Industry chamber FICCI has urged the Finance Ministry to amend the budget proposal of imposing Fringe Benefit Tax (FBT) on employee stock options (ESOPs) at the hands of the employer. Instead, ESOPs should be taxed only as perquisites or capital gain
The I-T department, which believes that Hutch-Vodafone deal falls under the capital gains tax ambit in India, may scrutinise similar transactions.Transfer of beneficial interest of any asset in the country was liable to capital gains tax, a departmen
In a bid to reduce harassment of tax payers, the income-tax departmentis mulling setting up five centralised return processing centres indifferent parts of the country. Theconcept is to provide one-stop service to a tax payer at onecentralised place
The government is planning to place the income-tax rates in the newdirect tax code schedule. The schedule is akin to an annexure to theAct. This will give the government flexibility to change them withoutdisturbing the whole Act."Weare looking at sub
THINGS got even better for chartered accountants (CAs). Over 300 topcorporates, including multinationals have begun focusing on campusrecruitment offering a 150% jump in starting salaries.CAs command up to Rs 27 lakh per annum compared to the startin
My dear colleagues,Sub.: Allotment of bank branch auditsYoumight be aware that the Reserve Bank of India has recently decided torestrict audit of bank branches, to such branches whose advances aremore than Rs.5 crores. Hitherto, this limit of auditab
NEW DELHI: Here's some goods news for all you taxpayers. You won't miss Saral. The government has decided to dilute the complex Form 2F for filing income-tax returns, which the IT department had painstakingly prepared only to face universal criticism
Individual taxpayers, too, soon may have to file returns electronically.TheCentral Board of Direct taxes (CBDT) is considering a proposal to makeelectronic filing of income tax returns compulsory for certain class ofassesses. "We have taken the power
The Institute of Chartered Accountants of India has taken up cudgelswith the Reserve Bank of India after the banking regulator relaxednorms and spared bank branches with less than Rs 5 crore business fromcompulsory audit.TheRBI move has huge ramifica
CAI proposes new course for accounting technicians In a movethat could open up an entirely new stream in the accounting professionand create millions of jobs, the Institute of Chartered Accountants ofIndia has proposed a new course for those who cou
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