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FBT cutoff: Esops get April Fool's Day surprise

   24 April 2007 at 08:21

COMPANIES hoping to escape the fringe benefit tax (FBT) on employeestock option plans (Esop) by allotting shares to their employees aheadof the government notification are in for a rude shock. The tax will beapplicable from April 1, 2007, and, theref

Posted in Corporate Law |   4683 Views

More I-T scrutiny round the corner

   24 April 2007 at 08:20

The trading community may soon come under greater income tax scrutiny.The finance ministry is likely to conduct income surveys based onaddresses picked up from trade directories. According to officialsources, the move would boost revenue collection a

Posted in Income Tax |   5043 Views

Confusion over service tax

   24 April 2007 at 08:19

Annual Supplement To Foreign Trade Policy: The Day After Aday after the Annual Supplement to the Foreign Trade Policy 2004-09 wasunveiled, confusion prevailed over a key pronouncement related toservice-tax benefits for the Indian exporters. At a CI

Posted in Service Tax |   5184 Views

CAs can train more article clerks

   24 April 2007 at 08:18

The Institute of Chartered Accountants of India (ICAI) has raised the entitlement of training articled assistants. This means that the number of students for articleship training under a practising Chartered Accountant (CA) will now be increased. Wit

Posted in Students |   29865 Views

Useful CA final notes for May 07

   18 April 2007 at 01:57

LAST MINUTE REVISION NOTES ON MICShttp://www.zshare.net/download/lmr-mics-1-doc.html(revision material)AUDITING NOTEShttp://www.zshare.net/download/auditing_notes-doc.html(160 pages doc file- 1.1 MB, open read only)SUMMARY OF TAXABLE SERVICEShttp://w

Posted in Students |   23439 Views

Tenant needs a TAN to live here

   06 April 2007 at 05:10

LIKE residents, many non-resident Indians (NRIs) too have found the lure of investing in real estate irresistible. This has happened despite the fact that it is a herculean task for these NRIs to maintain their vacant apartments. Individuals who take

Posted in Income Tax |   5361 Views

HC sees red over 1-day I-T notice

   06 April 2007 at 05:09

A division bench of the Bombay high court on Monday lashed out at the income tax department for having allegedly recovered TDS dues from an assessee within a day of serving a demand notice.The assessee's plea for two days to reply on the recovery pro

Posted in Income Tax |   5070 Views

Stock options must be taxed at employee level

   06 April 2007 at 05:08

Industry chamber FICCI has urged the Finance Ministry to amend the budget proposal of imposing Fringe Benefit Tax (FBT) on employee stock options (ESOPs) at the hands of the employer. Instead, ESOPs should be taxed only as perquisites or capital gain

Posted in Service Tax |   5742 Views

Capital gains tax on deals similar to Hutch

   06 April 2007 at 05:07

The I-T department, which believes that Hutch-Vodafone deal falls under the capital gains tax ambit in India, may scrutinise similar transactions.Transfer of beneficial interest of any asset in the country was liable to capital gains tax, a departmen

Posted in Income Tax |   6438 Views

One-stop service centre for filing I-T returns

   26 March 2007 at 01:47

In a bid to reduce harassment of tax payers, the income-tax departmentis mulling setting up five centralised return processing centres indifferent parts of the country. Theconcept is to provide one-stop service to a tax payer at onecentralised place

Posted in Income Tax |   6189 Views