In addition to the present shortage of 25,000 qualified finance professionals, there will be a demand for 10 lakh accountancy-trained personnel in the next 10 years at a the junior level, says Mr Chandra Wadhwa, the newly elected President of the Ins
The Tax Return Preparer (TRP) scheme of the Income Tax department is facing an uncertain future, or so it appears. A cross section of TRPs accept that the scheme has not generated much income. No wonder many are contemplating to quit. The pilot schem
The Supreme Court has ruled that the companies have statutory obligation to deduct tax at sources (TDS) on interest payments for the loans taken in the name of its directors. The revenue department is empowered to impose interest on such a company fo
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What are books of account? In a recent case, the Madras High Court concluded that P&L account and balance-sheet are not books of account as contemplated under the I-T Act. T. C. A. Ramanujam Computation of business income under the income-tax law has
Auditors are preparing for particularly careful scrutiny of companies' assumptions about valuation and the risks posed to their businesses in the light of current market volatility.Two of the Big Four UK accountancy groups have issued internal memos
The INCOMETAX E-FILING website will be unavailable between 5pm on 14th August till 11 pm on 15th August on account of site upgradation work.
Owning land away from city limits may be a good idea to keep away from the madding crowd - but not so much from taxes. As the penchant for a house with that green patch grows even in smaller cities, the income-tax department is mulling over enhancing
Last date for submission of MEF for the year 2007-08 extended to August 21, 2007.Last date for receipt of hard copy of duly signed declaration extended to August 31, 2007.
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