The Authority of Advance Rulings (AAR) has ruled that fees received by a foreign company for assigning contractual rights to an Indian entity is not taxable in India. The ruling of the AAR –– a quasi-judicial forum deciding queries on matters of international taxation — came on a query from an Indian company that had paid a foreign company for assigning part of a global contract with Nokia Corporation for supplying equipment.
The Reserve Bank of India is likely to announce its draft guidelines on the compensation packages of private sector bank Chiefs by next month, a move aimed at aligning the salary structures with the business performance.”The indications are that the draft paper will be out by March. This would be aimed at putting a framework in the way banks compensate their CEOs and other top executives,” a source in the know told PTI.
The Institute today boasts of a very strong intellectual heritage and tradition of trust that our nation has in it, and it is my honour to be a part of this heritage and tradition. I understand the highest office, i.e.,the President’s office, of the Institute brings along with itself many a duty and responsibility that I can only sincerely promise to do justice to at this stage.
Search means not looking for something which is produced or Open but which is hidden, concealed or not obvious. The word has varied meanings and it should be given the general meanings ‘to look for’ or ‘to seek’ which are well known meaning attributable to the word in the context of section 132 as has judicially been held in Assainar Vs ITO reported in 101 ITR 854.
Besides the traditional fields of Statutory Audit, Internal Audit and Tax Audit there is vast scope for CAs in providing services such as Surveyors, Loss Assessors, Claim Assurors, Claim Negotiators etc., 1.2 Amidst this golden phase of transition and sky-rocketing growth graph of insurance industry, only sky is the limit for all the enterprising accountants as the king-size pool of whole new opportunities beckon them. The insurance cake is getting bigger and better and Chartered Accountants can not only have it but eat it too.
The terms merger and amalgamation have not been defined in the Companies Act, 1956 (hereinafter referred to as the Act) though this voluminous piece of legislation contains 69 definitions in Section 2. The concept paper recently issued by the Ministry of Company Affairs, the fate of which is still unknown, contained 100 such definitions but still stopped short of defining merger or amalgamation. The terms merger and amalgamation are synonyms and the term ‘amalgamation’, as per Concise Oxford Dictionary, Tenth Edition, means, ‘to combine or unite to form one organization or structure’.
The main objective of the tax audit is to compute the taxable income according to the law and for maintaining transparency in the financial statements filed by the assessees with the Income-tax department. The tax audit u/s. 44AB of the Income-tax Act 1961 is significant practice area for Chartered Accountants. Since the introduction of tax audit, we have been given responsibilities to discharge the duties as tax auditors for the proper compliance of tax law by the assessees.
The government has found financial irregularities in 160 companies — a whopping 30 of them owned by it — thanks to the early warning system (EWS) put in place last year. After the nearly Rs 10,000-crore Satyam fraud last year, the Ministry of Corporate Affairs (MCA) in September had developed an EWS to detect corporate frauds. The software-based fraud detecting system scans companies based on 10 financial parameters set by the ministry.
A resume is a marketing document that ‘can serve as a magnet to draw job opportunities to you,’ said Susan Ireland, author of ‘The Complete Idiot’s Guide to the Perfect Résumé.’ That’s largely because more résumés are now on job boards and social media sites, and are included on company databases, she said., people place too much emphasis on the parts of past jobs that they hated — and get new jobs they end up hating, too, she said. ‘Your résumé is about your future,’ she said, ‘it’s not about your past,’ so stress experiences that are most relevant to the position you aspire to hold.
Section 56(2) of the Income Tax Act, 1961 inter alia deals with receipts without considerations. Since most of such receipts tantamount to gifts, the provisions are popularly named as those of gifts and deemed gifts. Till 30 09 2009 only sum of money received without consideration was treated as income in the hands of the recipient being either an individual or a HUF.
