The Reserve Bank of India, citing its powers as banking regulator, has put on hold the salaries of Chief Executive Officers of three private sector banks, ING Vysya Bank, Axis Bank and Development Credit Bank, arguing that these are inflated and not in sync with the market. Incidentally, all three banks have recently hired CEOs […]
Individuals, who invest their savings in annuity plans offered by insurance firm, could see a drop in their tax burden. Insurance regulator IRDA is in talks with the government to make annuity-plans more tax-efficient. If the proposal is accepted in the coming budget, it will augment returns for retired employees and help insurers market these […]
As Maharashtra braces up for polls and celebrates its golden jubilee year, it tabled a revenue-deficit budget for the year 2009-10 on 4th June 2009 that focuses on infrastructure development and social sector. The major highlights and changes proposed are noted below : Penalty for late returns under MVAT Act reduced to Rs.5,000/- from Rs.10,000/-. Exemption […]
It has been directed that ITR-1 to ITR-8 shall require the quoting of the relevant UTN for every TDS or TCS claim made by an assessee and that the credit for any TDS/TCS claim will be allowed only if the assessee quotes the relevant UTN and the said UTN matches with that in the database […]
In a recent ruling in case of Canoro Resources Limited1 (the taxpayer) the Authority for Advance Ruling (AAR) has held that The transfer pricing provisions shall override the general provisions provided for computing capital gains in the Income-tax Act, 1961 (the Act) in case of transfer of a capital asset by a partner to a firm by way of capital contribution in the firm.
Closely-held group companies that frequently borrow money from each other should make a mental note of a recent ruling by the income tax appellate tribunal (ITAT), a quasi-judicial tax authority. The tribunal has said that “deemed dividend cannot be taxed in the hands of non-shareholders. ” In order to avoid paying dividend distribution tax (DDT) of 17.5%, profit-making, closely-held (unlisted) companies
E-Filing cares about your security!!! 1>E-Filing website is now running on SSL. SSL is an acronym for Secure Sockets Layer, a global standard security technology developed by Netscape in 1994. SSL is all about encryption. It creates an encrypted link between a web server and a web browser. The link ensures that all data passed […]
Learn about the changes in E-Filing of ITR for A.Y. 2009-10 and the new functionalities on the DIT e-Filing portal.
Income Tax Department has introduced a scheme for centralized processing of annual income-tax returns which envisages no interface with the tax payer and processing of returns to be done in an automated jurisdiction-less manner. Implementation of such scheme requires having a robust system for information relating to payment of TDS and TCS so that the credit for TDS and TCS can be granted accurately and the risk of financial fraud is minimized.
The Satyam fraud case is top priority of the government, and the investigating agency, the Serious Fraud Investigation Office (SFIO), has been asked to put the prosecution on fast track, Minister of State for Corporate Affairs (independent charge) Salman Khurshid said here Friday. “The case is required to be put on the fast track so […]
