CAclubindia News

Tax compliance in India improving steadily

16 October 2007 at 19:59

85% assessees file tax returns now Number of returns filed after notices has dropped sharply. Tax compliance in India is improving steadily. Four years ago, 76 per cent of the 28.8 million tax-payers (assessees) filed annual income tax returns.

Posted in Income Tax | 1 comments | 3240 Views

Injunction against ST on Rent of commercial Buildings

16 October 2007 at 13:22

The Madras High Court has granted an interim injunction restraining the Union Finance Ministry from collecting service tax on rent of commercial buildings following a petition filed by General Star Kitchen Pvt Ltd, which operates a restaurant in Chen

Posted in Service Tax | 2 comments | 9384 Views

Procedure in inquiries as to misconduct of ICAI members

15 October 2007 at 17:05

Section 21 of the Chartered Accountants Act, 1949 - Procedure in inquiries relating to misconduct of members of institute - Notified Director DisciplineNOTIFICATION NO. 1-CA(7)/104/2007, DATED 8-10-2007In exercise of the powers conferred by sub-sect

Posted in Career | 3933 Views

ICAI comes out with new Accounting Standard

15 October 2007 at 15:05

Corporates houses, banks and financial institutions have got just 18 months to begin the changeover to a new set of transparency, inducing accounting standards that will have a major impact on their financial statements. The new norms to classify, va

Posted in Accounts | 10071 Views

Heights become tax lows for businessmen

14 October 2007 at 15:03

Call them covert SEZs. To an enterprising businessman these pockets resemble tax havens. Places such as Leh in J&K, Itanagar in Arunachal Pradesh, Shillong and Tura in Meghalaya, Aizwal in Mizoram and many others have become hotspots for big-ticket i

Posted in Income Tax | 2988 Views

ICAI to clarify AS for real estate co's-SEBI!!

14 October 2007 at 14:47

The Securities and Exchange Board of India (Sebi) has asked the Institute of Chartered Accountants of India (ICAI) to clarify the accounting standards that real estate companies have to follow.The capital market regulator has noticed that different r

Posted in Accounts | 5049 Views

GUIDANCE NOTE ON TAX AUDIT U/S 44AB

13 October 2007 at 23:01

For the kind attention of members Guidance Note on Tax Audit Under Section 44AB of the Income-tax Act, 1961Changes approved subsequent to the publication of the Supplementary Guidance Note.For further details on the guidance note click on the followi

Posted in Income Tax | 20817 Views

TAX-FREE INVESTMENT LIMIT MAY BE HIKED

12 October 2007 at 22:03

Individual tax payers may be in for some cheer. The tax-free investment limit for individuals may soon be hiked from the present Rs 1 lakh to Rs 1.5 lakh. The proposal that the government is deliberating has a condition though: the additional Rs 50,0

Posted in Income Tax | 8991 Views

Help Desk for Nov 07 CA Exams !!

12 October 2007 at 10:58

Help Line Desk - Do you have any query about NOVEMBER, 2007 examination? The Help Line Desk will be functional from 10th October to 6th November, 2007 for 24 hours on all days (inclusive of holidays and Sundays) to attend to any query relating to the

Posted in Students | 11625 Views

Uploading of Returns & 44AB Audit Reports

12 October 2007 at 01:13

Uploading of Returns & 44AB Audit Reports The report of audit under section 44AB is not to be attached with the return.It should not be furnished separately also before or after the due date.However, an assessee should get the report of audit from a

Posted in Audit | 11343 Views