Sep 3, 2010 direct tax code
If the Direct Taxes Code Bill does not undergo further changes, employees in the lower tax bracket will get more retirement benefits, provided they opt for a higher basic salary. “Contributions made towards retirement benefits are linked to the basic salary. And the Bill has removed the existing cap on employers’ contribution towards the superannuation fund,” says Mayur Shah, associate director, Ernst & Young. Read More..
Sep 3, 2010 direct tax code
Sale proceeds of carbon credits will not escape tax when the new Direct Taxes Code comes into effect from April 1, 2012. This is because the DTC Bill 2010 has explicitly stated that money received or receivable from transfer of carbon credits will be treated as business income and taxed accordingly. Such a provision if enacted will remove the current uncertainty surrounding the taxation of carbon credits, say tax experts. Read More..
Sep 2, 2010 Company Law
Extension of CFC-MCA21 Scheme
Cost Accountants in practice who meet the eligibility criteria prescribed under CFC-MCA -21 Schemes launched by MCA for a period of 2 months w.e.f 01.07.2010 has been extended for a period of three months w.e.f. 01.09.2010 Read More..
Sep 2, 2010 ICAI
Dear All:
Let us recall when, about a year ago, the parents of Indian students studying in Australia were fear-stricken, as violence allegedly on the line of racial discrimination had been reported. Mass and media of our country had raised their voice against this violence. Read More..
Sep 2, 2010 Income Tax
In reply to a RTI application, the department has provided answers to questions on the OECD Guidelines and the effect of the same on the AO and the TPO. Read More..
Sep 2, 2010 Income Tax
Finance Minister Pranab Mukherjee on Wednesday held a closed-door meeting with officials of the Income Tax department in Mumbai in view of the increasing number of tax evasion cases being reported from the financial metropolis. The meet assumes significance as the Mumbai unit of the I-T department is handling probe into high-value cases of tax evasion including the IPL case, probe into the investments of Pune-based stud farm owner Hassan Ali Khan and tax related cases of the top cricketing body of the country – BCCI.
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Sep 2, 2010 Accounting, ICAI
Corruption in the corporate world, the ones like the Satyam scam that shook the Indian corporate sector, cannot be eliminated using any accounting standards nor by an accountant as it happens due to the greed of the people at the helm and not due to any procedure, ICAI President Amarjit Chopra said today. Read More..
Sep 2, 2010 Finance
In a move aimed at increasing its share of current and savings account (CASA) deposits, IDBI has done away with the concept of minimum balance on these accounts and has waived off most service charges except those pertaining to bounced cheques. Read More..
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