|
Written by P.T. GOVINDARAJAN
|
|
Friday, 21 August 2009 14:57 |
|
Background As a first step towards simplifying and bringing about structural changes in direct taxes, the new Direct Taxes Code (DTC) Bill 2009 has been released for public debate. This is expected to be presented in the winter session 2009 of the Parliament. The Code, once enacted, is proposed to be effective from 1st of April 2011. The Code attempts to simplify the language to enable better comprehension and remove ambiguity. It is expected that this would specially meet the aspirations of the young and professionally mobile population. The Code has been drafted considering the “principles that have gained international acceptance”.
|
|
|
Written by P.T. GOVINDARAJAN
|
|
Wednesday, 19 August 2009 18:17 |
|
Flash news from the Ministry of Finance: The Central Board of Direct Taxes had, vide circular No.3/2009 dated 21.05.2009, allowed assessees who file their income tax returns in electronic form without digital signature to submit their verified ITR-V form, within a period of 30 days, thereafter. The ITR-V form was required to be sent to Post Bag No.1, Electronic City Post Office, Bengaluru, Karnataka-560100, by ordinary post. It has now been decided to extend the time limit for filing the ITR-V form by relaxing the stipulations in the circular dated 21.05.2009. The ITR-V form relating to returns which have been filed electronically (without digital signature) on or after 1st April, 2009 can now be filed on or before the 30th September, 2009 or within a period of 60 days of uploading of the electronic return data, whichever is later. The ITR-V should continue to be sent by ordinary post to Post Bag No.1, Electronic City Post Office, Bengaluru, and Karnataka-560100.
|
|
Written by P.T. GOVINDARAJAN
|
|
Monday, 03 August 2009 17:26 |
|
The Income-Tax Appellate Tribunal (ITAT) has held that anticipated losses on incomplete projects are allowable as a deduction, subject to that being calculated in accordance with Accounting Standard 7 (AS7). The ITAT passed the order in an appeal filed by assessee Jacobs Engineering, which is involved in the business of executing work contracts. Jacobs Engineering claimed a deduction for ‘foreseeable losses’ for FY03 and FY04, on incomplete projects that were disallowed by the assessing officer and the commissioner of income tax on the grounds that it was merely an anticipated loss based on an estimate.
|
|
|
Written by P.T. GOVINDARAJAN
|
|
Tuesday, 04 August 2009 16:15 |
|
The Central Board of Excise and Customs has issued a clarification on the applicability of Service Tax in respect of the commission paid to the Managing Director/ Directors of companies, on July 31, 2009. It has been clarified that : 1. Payments termed as ‘commission’ made to a Managing Director/ Directors, whether whole-time or independent, would not be ‘commission’ as envisaged under the Service Tax category of Business Auxiliary Services. Hence, payments of commission made to the Managing Director/ Directors would not be subject to Service Tax.
|
|
Written by P.T. GOVINDARAJAN
|
|
Saturday, 01 August 2009 12:24 |
|
The questioning of Ramesh Rajan, chairman and CEO of PricewaterhouseCoopers, India (PwC) by CBI last week, has revealed that the Satyam balance sheets were in fact audited by Lovelock & Lewes and not Price Waterhouse (PW) - a revelation after 7 months. It is also learnt that the auditing fees, though billed and collected by and deposited in the name of Price Waterhouse, Bangalore, was later transferred into the account of Lovelock & Lewes. "It is from here that the partners S Gopalakrishnan and Srinivas Talluri withdrew the money," sources involved in the investigation of the case told TOI. Nothing has been mentioned about which firm has accounted the fees as income or the TDS thereon.
|
|
|
|
|
<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>
|
|
Page 5 of 20 |
