Posted on March 22, 2010 with No Comments
Bank branch Audit is one of the more important assignments carried out by the Small & Medium Practicing Firms. The focus is on delivery of quality audit amidst time constraints. This poses a challenge for the Practicing unit - to be updated on the various circulars pronounced by RBI, adapt to technological changes in the Banks, train the team and maintain documentation as required under SAP, amongst others. Read More »
Posted on March 10, 2010 with No Comments
The Finance Bill proposes to amend the provisions of section 271B of the Act, raising the amount of maximum penalty leviable from Rs.1 Lakh to Rs.1,50,000. penalty for default in getting the accounts audited under section 44AB shall be ½ % of the total sales turnover or gross receipts subject to maximum of Rs. 1,50,000.
Posted on March 10, 2010 with No Comments
The Finance Bill proposes to amend section 260A(2) to empower the High Court to admit an appeal after the expiry of a period of 120 days if it is satisfied that there was a sufficient cause for not filing the appeal in time.
This amendment is proposed to be st retrospective from 1 October 1998. A similar amendment is being made in section 256(2A) to admit a reference beyond the period of six months on being satisfied about the
Salient features of the Finance Bill, 2010 by Ved Jain reasons for delay. This amendment is being made retrospectively, w.e.f., 1st June 1981. A corresponding amendment has been proposed in the Wealth Tax Act also.
Posted on March 10, 2010 with No Comments
In view of delay in setting up the Central Processing Centre the period for setting up of this centre under section 143(1B) & under section 115WE is being extended from 31st March 2010 to 31st March 2011. This amendment is also being made retrospectively from 1st April 2010.
Posted on March 10, 2010 with No Comments
The Finance Bill proposes to amend the first schedule of the Income Tax Act to undo the amendment made by the Finance (No.2) Act, 2009 which provided that while computing income of non-life insurance business, appreciation in investment taken credit for in the accounts shall be treated as income liable for taxation. unrealized gains or losses will not be included in the income and the same shall be added or deducted only on the realized investment.
Posted on March 10, 2010 with No Comments
Pay-per-click is an internet advertising model, where advertisers and hosts agree upon a certain amount only when their ad is clicked. With search engines, advertisers typically bid on keyword phrases ,which are of utmost importance to the web market. Host sites commonly charge certain price per click This price can be a fixed or it can be obtained through bid system. In fixed rate system,the agreement between the two parties is on fixed amount.While in bidding system, the advertiser signs a contract and he has to compete with other advertisers in an auction,where each advertiser informs the host of the maximum amount that he or she is willing to pay for a given ad spot,usually using online tools to do so. This auction carries out as and when the ad is trigerred….
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Posted on March 6, 2010 with No Comments
CIRCULAR NO- 03/2010.
Central Board of Direct Taxes
New Delhi, the 2nd March, 2010.
Sub: Tax Deduction at Source on payment of interest on time deposits under
Section 194A of the Income Tax Act, 1961 by banks following Core-
Branch Banking Solutions (CBS) software – reg.
Read More »
Posted on February 28, 2010 with No Comments
Section 282B was inserted by the Finance Act (No. 2) Act, 2009, with effect from the 01-10-2010 Under this provision, an income tax authority is required to allot a computer generated Document Identification Number before issue of every notice, order, letter or any correspondence to any other income tax authority or assessee or any other person and such number shall be quoted thereon. It also provides that every document, letter, correspondence received by an income tax authority or
on behalf of such authority, shall be accepted only after allotting and quoting of a computer generated Document Identification Number.
It is proposed to delay the implementation of the said scheme and accordingly itis provided that the UDIN will be required to be issued only on or after 1st July,2011
The Finance (No.2) Act, 2009 had made it mandatory to allot DIN to every document, letter, correspondence, notice received or issued by the department on or after 1st October, 2010. This Finance Bill proposes to extend the period in respect of DIN from 1st October 2010 to 1st July 2011 by amending the provisions of section 282B of the Act. The extension is being proposed to provide time to develop the infrastructure and facility for the same.
Posted on February 28, 2010 with No Comments
Presently, the corporate entities are liable to pay 15% tax on its book profits u/s. 115JB of the Act, if the said amount is more than the tax computed under the other normal provisions of the Act. Due to the effect of surcharge, education cess and secondary and higher education cess, the effective rate of MAT worked out to be 16.995%. The rate of the MAT is proposed to be increased to 18%. With the reduction in the surcharge on the companies, the effective rate of MAT would be 19.9305% as compared to the effective rate of MAT being 16.995% upto and including A.Y.
2010-11. It may be kept in mind that the excess MAT paid for a year is allowed as a set off, subject to the conditions, in the subsequent year, if and to the extent, the tax as per the normal computation exceeds the MAT. The set off is permissible for a period of 10 assessment years succeeding the assessment year in which the
MAT is paid.
Posted on February 28, 2010 with No Comments
Persons carrying on business / profession are required to get their accounts audited, if their turnover exceeded the threshold limit of Rs. 40.00 lacs for business and Rs. 10.00 lacs for profession. These limits were fixed w.e.f A.Y. 85-86. For giving relief to the small assessees, it is proposed to raise the said threshold to Rs. 60.00 lacs for business and Rs. 15.00 lacs for professionals andaccordingly the assesses, who have their receipts below these thresholds will notbe required to get their accounts audited under section 44AB. Read More »