It is a fact that tax incentives offered under the Income Tax Act, 1961 (the IT Act) have been instrumental in encouraging individuals to invest and save for their long-term retirement needs. One of the key incentives in this respect has been that many of the savings instruments have been under the Exempt Exempt Exempt (EEE) model.
So far, VAT at the state or Cenvat at the central level, along with services tax, have been major steps in tax reforms. Before the present tax regime, there was the sales tax regime, where there was a cascading effect on tax. VAT has removed this burden, but it had deficiencies. The Cenvat load remains. There were several state taxes which were not subsumed in any one tax. The inter-state sales tax or CST was not fully relieved.
Section 153C provides that where an Assessing Officer is satisfied that any money, bullion, jewellery or other valuable article or thing or books of account or documents seized or requisitioned belongs to a person other than the person referred to in section 153A, then the books of account, or documents or assets seized or requisitioned shall be handed over to the Assessing Office having jurisdiction over such other person and that Assessing Office shall proceed against such other person and issue such other person notice and assess or reassess income of such other person in accordance with the provisions of section 153A.
The low pass percentage in the latest CA final exams is causing the supply of good chartered accountants to stay low. Call it a result of the economic downturn, the Satyam effect or simply turning off the tap by the Institute of Chartered Accountants of India (ICAI). The Chartered Accountancy final examination results touched a record low in the November 2009 attempt.
The Institute of Chartered Accountants of India (ICAI) plans to familiarise its members, especially the partners of small auditing firms, with the best transfer pricing methods to help them take up larger audit assignments involving companies that have overseas businesses.
Section 154 of the Income Tax Act, 1961 provides that any mistake apparent from the record can be rectified by the assessing authority within expiry of four years from the end of the financial year in which the order sought to be amended was passed.
The Mandap Keeper Service was brought into the service tax scope from 1-7-1997.The service of Mandap keeper has also raised many issues. The main issue arises when the food is also provided along with the services of Mandap Keeper. One of the options is to take abatement and pay the service tax.
A high-powered committee of the Institute of Chartered Accountants of India (ICAI) has recommended stringent action against the Indian arm of global audit firm PricewaterhouseCoopers (PwC) for delegating audit work in erstwhile Satyam Computer Services to an affiliate firm Lovelock & Lewes.
RBI guidelines describe base rate as follows: ‘The Base Rate system will replace the BPLR system with effect from April 1, 2010. Banks may determine their actual lending rates on loans and advances with reference to the Base Rate. Base Rate shall include all those elements of the lending rates that are common across all categories of borrowers. While each bank may decide its own Base Rate, some of the criteria that could go into the determination of the Base Rate are:
Company Law is very interesting and complicated. A shareholder having a substantial stake in the Company should be very careful as to how the Company functions and as to whether there is any chance for oppression and mismanagement. A substantial shareholder in a Company should always have an eye on the functioning of the Company and should keep track of all the transactions or the business.
