ICAI has released the Revised Guidance Note on Tax Audit u/s 44AB of the Income-tax Act, 1961- Revised 2013 Edition on 09th July 2013. The last edition of this Guidance Note was brought out in the year 2005. Thereafter, a number of amendments were made in the Income-tax Act, 1961 which had a great bearing […]
Service tax is a subject which has been posing quite a few problems to assessees since its introduction in the year 1994 through Chapter V of Finance Act 1994. Over Rs.131,000 Crores has been collected last year on this count. The service tax law like other tax laws prevalent in the country is not simple, not equitable, not certain and tax administration not fair.
Owing to the liberalization and globalization of the insurance sector, now a days insurers have huge amount of funds collected from the insured in the form of premium. The involvement of the public funds necessitated the regulators to frame regulation to make insurers properly use the freedom provided, but at the same time, through exposure […]
One of the major functions of an insurer is investment of its funds and with the ever growing fund size of investments, safeguarding and protection of the same has acquired enormous significance. Insurance Regulatory and Development Authority (IRDA), the regulator, has put in place a tight framework for regulating this important function of insurers. The […]
CA Praveen Boda UN releases official version of ‘UN Practical Manual on Transfer Pricing for Developing Countries’ at New York; Manual was adopted by UN Committee at Geneva session in October 2012; Manual to help mitigate developing countries’ vulnerability to abuse and revenue loss from tax evasion from transfer pricing; Chapter 10 of the Manual […]
The provision relating to Permanent Account Number in the Income Tax is of immense importance to the taxpayers as quoting of PAN has been made mandatory for most of the financial transactions. The Department has been receiving a number of queries relating to PAN-particularly question on procedures for PAN application, documents required for PAN application […]
Article explains Appeals before Commissioner (Appeals), Appeal before Income Tax Appellate Tribunal, Appeal before High Court, Appeal before Supreme Court, Form 35 for filing appeal to Commissioner(Appeals), Form 36 for filing appeal to Appellate Tribunal, Form 36A, i.e. memorandum of cross-objections to the Appellant Tribunal, Standing Order under Income Tax Appellate Tribunal Rules 1963 and […]
The genesis of this book is an exercise carried out to compile best quality assessment orders passed in each Chief C.I.T region of Gujarat during the Financial Year 2011-12. On analyzing these orders it emerged that majority of additions were relatable to issues pertaining to 19 topics. Therefore it was decided to constitute an expert […]
Introduction – The financial management of any organization must have a prudent financial system backed by sound and effective accounting procedures and internal controls. A well-designed and well managed accounting system helps ensure proper control over funds. Accounting policies and procedures are designed to compile accounts fulfilling legal/procedural requirements that govern financial control. Accounts are […]
We have attached below the Excel file containing Income Tax calculator for Financial Year 2012-13 / Assessment year 2013-14 as modified by Finance Bill 2012 presented on 16th March 2012.
