Institute of Chartered Accountants of India (ICAI) came under immense public scrutiny after the auditor’s role being questioned in the whole of Satyam fiasco.Now, almost after six months after the Satyam story came to light, ICAI is ready with its investigations on the auditor’s role and is all set to give its verdict soon. The […]
In fresh trouble for Uttar Pradesh Chief Minister Mayawati, the Income Tax Department has filed two appeals in the Income Tax Appellate Tribunal (ITAT) demanding additional tax of about Rs 10 crore for her income for the financial years 2005-2006 and 2006-2007. The income includes gifts received by BSP supremo Mayawati from her party workers […]
The Swiss government has agreed to loosen its banking secrecy laws and share data on tax evasion cases that India may be pursuing, as part of a renegotiation of the Double Taxation Avoidance Agreement that the two countries signed in 1995. Such a reformulated tax agreement will help tighten the legal noose on tax […]
The Securities and Exchange Board of India (Sebi) has finally come out with a circular to clear the ambiguities surrounding new guidelines for portfolio management services (PMS). The regulator said that portfolio managers would now need to operate through individual bank accounts for each customer.
The Employees’ Provident Fund Organisation will not be able to pay more than 8.5 per cent interest on PF deposits during 2009-10 as it has no reserves left following a Rs 139 crore (Rs 1.39 billion) deficit incurred last fiscal. “There are no reserves which could be used as alternative option for additional funds for giving […]
The Institute of Chartered Accountants of India (ICAI) today called for changing the existing curriculum system by bringing in branches of specialisation. Talking to reporters here, ICAI President Uttam Prakash Agarwal said frequent changes in the curriculum in the past had been making it difficult for the students. Releasing the road-map for the next five years […]
Indian CA firms having affiliation with international entities/network – (22-06-2009)ANNOUNCEMENT (For Mandatory compliance) Indian CA firms having affiliation with international entities/network All the CA firms registered with the ICAI having affiliation with international entities/network are requested to furnish the following documents/details to the High Powered Committee of the ICAI: (1) Agreement/contract with the multinational entity; (2) […]
Income tax sleuths on Friday detected tax evasion worth around Rs 14 crore from five developers-cum- real estate agents of Mohali. This is considered to be the biggest detection made by the department during the current financial year. I-T men expect the figure to go up further after scrutiny of account books and computers impounded during […]
In a circular dated May 21, 2009, CBDT, said, The credit for any TDS…claim will be allowed…if the assessee quotes the relevant UTN for every TDS. Simply put, if a UTN is not mentioned against a TDS transaction then the tax already paid by the individual will be considered unpaid.
This follows a recommendation from the income tax department that TDS rates should be structured in three slabs of between one and five per cent for any stream of income. TDS is the final tax payable by an assessee receiving any income as salary, contract fee or dues. It is deducted by the taxpayer while […]
