The CBI and the income tax department are at loggerheads. The reason is the effect of a trap laid by the CBI to catch an income tax officer, T V Mohan who was allegedly accepting a bribe of Rs 4.5 lakh from the chartered accountant of a real estate agent. Mohan was detained on Thursday […]
THE SALES TAX OFFICE HAS OPENED A SEPARATE DESK FOR ACCEPTING THE MVAT AUDIT REPORT (FORM 704). 1.THE MVAT AUDIT REPORT CAN ALSO BE SUBMITTED ON 28TH FEBRUARY & 1ST MARCH 2009. 2.ON ABOVE DATES THE SALES TAX OFFICE IN THE STATE OF MAHARASHTRA WILL BE REMAIN OPEN DURING REGULAR OFFICE HOURS FOR ACCEPTING MVAT […]
TAX evasion and tax fraud through the abuse of charities is a serious and increasing risk in many countries, and some estimate that the abuse of charities costs their treasury many hundreds of millions of dollars. The vast majority of charities are legitimate but some may be targeted by criminals to launder the proceeds of […]
A 19-year-old blogger’s case could forever change the ground rules of blogging. Bloggers may no longer express their uninhibited views on everything under the sun, for the Supreme Court said they may face libel and even prosecution for the blog content. It will no longer be safe to start a blog and invite others to […]
Confirming people’s perception that moving a court for justice was a five-star luxury that few could afford, the Supreme Court on Tuesday observed that only those who have Rs. 50 crore or Rs. 100 crore or Rs. 200 crore could come to the court.
Accounting regulator ICAI has asked the auditors of Maytas Properties and Maytas Infra to reply to the notices sent to them by the body within 30 days. The Institute of Chartered Accountants of India (ICAI) sent them notices after the Government moved the Company Law Board to supersede the boards of these companies on charges […]
Exporters are especially hit by recessionary conditions globally. RBI has taken the following measures to ease credit norms during last few months:- (i) Enhancing the period of pre-shipment and post-shipment Rupee Export Credit by 90 days each; (ii) Extending the applicability of prescribed interest rate as applicable to post-shipment rupee export credit to overdue bills […]
The Institute of Company Secretaries of India (ICSI) has formed a seven-member committee to look into ways to strengthen corporate governance norms in the aftermath of the Satyam scandal. “The ICSI Council, in its recent meeting, deliberated the matter in detail and constituted a core group consisting seven members to go into the issues arising […]
Income tax is a tax on income earned by a taxpayer in a given year. However, activity of a taxpayer may not always result in income. Certain activities may cause losses too. It would be unfair to tax a person on his income, while ignoring the loss. In recognition of this principle, there are elaborate […]
The Income Tax department is all set to move the Supreme Court for a final judgement on its tax claims of around Rs 2,000 crore (Rs 20 billion) in cases involving dividend stripping prior to 2002-03. The taxman had lost the case in the Bombay high court last year. Though the government in 2005 put […]
