The Institute of Chartered Accountants of India (ICAI) is likely to come out with insurance specific accounting standards in the next three months, a top official said. “We are likely to come out with it (insurance sector accounting standards) in the next two-three months,” ICAI President, Uttam Prakash Agarwal, told.
Income tax officials from India could be posted in the tax haven nations to collect information about tax evasion from these countries; if a proposal made by a committee set up to investigate abuse of tax treaties goes through.
The Finance Ministry on Thursday defended the concept of gross assets tax proposed under the new direct taxes code, stating that it met both “efficiency” and “equity” considerations. The proposal to go in for a minimum alternative tax (MAT) based on gross assets may be “unconventional” for India, but certainly not from the point of […]
Empanelment status of C A Firms for conducting PSU Audit for the year 2009-10 can be viewed by visiting http://cagofindia.delhi.nic.in/caempanel/empstat-08.asp To check the empanelment status, please put name of applicant firm (at least three Characters ) or Online Acknowledgement Number or CAG’s Empanelment Number or Firm’s Station then click the submit button.
The Central Board of Direct Taxes ( CBDT) has directed re-opening of all cases under the search and seizure label, income-escaping assessments and deductions claimed from profits and gains on all eligible businesses.
The following Bences will not function during the period 31.08.09 to 03.09.09 ” A-1, E-1, K, L & SMC” The cases are adjourned to respective dates.please see separate Notice.
Announcing the foreign trade policy 2009-14 here on Thursday, Mr Anand Sharma, Union Commerce Minister said, the Government wanted to provide a stable policy environment conducive for foreign trade and accordingly, it has been decided to continue with the DEPB (Duty Entitlement Pass Book Scheme) up to December 2010 and income-tax benefits under Sec 10 (A) for IT industry and under Sec 10 (B) for 100 per cent export oriented units for one additional year till March 31, 2011.
Educational institutes having multiple objectives, including imparting education, cannot be denied the benefit of income tax exemption, the Delhi High Court has ruled. Allowing a petition of Jaypee Institute of Information Technology Society (JIITS), a division Bench headed by Justice A K Sikri asked the Director General of Income Tax to register the deemed university under the Income Tax Act and provide tax benefits.
The Central Board of Direct Taxes (CBDT) has advised its field formations to scrutinise all cases in which companies have amortised foreign exchange losses under the one-time discretion allowed by the government through an amendment to Accounting Standard 11 (AS-11).
Rajasthans income tax department recovered over Rs 10 crore from eight bank lockers of a stock broker in Jaipur on Tuesday. Damodar Modi, who also deals in real estate, is a member of the VHP and, according to sources, was allegedly a money laundering agent for some senior BJP leaders.
