Government of India have amended the notifications relating to 7% Savings Bonds, 2002, 6.5% Savings (Non-Taxable) Bonds, 2003, and 8% Savings (Taxable) Bonds, 2003 Schemes, to allow for pledge/lien/ hypothecation of the said Bonds as collateral for obtaining loans from Scheduled Banks. Accordingly, the holders of the said Bonds will be entitled to create pledge or hypothecation or lien in favour of scheduled banks in accordance with section 28 of the Government Securities Act, 2006 and regulations 21 and 22 of the Government Securities Regulations, 2007.
In partial modification of the announcement dated 31st March, 2008 regarding submission of Form No. 112, it is hereby notified that articled assistants registered and undergoing graduation or any other course on or before 31st March, 2008 need not submit Form No.112.
In order to mitigate the hardship being faced by the students who were registered for Professional Education (Course-II) after passing Professional Education (Examination- I) / Foundation Examination / Entrance Examination as the case may be and have exhausted five consecutive attempts (after having been eligible for admission to the said examination) , the Council of the Institute has further decided to hold two more Professional Education (Examination- II) in November, 2008 and May, 2009 as well.
Apex accounting body ICAI today issued four new standards to help companies streamline internal audits for minimising pilferage, ensuring cost efficiency and mitigating waste.This will standardise the process of internal checks in companies, and “companies can now expect that professionals engaged in internal audit will be rendering services of such standards as being issued by the institute,
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World champion Abhinav Bindra wins India’s first ever individual gold at the Olympic Games by winning the gold medal at the men’s 10m air rifle event in Beijing on Monday. Bindra, a Khel Ratna awardee, finished the qualifying event joint fourth with Romania’s George Alin Moldoveanu after the duo shot a score of 596/600.
Your company could face a tax scrutiny if it had introduced fresh capital exceeding Rs 50 lakh last fiscal, or, as in the tax lingo, during the previous year relevant to the assessment year 2008-09. This is according to the new scrutiny norms by Central Board of Direct Taxes (CBDT).
The Delhi Income-Tax Tribunal has held that valuation of perquisite determined by the assessee relying on interpretation of Taxman’s Direct Taxes Ready Reckoner, the assessee could not be deemed to be an assessee-in-default and consequently, interest under section 201(1A) could not be levied though the valuation methodology was held not justified.
The Kolkata Income-Tax Tribunal has held that payment made by an assessee company to accredited advertising agencies could not be termed as payment of commission, and accordingly no TDS is required to be deducted under the provisions of section 194-H of the Income-Tax Act, 1961.
In what could be a major relief to the corporate sector, the Central Board of Direct Taxes (CBDT) has decided not to scrutinize tax returns of more than 1,000 top companies provided no serious disputes are pending against them. The annual returns of tax complying companies would not be scrutinized this year. The decision has been taken by the CBDT to encourage better tax compliance among the corporate,” a senior finance ministry official, who did not wish to be identified, said.
