Consequent to abolition of fringe benefit tax, certain benefits taxed earlier as fringe benefits in the hands of the employer would now be taxable as perquisites in the hands of the employees. For this purpose, new perquisite valuation rules have been notified vide Notification No.94/2009/ F.No.142/25/2009-S.O.(TPL), dated 18.12.2009 with retrospective effect from 1.4.2009. However, the new perquisite valuation rules would be applicable only for November 2010 examination. They would not be applicable for May 2010 examination, since only notifications/circulars issued up to 31st October, 2009 are relevant for May 2010 examination.
Europe have been struggling the worst recession breeze. US economy have shown signs and activities of recovery through its massive stimulus plans and cost cutting measures. Unemployment has touched to all time historic high putting pressures on the US regulatory to look out for some massive packages to stimulate the job market. US have also made some eye catching turn around towards consumer prices and asking the US citizens to go for saving from borrowed consumptions.
For so many months all economist and equity and financial research analysts across the world have been trying hard to accentuate the eyes of the world economy that china is building a asset bubble fuelled by excess over capacity. Now finally it has been accepted by china itself that they have created a bubble larger than them to control. Before I start on I must thanks all the equity research and financial analysts that we all have succeeded to draw the attention of the upcoming asset bubble which will make the process of recovery out of recession difficult.
Last fortnight, the Authority for Advance Rulings (AAR) delivered an important ruling on tax neutrality in relation to cross border mergers. The significance of ruling in the present context is attributable to tax administration’s ongoing stance that business restructuring is motivated for tax avoidance purposes and hence tax neutrality should be denied.
Insurance companies are in a tizzy after the revenue-hungry income tax department asked for tax deduction at source to be imposed on most of the insurance transactions. This included payments made by insurers to foreign reinsurance companies and also payments made on behalf of insurance companies to hospitals in settlement of ‘cashless’ claims.
Hit hard by the Satyam scam and the damage it dealt to the auditing profession, regulator ICAI is considering a proposal to penalise audit firms while also looking at radical steps like rotation of audit firms every five years, a measure also favoured by the government.
I personally feel that an application under section 397/398 of the Companies Act, 1956 is a serious thing exposing serious misunderstandings between majority and minority group in the Company. We see this groupism in private limited companies and closely held public companies too at times.
Big four watch out. The audit profession regulator, the Institute of Chartered Accountants of India (ICAI), plans to delve into some of the surrogate advertising practices of international firms with presence in India. In particular, awards given by them for entrepreneurial excellence and the promotions for such events are likely to come under the ICAI scanner, Mr Amarjit Chopra, new President of the CA institute, has said.
Protecting your most important assets is an important step in creating a solid personal financial plan. The right insurance policies will go a long way toward helping you safeguard your earning power and your possessions. In this article, we’ll show you five policies that you shouldn’t do without.
People use the words RESUME, C.V., and BIO-DATA interchangeably for the document highlighting skills, education, and experience that a candidate submits when applying for a job. On the surface level, all the three mean the same. However, there are intricate differences.
