| ICAI planning to introduce three-month mandatory training course after CA course New Delhi: Accounting regulator, Institute of Chartered Accountants of India (ICAI), is planning to introduce a three-month mandatory training course for its students who pass the chartered accountancy and accounting technician examination every... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| E & Y Recommendations on key aspects of the draft Direct Tax Code The draft Direct Tax Code Bill, 2009 (DTC or Code) was released for public comments by the Government of India (Government) on 12 August 2009. The stated objective of the DTC is to establish an economically efficient, effective and equitable direct... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Mumbai Larger Bench rules tax holiday not available to a contractor/executor This articles summarizes a recent ruling of the Larger Bench (LB) of the Mumbai Income Tax Appellate Tribunal (ITAT) [2009-TIOL-692-ITAT-MUM-LB] in the case of M/s B.T. Patil & Sons Belgaum Construction Pvt. Ltd.(Taxpayer) v. ACIT. Due to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SEBI nullified quasi-judicial orders of its own benches In its 17-year history, this is reportedly the first time that Sebi's board has nullified quasi-judicial orders of one of its own benches. The orders, if implemented, could have seriously embarrassed its chairman C B Bhave for his accountability in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Announcement of dates for Empanelment of CA firms for the year 2010-2011 with C&AG OFFICE OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA, Empanelment of Chartered Accountant firms for the year 2010-2011, Applications are invited online from the firms of Chartered Accountants who intend to be empanelled with this office for the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI circular on RTGS System – Government Receipts As you are aware, the Reserve Bank of India has taken a series of initiatives in the recent past to facilitate electronic mode of funds transfers as a result of which the volume processed in RTGS and NEFT systems have grown substantially. It is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Policy / Criteria for Empanelment of CA Firms with CAG office Chartered Accountant firms in India with at least one full time FCA (Partner/Sole Proprietor) can apply for empanelment with this office for allotment of audit of Public Sector Undertakings during January-February as notified every year. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Govt asked UBI to get all its branches audited for high-value transactions Taking a serious note of Union Bank of India (UBI) not reporting high-value transactions to it, the government has asked the state-owned bank to immediately carry out an audit of all its branches to check for such large deposits that have gone... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| FM likely to drop the proposal to tax religious trusts The finance ministry is likely to drop the proposal to tax religious trusts. The proposal formed part of the direct taxes code and had raised eyebrows both within and outside the finance ministry. "The issue has been raised in the finance... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBDT called for thorough review of the direct tax code Corporate India is not the sole critic of the Direct Taxes Code. The code, precursor to a brand new income tax law, has found opposition from within government, too. An internal committee of the Central Board of Direct Taxes, the principal... 
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| Documents Required for Service Tax Registration To get the Service tax Registration followings documents are required:For Local/Single Registration 1. Copy of PAN Card of the assessee. 2. Proof of address of the premises to be registered. Copy of Telephone bill/Electricity bill/Rent agreement... 
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| Sole proprietorship in India- Meaning, Advantage, Disadvantage,
The sole proprietorship is the oldest, simplest, and most common form of business entity. It is a business owned by a single individual. For tax and legal liability purpose, the owner and the business are one and the same. The proprietorship is not... 
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| Limitation period u/s 154 (7) for rectification begins from date of appeal order S. 154 (7) provides that a rectification order can be passed within four years "from the end of the financial year in which the order sought to be amended was passed". The AO passed an assessment order u/s 143 (3) on 24.11.1998 in which he committed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Analysis of First Discussion Paper on Goods and Services Tax in India The Empowered Committee of State Finance Ministers, finally issued a long awaited First Discussion Paper on Goods and Services Tax in India. Though it was expected that this Discussion paper will put an end to much awaited queries on implementing... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Protection against Self-Incrimination The principle of protection against self-incrimination is a fundamental principle of the British system of criminal jurisprudence. From there the principle find its place in all civilized legal system following common law jurisprudence. It has been... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Good transactions under Goods and Services Tax The indirect tax regime in India is evolving into GST in the year 2010. The steps towards introduction of GST have commenced. The Empowered Committee of State Finance Ministers has introduced the First Discussion Paper on GST in India on November... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Fees for iling appeals or vakalatnama set to raise 20 times In the apex court litigants and lawyers have been paying a insignificant fee for filing appeals or vakalatnama for more than 40 years, but it may register a 20-fold boost as per a current proposal being examined by law minister Veerappa Moily.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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