Companies may soon have to get their financial statements vetted by more than one auditor. The Institute of Chartered Accountants of India (ICAI), the country’s accounting and auditing rule-maker, is considering a proposal to make it mandatory for companies to get their books audited by more than one auditor so that each of the audit […]
Dear Members, As You may be aware that ICAI ( Institute of Chartered Accountants of India) general election will be held in DEC 2009.You can vote only in the city of your professional address as per ICAI Database. Pls check your address by clicking the link given below:- http://220.227. 161.82/locm.asp Click on http://www.icai. org/addupdate to […]
The accent of the statute is ‘an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability’. The condition for applying Section 41(1) is the allowance of deduction earlier and subjecting it to tax later on its waiver. Explanation 1 to Section 41(1) covers even unilateral transfer of liability by write off in the books of account by the taxpayer.
The Supreme Court has dismissed the appeal of Unison Electronics (P) Ltd against the ruling of the Customs, Excise & Service Tribunal (CESTAT) that denied excise duty exemption for goods which carried brand names of other companies. Under a central government notification, small scale industries were provided exemption in excise duty, but not those units which bore brand name or trade name of other companies.
Supreme Court has set aside the judgment of the Kerala The Supreme Court has set aside the judgment of the Kerala high court and held in the case, Atul Commodities Pvt. Ltd vs Commissioner of Customs, that import of second hand photocopy machines before January 2005 required no import licence according to the circulars of the Director General of Foreign Trade.
Less than a week after third-quarter GDP estimates showed a lower-than-expected 5.3 per cent growth rate, the Reserve Bank of India on Wednesday surprised the market and sent fresh signals to banks to lower lending and deposit rates by pruning the repo rate and the reverse repo rate by 50 basis points each. The repo […]
The Tamil Nadu government cannot claim precedence over properties of a sales tax defaulter who has secured bank finance unless the Sales Tax Act had a specific Provision creating first charge (first call on Property) in favour of the government, the Madurai bench of the Madras High Court ruled on Monday. Justice Chitra Venkataraman, allowing a writ petition by the Tamil Nadu Mercantile Bank
The Supreme Court on Monday asked the telecom majors Bharti Airtel and Hathway and Datacom Pvt Ltd to move appropriate authority to decide whether transactions related to providing broadband services to subscribers can be treated as “sale of light energy” for levying sales tax. A bench headed by Justice Mr S H Kapadia while setting aside the Karnataka High Court order asked the companies
A Birth Certificate is the most important identity document that makes it possible for anyone in possession of it to benefit from a gamut of services offered by the Indian Government to its citizens. It becomes necessary to obtain a Birth Certificate because it serves to establish the date and fact of one’s birth for […]
It’s a measure of efficiency & governance : Kunal Banerjee President, ICWAI Corporate governance has taken centre-stage in all business models since the Enron debacle. But recent happenings have shown that a governance structure should also support an organisation’s efforts to improve performance. There is a need to move from compliance governance to business governance. […]
