In a significant ruling, the Supreme Court has laid down guidelines for encashment of bank guarantee or letter of credit. A bench comprising justice Tarun Chatterjee and justice PK Balasubramanyan said, "We find that the following principles should b
Another step to curb black money transactions. Inanother step to keep closer tabs on financial transactions and curb black moneytransactions, the government is planning to make quoting the permanent accountnumber (PAN) mandatory for all transaction
It has been decided that the companies issuing debentures and the respective debenture trustees/stock exchanges shall disseminate all information regarding the debentures to the investors and the general public. Debenture trustee shall disclose the
Express News ServiceAhmedabad, August 7: ATLEAST 60 students who appeared for the Common Proficiency Test - the first level of examinations for the Chartered Accountancy course- protested on Tuesday against the decision of the Institute of Chartered
Salaried people now pay income-tax on their gross income while businessmen, self-employed persons and others pay tax on their net income, even as the income-tax exemption limit is the same for everyone. This gross injustice needs to be removed. As pe
The party for retailers taking space in malls may soon end with the tax sleuths on prowl to check evasion of tax deducted at source (TDS) by them. Income-tax department is laying special emphasis on tightening of TDS administration, as these payments
Additional tax-saving avenues are on their way. A Securities & Exchange Board of India committee has proposed tax exemptions up to Rs2 lakh under Section 80 C of the Income Tax Act, as against the current limit of Rs1 lakh. The only caveat is that th
New I-T code to be tabled before December!Finance Minister P Chidambaram has been working on drafting the code, which after being tabled in Parliament, will have to go through a process that will take quite some time before it is passed. The new inco
Accountants more satisfied than tax expertsTax advisers come 42nd in a poll of job satisfaction, belowmanagement accountants - but above lawyersKevin Reed, Accountancy Age 07 Aug 2007Management and chartered accountants have higher job satisfactionth
The Central Board of Direct Taxes (CBDT) is considering a proposal to restrict the exemption on long-term capital gains only to companies constituting the BSE-500 index. At present, the exemption under Section 10 (38) is allowed on transactions of sh
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