This Article summarizes recent decisions Bombay and Kerala High Courts on the issue of disallowance of expenditure incurred in relation to exempt income by way of dividend on shares.
The Finance Ministry has raised the tax exemption ceiling on the allowance paid to Operational level employees of transport systems including railways and domestic airlines for meeting their personal expenses during the duty performed in running the transport system from one place to another in India.
For AY 2009-10 onwards, E-returns are being processed u/s143 (1) at CPC Bangalore. In some cases, taxpayers have requested for rectification of the intimation u/s 154. In almost all cases it is seen that the rectification can be correctly processed
We all know the object of SARFAESI Act, 2002 and it is to assist the Banks in realization of their debt through proceeding against the “Secured Asset”. There are people and professionals supporting SARFAESI Act, 2002 on the ground that in the absence
Peer Review is directed towards maintenance and enhancement of quality of attestation services and to provide guidance to members to improve their performance and adhere to various statutory and other regulatory requirements. Essentially, through a r
Whenever one talks about the judicial reforms, the corruption, the technicalities, costs and the unreasonable delay in courts, there are people and professionals saying that the situation is getting exaggerated. There is a total confusion about the judicial or legal reforms and the issue is often shown as complicated. It is true that bringing reforms in our ‘justice delivery mechanism’ is a complicated exercise and it is recognized in the year 1958 itself in the 14th Law Commission Report.
The Payment of Gratuity Act, 1972, did not provide for forfeiture of gratuity amount due to employees in any other contingency except the one covered under Section 4(6), viz., recovery of dues from them. Also, the law stipulated that for invoking the
Domestic savings are crucial, both for the national economy as well as for the people who save, particularly during recessionary times. This was proved once again, wherein unlike many Western countries, India remained fairly insulated from the recent global economic slowdown due to its relatively high level of savings. Ideally one should save 20-30 percent of his earning for future needs. For salaried people, savings are forced ones, thanks to tax saving plans. While in India, average savings are in the range of 30-32%, saving rate in Japan is 28%, and in US just 12 percent. Indian savings generally get parked in bank deposits, insurance products, provident fund & pension plan and mutual fund & capital market instruments.
The Secretariat of the CASB of ICWAI has drafted the Initial Draft of Guidance Note on Cost Accounting Standard – 6 on Material Cost (CAS – 6). The proposed initial draft shall be modified in light of comments received before being forwarded to the C
Chandigarh VAT rate change Effective 26 October, 2010, the basic rates of VAT in Chandigarh has been enhanced, as mentioned below: Particulars Rate up to 25 October, 2010 Rate with effect from 26 October, 2010 Goods falling under Schedule B an
