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ICAI e-Journal (May 2013)

02 May 2013 at 09:58

ICAI e-Journal (May 2013)

Posted in Others | 6 comments | 28662 Views

Clarification on Amendment to Section 206-C of Income Tax Act dealing with Tax Collection at Source (TCS) on Sale of Bullion or Jewellery in Cash

02 May 2013 at 09:43

Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh is subject to Tax Collection at Source (TCS) @ 1%. As coins were neither included in bull

Posted in Income Tax | 4 comments | 33798 Views

Corporate Social Responsibility and the Existing Companies Law

01 May 2013 at 10:48

There is no provision for Corporate Social Responsibility (CSR) spending by companies in the existing Companies law i.e. Companies Act, 1956. However, the Companies Bill, 2012 incorporates a provision of CSR under Clause 135. Giving this informati

Posted in Corporate Law | 4 comments | 17937 Views

ICAI- President's Message - May 2013

01 May 2013 at 09:56

Ethics is all about our becoming and feeling responsible about everything that is around us. We are responsible only when we appreciate everything that is ethical and denounce all that is not ethical around us.

Posted in Others | 2 comments | 10668 Views

New Norms for XBRL Filing

30 April 2013 at 17:50

New norms have been put in place for Extensible Business Reporting Language (XBRL) filing with effect from 6th October, 2011 for select class of companies. For the financial years 2010-11 and 2011-12 a total of 2,90,39 and 2,57,86 companies respe

Posted in Corporate Law | 1 comments | 21342 Views

The tax payer should be seen as an important partner in generating revenue for all our National Endeavours, says President

30 April 2013 at 10:43

The President of India, Shri Pranab Mukherjee attended the Valedictory Ceremony of the 65th Batch of Indian Revenue Services today (April 29, 2013) at Nagpur. Speaking on the occasion the President said tax collection is neither a simple nor pop

Posted in Others | 5190 Views

Date sheet for CA IPCC and CA Final Exam for May 2013

29 April 2013 at 12:20

CA final exams will be started from 2nd May 2013 and ended on 16th May 2013 CA IPCC will be started from 3rd May and ended on 15th May 2013 CA IPCC Exam Date Sheet for May 2013 Date May 2013 Day Exam

Posted in Students | 4 comments | 91692 Views

ITOUs set up in Indian Missions abroad to unearth black money

27 April 2013 at 11:50

Income Tax Overseas Units have been set up in Indian Missions abroad as part of efforts to unearth black money. Tax Officers at the level of First Secretary are being posted to Income-tax Overseas Units (ITOUs) in Indian Missions abroad to maint

Posted in Income Tax | 1 comments | 12471 Views

Tax Foregone Statement

27 April 2013 at 11:48

The salient features of the Tax Forgone Statement issued by the Government are as under: • This Statement seeks to list the revenue impact of tax incentives or tax subsidies that are a part of the tax system of the Central Governm

Posted in Income Tax | 11016 Views

Penal Provisions on Service Tax Evasion Cases

27 April 2013 at 11:44

The cases of service tax evasion have increased during the recent time. The details are as under: Year No. of cases detected Service tax evasion involved (Rs. in crores) 2010-11

Posted in Service Tax | 15147 Views