of business income under the income-tax law has to be made on the basis of `books of account'. This law has been in operation since 1992, but surprisingly there was no definition of t...

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Ministry releases Draft Rules under Section 43A & Section 79 of Information Technology Act, 2000 for public comments

Corporate Law - Ministry of Communications and Information Technology, Government of India had put up during draft rules under section 43A and 79 of Information Technology Act, 2000. Section 43A provides for compensation for failure to protect senry sitive personal data by body corporates, who are expected to implement and maintain reasonable security p...

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SEBI ask bourses to preserve records till the trial or investigation proceedings concludes

Corporate Law - Market regulator Securities and Exchange Board of India asked bourses on Wednesday to preserve original records related to an investigation till the trial is over instead of the current practice of keeping the papers only for five years. The respective original is to be maintained till the trial or investigation proceedings have concluded...

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Information Technology (Amendment) Act, 2008 Comes Into Force

Corporate Law - With proliferation of information technology enabled services such as e-governance, e-commerce and e-transactions; data security, data privacy and implementation of security practices and procedures relating to these applications of electronic communications have assumed greater importance and they required harmonization with the provisio...

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IT department can now track down fraudulent electronic transactions

Corporate Law - Tax evasion in Mumbai may now become more difficult as taxpayers will have to deal with a cyber-savvy income-tax department. The IT department has recently adopted a technology to track down fraudulent electronic transactions even after they are deleted from computers. The department has a Cyber Forensic Lab in Mumbai that consists of adv...

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Preservation of records – MRD/DoP/SE/Cir- 21 /2009 – SEBI

Circular No. MRD/DoP/SE/Cir- 21 /2009 - (09/12/2009) - Further, as per regulation 18 of SEBI (Stock Brokers & Sub-brokers) Regulations, 1992 (hereinafter referred to as Stock Broker Regulations), every stock broker shall preserve the specified books of account and other records for a minimum period of five years. In case such documents are maintained in...

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Amendment in E-Furnishing of Return of Income Scheme, 2007

Notification No. 70/2009 - Income Tax - (22/09/2009) - Notification No. 70/2009 - Income Tax In exercise of the powers conferred by sub-section (1B) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (D...

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Recent Posts in "information technology act"

Ministry releases Draft Rules under Section 43A & Section 79 of Information Technology Act, 2000 for public comments

Ministry of Communications and Information Technology, Government of India had put up during draft rules under section 43A and 79 of Information Technology Act, 2000. Section 43A provides for compensation for failure to protect senry sitive personal data by body corporates, who are expected to implement and maintain reasonable security p...

Read More
Posted Under: Income Tax |

SEBI ask bourses to preserve records till the trial or investigation proceedings concludes

Market regulator Securities and Exchange Board of India asked bourses on Wednesday to preserve original records related to an investigation till the trial is over instead of the current practice of keeping the papers only for five years. The respective original is to be maintained till the trial or investigation proceedings have concluded...

Read More
Posted Under: Income Tax |

Preservation of records – MRD/DoP/SE/Cir- 21 /2009 – SEBI

Circular No. MRD/DoP/SE/Cir- 21 /2009 (09/12/2009)

Further, as per regulation 18 of SEBI (Stock Brokers & Sub-brokers) Regulations, 1992 (hereinafter referred to as Stock Broker Regulations), every stock broker shall preserve the specified books of account and other records for a minimum period of five years. In case such documents are maintained in electronic form, provisions of Informat...

Read More

Information Technology (Amendment) Act, 2008 Comes Into Force

With proliferation of information technology enabled services such as e-governance, e-commerce and e-transactions; data security, data privacy and implementation of security practices and procedures relating to these applications of electronic communications have assumed greater importance and they required harmonization with the provisio...

Read More
Posted Under: Income Tax |

Amendment in E-Furnishing of Return of Income Scheme, 2007

Notification No. 70/2009 - Income Tax (22/09/2009)

Notification No. 70/2009 - Income Tax In exercise of the powers conferred by sub-section (1B) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), vide S.O. 1281(E)...

Read More

E-COMMUNICATION – A Serious Thing

CS. Monika Bhardwaj, B.Com (Hons.), ACS, LL.B (I), Gurgaon This article aims to highlight that communications done through electronic mode are now recognized by Indian Law and hold true as an ‘evidence’ as well as ‘contractual liability’. Internet and electronic communications has now become an integral part of our...

Read More
Posted Under: Income Tax |

IT department can now track down fraudulent electronic transactions

Tax evasion in Mumbai may now become more difficult as taxpayers will have to deal with a cyber-savvy income-tax department. The IT department has recently adopted a technology to track down fraudulent electronic transactions even after they are deleted from computers. The department has a Cyber Forensic Lab in Mumbai that consists of adv...

Read More
Posted Under: Income Tax |

What are books of account?

In a recent case, the Madras High Court concluded that P&L account and balance-sheet are not books of account as contemplated under the I-T Act. Computation of business income under the income-tax law has to be made on the basis of `books of account'. This law has been in operation since 1992, but surprisingly there was no definition of t...

Read More
Posted Under: Income Tax |

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