CAclubindia News

E-payment mandatory from 01.04.08

19 March 2008 at 19:12

Allincome tax payments are mandatorily to be made only electronicallyw.e.f.1.4.2008, for companies and others liable for tax audit undersection 44 AB. The relevant Notification is given below.NOTIFICATION NO 34/2008, Dated: March 13,2008 Inexercise

Posted in Income Tax | 3 comments | 6849 Views

110% rise in corporate advance tax payments

19 March 2008 at 15:30

CORPORATE advance tax payments for the final quarter of the fiscal year have risen sharply, indicating that earnings for the January-March period, scheduled to be announced next month, could be robust. That would be good news for the capital markets

Posted in Others | 3855 Views

US Federal Reserve cuts over night interest rates by 75 basis points

19 March 2008 at 14:58

THE US Federal Reserve has cut interest rates by 75 basis points to bring down the overnight rates to 2.25 in the FOMC meeting held on Tuesday. Prior to that on Friday there was a cut in the rate of interest by 25 basis points in the wake of the resc

Posted in Others | 2472 Views

Tax targets go up only to face low collection level

19 March 2008 at 14:56

New Delhi, Mar 17 In this world nothing is certain but for death and taxes, it is said. But collecting a part of these taxes, estimated at close to Rs 1 lakh crore, is proving to be full of uncertainties for tax authorities. The revenue department ha

Posted in Income Tax | 2706 Views

Guideline for the Members of ICAI relating to Bank Audit

17 March 2008 at 17:38

RBI policy of rotation and resting for statutory branch auditors which was applicable to 17 centres viz., Mumbai, Kolapur, Pune, Solapur, Thane, Kolkata, Chennai, Coimbatore, Delhi/New Delhi, Ajmer, Bikaner, Jaipur, Kota, Udaipur, Ahmedabad, Vadodara

Posted in Audit | 13098 Views

One Lakh Companies lost their registration

16 March 2008 at 23:24

Date 15.03.2008 One Lakh Companies lost their registrationThe government has cancelled the registration of over one lakh Companies for failing to file annual returns, Parliament was informed on Friday. There were about 7,43,628 Companies registe

Posted in Corporate Law | 3 comments | 10734 Views

Clarification of amendment in Penalty for concealment provisions

16 March 2008 at 23:14

In view of the apprehension raised on the retrospective amendment to section 271 of the Income-tax Act, proposed in the Finance Bill, 2008, empowering the assessing officer to, inter-alia, levy penalty in case of concealment of income, the Ministry o

Posted in Income Tax | 4494 Views

Financing of LOAN WAIVER

16 March 2008 at 11:11

FINANCING THE FARM LOAN WAIVER PACKAGE 18:59 ISTFollowing is the text of the statement on Financing the Farm Loan Waiver Package made by Finance Minister Shri P. Chidambaram in Lok Sabha today.1. In my budget speech before the House, I had an

Posted in Income Tax | 3798 Views

Auditors recommended for appointment in Public Sector Bank 07 08

14 March 2008 at 19:12

Satutory Branch Auditors recommended for appointment in Public Sector Bank 07-08Information relating to allocation of auditors/audit firms to various public sector banks for the year 2007-08 is hosted on the web-site of RBI. While forwarding names of

Posted in Audit | 9423 Views

The Next-may be Biometric PAN cards

14 March 2008 at 11:46

Security concerns and duplication of the PAN cards are reasonswhich have prompted the government to look at introducing biometric PANcards. The government is worried that terrorists can easily get a PANcard and open bank accounts or get a mobile conn

Posted in Income Tax | 2 comments | 5859 Views