The Value of ‘Other People’s Money’
SOME things never change. When President Obama spoke last week of “shameful
Earlier Posts
Tax benefit brings Gujarat back in favour with drug cos
February 5, 2009
Gujarat, the traditional centre of gravity of the pharma business in India that had lost out to states such as Himachal Pradesh, Goa, and Uttarakhand in the past few years, is regaining lost ground on the strength of tax cuts announced in last year’s budget. Pharma firms, including around 100
Special Economic Zones & Service Tax – Issues & Implications
February 5, 2009
Since the provisions of the SEZ Act and the said notification No 4/ 2004-ST are inconsistent, the provisions of the SEZ Act would prevail in terms of section 51 of the SEZ Act. Accordingly, the services provided to SEZ developers or units shall be exempt from payment of service tax
No need for proof to claim LTA, conveyance: SC
February 4, 2009
EMPLOYERS, while assessing the conveyance, and leave and travel allowance (LTA) claims of their staff, are under no statutory obligation to collect supporting evidence and furnish them to the tax authorities, the Supreme Court said on Wednesday. A bench comprising Justice SH Kapadia and Justice Aftab Alam said assessee employers
Scope of an audit is different from that of an investigation
January 30, 2009
Investigators, regulators and stakeholders of fraud-hit Satyam Computer Services attribute auditor’s failure in detecting the fraud to either negligence, incompetence or blatant connivance with the promoters who cooked books for years. Ideally, auditors, who accept hefty fee, should ensure that they independently verify all documents they rely on before certifying
ICAI proposal may hit audit firms here
January 29, 2009
Indian audit firms, that informally work as the audit arms of big foreign accounting firms, may soon have to sever their foreign affiliations, if accounting and auditing rule maker ICAI has its way. In what could be a fall-out of the Satyam account fabrication episode, the Institute of Chartered Accountants
Limited Liability Partnership Act, 2008
January 27, 2009
Limited Liability Partnership Bill has received the accent of Honourable President of India on 7-Jan-2009 and has now become a legislation and is to be called as ‘Limited Liability Partnership Act, 2008’ vide Notification in the Official Gazette on 9-Jan-2009.
Taxation of in-transit sales
January 27, 2009
In a recent decision in A&G Projects & Technologies Ltd Vs State of Karnataka [(2008) VIL 40 SC], the Supreme Court has laid down certain important principles governing the taxation of inter-State sales of goods under the Central Sales Tax Act 1956 (The Act). The three key Sections 3, 6
Failure to remit tax will invite prosecution: IT dept
January 27, 2009
Noticing instances of non-remittance of Tax Deducted at Source (TDS), the Income Tax department on Thursday said that any failure to remit the tax would attract serious consequences including prosecution. The stipulated dates in respect of tax deducted to be remitted to central government were – "if deduction is by
1,550 PF trusts may lose I-T benefits
January 27, 2009
Over 1,550 private provident fund trusts run by Indian companies could lose their income tax benefits in less than three months time. These private trusts enjoy tax benefits on the basis of their affiliation to the Employees Provident Fund Organisation (EPFO) through temporary relaxations granted by it. The deadline for
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