The Central Council of the Institute of Chartered Accountants ofIndia (ICAI) has increased the ceiling on the number of tax auditassignments that a chartered accountant can accept in a financial yeareither as partner or proprietor. "The ceiling on ta
This could come as adampener to all those companies that rushed their employee stock option plan(Esop) offers before March 31 to avoid fringe benefit tax (FBT). The financeministry has clarified that FBT will apply on all Esop offers where the physic
Long delays in income tax refunds have promptedthe Finance Minister P Chidambaram to intervene. The Finance Ministerhas told his taxmen to get cracking and speed up the refunds.Hewants the taxmen to monitor all refund cases every month starting fromJ
SERVICE TAX ON WORKS CONTRACTSection 65(105) of the Finance Act, 1994 defines the taxable service in respect of various categories of services. The Finance Bill, 2007 seeks to introduce sub-clause (zzzza) to clause (105) as below: -"(zzzza) to any pe
The Ministry of Finance notified the salient features of new Return Forms for the AY 2007-08, whereby firms were mandatorily made liable to tax audit under s.44AB of the Income Tax Act 1961. Corporate taxpayers had an option to either file their retu
ITR-1return of income for Individuals having salary and interest income andno other income.ITR-2return of income for Individuals and HUFs having income from anysource except from business or profession.ITR-3return of income for Individuals and HUFs b
The system of tax deduction at source (TDS) could be expanded furtherto include more business under its domain. This means more types ofbusiness will have to deduct the tax, before making payments to parties.The revenue department is also considering
COMPANIES hoping to escape the fringe benefit tax (FBT) on employeestock option plans (Esop) by allotting shares to their employees aheadof the government notification are in for a rude shock. The tax will beapplicable from April 1, 2007, and, theref
The trading community may soon come under greater income tax scrutiny.The finance ministry is likely to conduct income surveys based onaddresses picked up from trade directories. According to officialsources, the move would boost revenue collection a
Annual Supplement To Foreign Trade Policy: The Day After Aday after the Annual Supplement to the Foreign Trade Policy 2004-09 wasunveiled, confusion prevailed over a key pronouncement related toservice-tax benefits for the Indian exporters. At a CI
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)