CAclubindia News

Income tax search after death of taxpayer is it possible??

22 June 2007 at 00:44

INCOME Tax search is a common and regular phenomenon. Every other dayit is reported by the media. It becomes more headline-grabbing duringthe last leg of the fiscal when certain targets are to be realised. Butcan it be conducted even after the death

Posted in Income Tax | 4626 Views

Bull's eye-Mr. Finance Minister

21 June 2007 at 08:17

The Centre's net direct tax collections up to June 18 this fiscal stood at Rs 37,444 crore, registering a 57.5 per cent increase over the collections recorded in the corresponding period in the previous year. The collection level so far includes adva

Posted in Income Tax | 2919 Views

Mandatory cost auditing norms may be revised

21 June 2007 at 07:38

June, 21st 2007Sensitive operational details of a large section of corporate India are likely to come under government scrutiny soon. The ministry of corporate affairs has started reviewing the way it orders mandatory cost audits on companies to opti

Posted in Audit | 3 comments | 4575 Views

Enhancement of article seats to take 45 more days.

21 June 2007 at 01:45

Announcement Enhanced Articled Assistant Entitlements and related mattersVide Notification bearing no.1-CA(7)/102/ 2007(E) dated 26th April,2007, objections/suggesti ons were solicited on the draft amendmentspropo

Posted in Career | 4347 Views

Accounting norms change to take a toll on SBI profit

20 June 2007 at 02:30

State Bank of India's profits are expected to take a hit of Rs 800 crore for each of the next five years with the bank needing to make additional provision of around Rs 4,000 crore due to changes in accounting norms for employees' retirement benefits

Posted in Accounts | 1 comments | 4419 Views

CFA Institute may not hold December exams in India

19 June 2007 at 00:50

The Chartered Financial Analyst (CFA)Institute's level I exams scheduled for December 2007, registrationsfor which began this September, might not be held in India. "We are following the court's order by not admittingnew candidates in the cours

Posted in Career | 5421 Views

Tax revenues to cross $143 bn by 2010

18 June 2007 at 04:06

India's revenues from corporate tax, income tax, custom and exciseduties, and service taxes will touch Rs.580,816 crore (Rs.5.80 trillionor $143 billion) by 2009-10, according to a study. Collectionsfrom corporate and service taxes as also income tax

Posted in Income Tax | 3312 Views

Distinction between shares held as stock-in-trade and shares held as investment

16 June 2007 at 00:44

CIRCULAR NO. 4/2007, DATED 15-6-2007The IncomeTax Act, 1961 makes a distinction between a capital asset and a tradingasset.2. Capitalasset is defined in Section 2(14) of the Act. Long-term capital assets andgains are dealt with under Section 2(29A) a

Posted in Income Tax | 5853 Views

Tax exemption to charitable and religious entities modified

15 June 2007 at 01:38

Sections 11 and 12 of the Income Tax Act, 1961 provide for exemption of income of charitable and religious entities. In order to avail of such exemption, the entity is required to make an application for registration under section 12A in form No. 10

Posted in Income Tax | 5934 Views

MFs fear slowdown in growth due to PAN rule

14 June 2007 at 01:28

In a bid to prevent a slowdown in investments in the mutual fund(MF) sector, the Association of Mutual Funds of India (Amfi) has mooteda proposal to market regulator Sebi that the July 2 deadline of makingPAN card compulsory be staggered or introduce

Posted in Income Tax | 3603 Views