CAclubindia News

Trusts have to apply for income tax exemption by May 31

18 May 2007 at 00:08

A charitable or religious trust or institution,which wants to be condoned for delay in earlier years in registrationunder the Income Tax Act for exemption, can file its application by May31. Registration under Section 12 A of the Act is a pre-conditi

Posted in Income Tax | 4401 Views

Hassles in new forms

18 May 2007 at 00:00

Hassle-free assessment may be difficult, as the new forms have a fairshare of ambiguities and inconsistencies.

Posted in Income Tax | 5688 Views

I-T department probing tax evasion through duplicate PANs

17 May 2007 at 13:23

The income tax department is probing tax evasion cases done through duplicate permanent account numbers (PANs), including over 100 cases detected by the Delhi Police. The sources said the I-T department has obtained information from Delhi Police auth

Posted in Income Tax | 3627 Views

Your income may rise, for tax purposes

16 May 2007 at 00:09

Your income, at least for taxation purposes, is likely to rise in the eyes of the government. The finance ministry is planning to bring in a few more income streams, including earnings currently exempt from tax under double taxation avoidance agreeme

Posted in Income Tax | 4272 Views

Auditors with only ICAI certificate to scan books of listed firms

13 May 2007 at 01:22

Following the request of the Securities and Exchange Board of India (Sebi), the Institute of Chartered Accountants of India (ICAI) has decided that the audit of listed companies and public sector undertakings will be conducted only by auditors holdin

Posted in Audit | 7536 Views

CAs can accept more tax audit assignments

13 May 2007 at 01:14

The Central Council of the Institute of Chartered Accountants ofIndia (ICAI) has increased the ceiling on the number of tax auditassignments that a chartered accountant can accept in a financial yeareither as partner or proprietor. "The ceiling on ta

Posted in Audit | 8205 Views

Half-baked Esops won't escape FBT

13 May 2007 at 00:53

This could come as adampener to all those companies that rushed their employee stock option plan(Esop) offers before March 31 to avoid fringe benefit tax (FBT). The financeministry has clarified that FBT will apply on all Esop offers where the physic

Posted in Income Tax | 3879 Views

Govt to clear pending tax refunds

13 May 2007 at 00:46

Long delays in income tax refunds have promptedthe Finance Minister P Chidambaram to intervene. The Finance Ministerhas told his taxmen to get cracking and speed up the refunds.Hewants the taxmen to monitor all refund cases every month starting fromJ

Posted in Income Tax | 4212 Views

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 | 15363 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 | 5826 Views