CAclubindia News

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 | 5856 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 | 5943 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 | 3609 Views

Chartered Accountant Killed on Duty

13 June 2007 at 21:59

We inform with grief that our professional brother CA Rajesh Rattan Goyal, 37, was stabbed to death in his office in Chandigarh on 22nd May 2007. It is highly suspected that he was murdered for his vigilance and ethical conduct while performing his p

Posted in Others | 1 comments | 9726 Views

Lucrative BPO jobs to fuel CA shortage

12 June 2007 at 07:02

TIMES NEWS NETWORK[ MONDAY, JUNE 11, 2007 12:51:05 AM]CHENNAI: India isset to face a shortage of practising charteredaccountants as they findworking in industry more lucrative. Thegrowth of business processoutsourcing (BPO) firms in accounting,financ

Posted in Career | 8301 Views

SC: Failure to file I-T returns not suppression of income

12 June 2007 at 02:42

Omission or negligence on the part of an assessee to disclose properparticulars of his income-tax returns would not necessarily constitutea deliberate act of suppression to invite punitive action from taxofficials, the Supreme Court has ruled. Concea

Posted in Income Tax | 4488 Views

Beta version of E-filing Software for new income tax returns released

10 June 2007 at 04:30

Theprocess of electronically filing Income tax returns through theinternet is known as e-filing. It is mandatory for Companies and Firmsrequiring Section 44AB audit to submit the Income tax returnselectronically for AY 2007-08. Any Company and Firm r

Posted in Income Tax | 10968 Views

Multi Purpose empanelment Form for 2007-2008

09 June 2007 at 03:40

Multipurpose Empanelment Form for the year 2007-08Members may please note that the Multipurpose Empanelment Form for the year 2007-08 is likely to be hosted around mid of June, 2007. Members may also note that clear 30 days time would be given for fi

Posted in Audit | 10098 Views

Be courteous: FM tells Income Tax dept

09 June 2007 at 00:44

The Income Tax department should be "friendly and courteous" towardsthe tax-payers while recovering levies, Union Finance Minister PChidambaram said on Friday. Inaugurating a Rs 38 croremulti-storeyed tower for the department

Posted in Income Tax | 3600 Views