Community & General News
Cash Withdrawal at Point-of-Sale
23 July 2009 at 11:26Cash Withdrawal at Point-of-SaleRBI/2009-10/105DPSS.CO.PD.No. 147/02.14.003/ 2009-1022nd July 2009ToAll System Providers (VISA / MasterCard / American Express), All Scheduled Commercial banksDear Sir,Cash Withdrawal at Point-of-Sale (POS)Presently c
Refrain from sending separate empanelment to NABARD
15 July 2009 at 16:52As everybody is already aware, National Bank for Agriculture and Rural Development (NABARD) takes panel from the Institute of Chartered Accountants of India for the empanelment of Statutory Auditors of Regional Rural Banks. (RRBs)In this context, it
Cases referred to the Serious Fraud Investigation Office
13 July 2009 at 12:26In all, 37 cases were referred to the Serious Fraud Investigation Office (SFIO) during the last three years i.e. during the years 2006-07, 2007-08 and 2008-09.Out of these 37 cases, investigations in respect of 9 cases have been completed. The number
Professionalism as a Tool to Economic Growth
13 July 2009 at 10:35Professionalism as a Tool to Economic GrowthCelebrating Sixty year of historic run and this year as ICAI’s Diamond Jubilee Year, The Institute of Chartered Accountants of India (ICAI) organized a Diamond Jubilee Conference for its members with
Launch of XBRL India Website
13 July 2009 at 10:32Launch of XBRL India WebsiteXBRL (eXtensible Business Reporting Language) XBRL (eXtensible Business Reporting Language) is a novel way of electronic communication of business and financial data which is revolutionizing business reporting around the w
Taxing transactions without or inadequate consideration
09 July 2009 at 17:18Taxation of certain transactions without consideration or for an inadequate consideration as income from other sources Section 56(vi) provide that any ‘sum of money’ (in excess of the prescribed limit of Rupees fift
Budget aimed at demand led growth - ICSI
08 July 2009 at 10:56The Institute of Company Secretaries of India (ICSI) welcomes the development oriented budget of the new Government boosting the economy through renewed emphasis on infrastructure, agriculture, rural economy and exports for ‘inclusive gro
Enhancement of the limit for payment of advance tax
07 July 2009 at 16:24Enhancement of the limit for payment of advance tax Under the existing provisions of section 208 the Income-tax Act, liability for payment of advance tax during a financial year arises when the amount of such tax payable during that year is Rs.5
Computation of profits and gains of business on presumptive
07 July 2009 at 15:59Computation of profits and gains of business on presumptive basis- Section 44ADSection 44AD prescribes a method of presumptive taxation for assessees engaged in the business of civil construction or supply of labour for civil construction in wh
Expenditure upto 35000 in cash allowed to transporter
07 July 2009 at 15:07Expenditure made of more than 20000 in cash allowed to transporterEnhancement of limit for disallowance of expenditure made in the case of transporters Under the existing provisions of the Income-tax Act, where an assessee incurs any expenditure, in
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