CAclubindia News

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 | 6231 Views

I-T rates in direct tax code list

26 March 2007 at 01:45

The government is planning to place the income-tax rates in the newdirect tax code schedule. The schedule is akin to an annexure to theAct. This will give the government flexibility to change them withoutdisturbing the whole Act."Weare looking at sub

Posted in Income Tax | 7326 Views

CA salaries soar as locals, MNCs hit campus trail

26 March 2007 at 01:45

THINGS got even better for chartered accountants (CAs). Over 300 topcorporates, including multinationals have begun focusing on campusrecruitment offering a 150% jump in starting salaries.CAs command up to Rs 27 lakh per annum compared to the startin

Posted in Others | 10722 Views

Good News- Allotment of bank branch audits - Relaxation

17 March 2007 at 05:12

My dear colleagues,Sub.: Allotment of bank branch auditsYoumight be aware that the Reserve Bank of India has recently decided torestrict audit of bank branches, to such branches whose advances aremore than Rs.5 crores. Hitherto, this limit of auditab

Posted in Audit | 15006 Views

Tax filing set to become Saral again

15 March 2007 at 22:23

NEW DELHI: Here's some goods news for all you taxpayers. You won't miss Saral. The government has decided to dilute the complex Form 2F for filing income-tax returns, which the IT department had painstakingly prepared only to face universal criticism

Posted in Income Tax | 8559 Views

E-filing of returns to become compulsory soon

15 March 2007 at 05:32

Individual taxpayers, too, soon may have to file returns electronically.TheCentral Board of Direct taxes (CBDT) is considering a proposal to makeelectronic filing of income tax returns compulsory for certain class ofassesses. "We have taken the power

Posted in Income Tax | 8187 Views

ICAI unhappy with relaxation of audit norms

15 March 2007 at 05:31

The Institute of Chartered Accountants of India has taken up cudgelswith the Reserve Bank of India after the banking regulator relaxednorms and spared bank branches with less than Rs 5 crore business fromcompulsory audit.TheRBI move has huge ramifica

Posted in Audit | 7746 Views

New course proposed by ICAI

15 March 2007 at 05:31

CAI proposes new course for accounting technicians In a movethat could open up an entirely new stream in the accounting professionand create millions of jobs, the Institute of Chartered Accountants ofIndia has proposed a new course for those who cou

Posted in Students | 1 comments | 11142 Views

Pay FBT in advance

13 March 2007 at 23:25

TAX payers will now have to pay FBT when they make payments for advancetax to the governments. Budget 2007-08 has aligned the due dates forpayment of FBT with advance corporate or income tax.Finance Minister P Chidambaram has proposed amendments in t

Posted in Corporate Law | 8247 Views

Esops too are fringe benefits, to be taxed

13 March 2007 at 23:19

Companies may not be as generous with Esops since it would result in a rise in their tax expenses. Employee stock option plans (Esops) will now be brought under the purview of the fringe benefit tax (FBT). Thus,companies will now have to pay tax at f

Posted in Corporate Law | 6435 Views