Important Announcement for Members- CPE Credit Requirements for Members of the Institute :We would like to inform the members, the CPE Credit Requirements for the rolling period of three years starting from the calendar year 2008 as given below:CPE Credit Requirements for members of the Institute All the members who are holding Certificate of Practice (except those members who are residing abroad), unless exempted, are required to
The Chartered Accountant firms who had applied for empanelment for audit of Public Sector Undertakings during January 2007 – February 2007, are requested to update their data (online) for the year 2008-2009. The data is to be updated even if there is no change in the constitution of the firm.
As usual the last date for filing of Form No. 704 i.e. VAT Audit Report for 2005-06 and 2006-07 is extended to 31st March 2008. Judgment on the same is expected on 22nd February 2008.
A mere allegation of corruption not backed by credible evidence would not be sufficient to direct the country’s intelligence organisations to reveal information under the RTI Act, the Central Information Commission (CIC) has held.
You may soon be able to complete all the boring government work done at a single destination.The state cabinet on Monday gave its approval to the Delhi Online project – that has been christened Jeevan – under which kiosks will be set up all over the city to provide single window facilities for a number of services relating to various departments of the Delhi government and also other agencies like MCD, NDMC and MTNL.
Individuals will have to start reporting their income from all sources in due course, including tax-free income.The government is vetting a proposal to shift from an exemption to a deduction-based regime for reporting income, a government official said. This means while computing the tax outgo, an individual has to include income from all sources and then claim a deduction on tax-free income. The objective of the proposal, set to feature in the new income-tax code, is to establish an audit trail.
The Institute has been receiving complaints from members of the Institute, proprietary concerns and firms of Chartered Accountants alleging that they have come across audit reports, balance sheets, certificates etc. of different entities submitted by the said entities/someone with Banks, Financial Institutions, Income-Tax Department, etc. wherein they find that their signatures, seal/stamp have been forged and /or such documents have been prepared on their forged letterhead etc. The members of the Institute, proprietary concerns and firms of chartered Accountants have been requesting the Institute to take necessary legal action in such matters.
The Supreme Court will decide whether recovery of government dues, including income tax and excise, should get priority over liabilities of banks and other creditors while dividing the assets of a sick company. Tax authorities have moved the apex court challenging the Punjab and Haryana High Court which held that excise dues cannot get priority over liabilities of secured or unsecured creditors, banks and financial institutions.
The controversial double tax avoidance treaty between India and Mauritius is likely to survive despite pressure from the income-tax authorities. The pact may be reworked, but not scrapped, thanks to the lobbying by a high-level delegation headed by Mauritius Prime Minister Navinchandra Ramgoolam.
The Finance Act, 2007 changed the taxation of securities issued by an employer to its employees from April 1, 2007 (assessment year 2008-2009), by levying fringe benefit tax (FBT) on the employer in respect of securities, defined in section 2(h) of the Securities Contracts (Regulation) Act, 1956, including Employees’ Stock Options (ESOP), and sweat equity shares, which may be allotted or transferred directly or indirectly to the employees (former or current) free of cost or at concessional rate for consideration other than cash for providing know-how, intellectual property rights or value additions.
