Opportunity to Newly Qualified CAs to participate in Campus Placement Programme Aug-Sep,2009 at Smaller Centre upto 13.09.2009 12:00 Midnight Campus Placement Programme- August-September 2009 For The Newly Qualified Chartered Accountants
With the abolition of FBT, a question arises as to the tax-treatment to be given to a number of perquisites / fringe benefits, which were earlier liable to FBT and therefore, not chargeable as perquisites in the hands of the employees, in view of the provisions of the erstwhile section 17(2)(vi) of the Act.
Whether profit from Duty Entitlement Passbook Scheme (DEPB) and Duty Drawback Scheme could be said to be profit derived from the business of the Industrial Undertaking eligible for deduction under Section 80-IB of the Income-tax Act, 1961.
The Exposure Draft (ED) of revised AS 16 Borrowing Costs, issued by the ICAI, retains the core principle that al borrowing costs incurred on borrowings undertaken to construct a ”qualifying asset” should be capitalized as part of the cost of constructing the asset. However, the ED proposes certain other changes vis-à-vis the existing AS 16. […]
The Income-tax Appellate Tribunal (“the Tribunal”) , in the case of First State Investments (Hongkong) Ltd. A/c First State Asia Innovation and Technology Fund1 (“the assessee”), examined the manner of set-off of short- term capital loss suffered from sale transactions subject to Securities Transaction Tax (”STT”) against short- term capital gains arising prior to introduction of STT, during the financial year.
In 1918, the scheme of Government Diploma in Accountancy (GDA) was introduced by the Government of Bombay to provide the eligibility to accountants for Unrestricted Certificate to practise accountancy in India. In 1930, the Government of India decided to control and regulate the accountancy profession and provided for the grant of certificates to auditors through […]
As per the provisions of section 43B(f) of the Income-tax Act, 1961 (the Act), any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee shall be allowed only in the previous year or financial year in which such sum is actually paid by him. In other words, the claim for deduction in respect of the provision made by an assessee-employer in relation to the liability under the leave encashment scheme
The Income-Tax Appellate Tribunal (ITAT) has held that any expenditure, which is viewed as an offence or is prohibited by law, but is of a commercial nature incurred in the normal course of business, can be treated as an outgo at the time of calculating tax liabilities.
Dear CA Pariwar, The enthusiasm of our members and students throughout the country in celebrating our Diamond Jubilee Year has indeed been overwhelming and I would also like to take this opportunity to extend my heartfelt gratitude to all our members, students, my colleagues in the Council, Regional Councils and Branch Managing Committee Members for […]
Learn about the modified e-TDS/TCS data structure and new File Validation Utility introduced by the Income Tax Department since October 1, 2009.
