Monthly archive

March 2009

The right medicine?

March 19, 2009
The present crisis of confidence in the audit profession among users and stakeholders, arising from recent market events has to be addressed in a fair manner. The profession, regulators and all concerned have to determine – what is the right medicine? A professional issue requires a professional response. Thus, the

Commerce department backs tax exemption for SEZ services

March 19, 2009
The finance ministry should exempt companies in special economic zones (SEZ) from paying tax on the services they consume instead of making them seek refunds, according to the commerce department. Earlier this month, the finance ministry had notified that instead of being exempt, companies within SEZs would have to claim

Relief for export units as CBDT untangles tax net

March 19, 2009
The Central Board of Direct Taxes (CBDT) has instructed income-tax officials to allow export-oriented units (EOUs) approved by development commissioners to claim tax exemption, ending the uncertainty over tax benefits to EOUs. “It has been decided that an approval granted by the development commissioner in the case of an export-oriented

Personal Tax: 10 things to do before March 31

March 9, 2009
Indian financial year runs from 1 April to 31 March. Accordingly, the Income-Tax Return is to be prepared and filed for the relevant financial year. 31st March is an important date as it marks the end of a financial year. The last few weeks are when we rush for the