CAclubindia News

Service Tax on Work Contract

11 May 2007 at 01:41

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

Posted in Service Tax | 1 comments | 15351 Views

CBDT introduces New Series of Forms for filing of Income Tax Return for the Assessment Year 2007-08

10 May 2007 at 14:00

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

Posted in Income Tax | 5820 Views

Annexure less

10 May 2007 at 11:52

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

Posted in Others | 4659 Views

TDS likely to be restructured soon

24 April 2007 at 08:21

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

Posted in Income Tax | 4968 Views

FBT cutoff: Esops get April Fool's Day surprise

24 April 2007 at 08:21

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

Posted in Corporate Law | 4692 Views

More I-T scrutiny round the corner

24 April 2007 at 08:20

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

Posted in Income Tax | 5052 Views

Confusion over service tax

24 April 2007 at 08:19

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

Posted in Service Tax | 5196 Views

CAs can train more article clerks

24 April 2007 at 08:18

The Institute of Chartered Accountants of India (ICAI) has raised the entitlement of training articled assistants. This means that the number of students for articleship training under a practising Chartered Accountant (CA) will now be increased. Wit

Posted in Students | 29940 Views

Useful CA final notes for May 07

18 April 2007 at 01:57

LAST MINUTE REVISION NOTES ON MICShttp://www.zshare.net/download/lmr-mics-1-doc.html(revision material)AUDITING NOTEShttp://www.zshare.net/download/auditing_notes-doc.html(160 pages doc file- 1.1 MB, open read only)SUMMARY OF TAXABLE SERVICEShttp://w

Posted in Students | 23451 Views

Tenant needs a TAN to live here

06 April 2007 at 05:10

LIKE residents, many non-resident Indians (NRIs) too have found the lure of investing in real estate irresistible. This has happened despite the fact that it is a herculean task for these NRIs to maintain their vacant apartments. Individuals who take

Posted in Income Tax | 5376 Views