The Central Board of Direct Taxes have decided to defer the implementation of Notification No. 31/2009 dated 25-3-2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962. The amended / substituted Rules will now come in ..
In a first-of-its-kind judgement, the Income-Tax Appellate Tribunal (ITAT) recently ruled that a recipient of an interest-free loan from a non-relative is not liable to pay tax. The judgement will come as a major relief for people who borrow money f ..
Merely because other clubs follow the very same accounting policy, it cannot be said to be beyond scrutiny or verification as to the correctness and completeness of the accounting practice followed, and there is any deficiency in such accounting prac ..
SC: False promises can invite legal action The Supreme Court indicated that legal action can be taken against political parties or elected representatives for not keeping their promises made in the election manifestos to the public during elections. ..
In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules to amend the Companies (Central Government’s) General ..
Central Bank of India has introduced on-line system of tax receipts to facilitate payment of West Bengal Government’s commercial taxes through the Internet, according to a press release issued by the bank. Nearest CBS branch of the bank may be ..
The accounting regulator the Institute of Chartered Accountants of India (ICAI) has constituted an expert group to suggest sector-specific accounting norms for insurance companies. The move aims at ensuring that financial statements of insurance fir ..
Individual and small corporate taxpayers will get income or corporate tax refunds in four months, with the refund banker scheme spreading across the country soon. The refunds, arising out of tax payments and TDS collections, usually take more than a ..
The countervailing duty (CVD) on cement imports is likely to go. The duty was reimposed in January to give relief to the domestic players and keep a check on the prices. A decision is likely after the Lok Sabha elections. The Builders’ Associa ..
The Serious Fraud Investigation Office in its report on the Satyam fraud has suggested that the RBI should come out with definite guidelines for banks to issue balance confirmation certificates (BCC), to help auditors verify company accounts. " ..
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