The CA institute would use its powers to summon the Central Bureau of Investigation (CBI) regarding the audit papers on the cash and bank balances in the Satyam scam, the Institute of Chartered Accountants of India (ICAI) President, Mr Amarjit Chopra, told to press.
The Central Information Commission (CIC) has ruled that excuses like ‘shortage of staff and work overload’ cannot be considered as reasons for not providing information under the Right to Information (RTI) Act and fined a local official for ‘delay’ in responding.
In pursuance of the consultations of the collegium of the I.T.A.T consisting of the President and two senior-most Vice Presidents, the following Members of the Income-tax Appellate Tribunal have been transferred, in public interest, in the same capacity, to the Bench(es) of the Income-tax Appellate Tribunal as shown against their names, with effect from the forenoon of 05.04.2010
The Income Tax Department has decided to reopen assessments for three years, up to 2006-07, for companies paying the minimum alternate tax (MAT)., for companies paying the minimum alternate tax (MAT). MAT, inserted in the Income Tax Act in 1996-97, is meant to make those companies pay tax which earn profit and pay dividend to shareholders but do not pay tax to the government. Under Section 115 JB of the Income Tax Act, such companies pay 18 per cent of their book profit as tax.
The government today allayed apprehensions that accounting regulator ICAI was not working speedily against auditors involved in the accounting fraud in erstwhile Satyam Computers, even as the US counterpart has already banned two such auditors.
After introducing unique account numbers for taxpayers (PAN) and those for tax deductors (TAN), the government will this fiscal introduce a unique document identification number (DIN) to be quoted on every income tax related communication.
he Budget proposal to charge 10 per cent service tax on air travel may not be rolled back, as the government expects to raise between Rs 600 and Rs 1,000 crore annually through the measure. Maintaining that the government plans to explore new avenues to mop up resources, a top official said, “at the moment it seems highly unlikely that there will be any roll-back on the service tax issue”.
In spite of having various appellate tribunals and commissions within its establishment, the Income Tax Department has registered a more than two-fold rise in appeals in Supreme Court in cases involving crores of rupees of the exchequer.
The Finance Act, 2009 inserted Section 35AD to allow deduction of capital expenditure (other than land, goodwill and financial instrument) incurred by the assessee engaged in the business of setting up and operating cold chain facility, warehousing facility for agriculture produce and laying and operating a cross-country natural gas or crude or petroleum oil pipeline network for distribution / storage.
In a significant development, Speaker of Maharashtra Assembly Mr Dilip Walse-Patil allowed the government to table an ordinance seeking to amend the Value Added Tax Bill. On March 18, when the bill was first presented, the Opposition protested the move saying that the government did not have a right as the proviso, which empowered the government to change the law by the way of an ordinance was between 2005-07 only, hence promulgation of an ordinance was illegal.
