CAclubindia News

FREQUENTLY ASKED QUESTIONS ON 'TAN'..!!

21 August 2007 at 05:47

What is TAN?Ans. TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in all TDS/TCS returns (i

Posted in Income Tax | 3096 Views

Confusion in AIR for taxpayers!!

21 August 2007 at 05:17

Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assesse

Posted in Income Tax | 3525 Views

Could stamp papers escape E-filing???

21 August 2007 at 04:46

Companies would soon be able to file stamp papers electronically with the ministry of corporate affairs, a senior official said today. "Companies are now filing their papers online, with the exception of stamp papers. But we are working on this as we

Posted in Others | 2679 Views

ICAI to set up 12 new centres of excellence

21 August 2007 at 02:17

TheInstitute of Chartered Accountants of India (ICAI) is contemplating thesetting up of 12 centres of excellence for chartered accountants (CAs)across the country within two years. The centres would enhance the capability, quality and p

Posted in Career | 3234 Views

FBT cannot substitute liability of employees !

20 August 2007 at 23:27

A client pays his senior employees a quarterly bonus, a fixed sum, revised once a year. Since, this is given to all senior executives, this is taxed at 30 per cent plus SC plus cess in the hands of the employees. These employees request that the comp

Posted in Income Tax | 3249 Views

LOSS ABROAD CAN BE SET OFF FROM TAXABLE INCOME IN INDIA ..!

20 August 2007 at 23:05

A large number of Indian companies have set up offices outside India. The profits or losses of such offices are liable to be taxed in the foreign country. But how such profits or losses should be treated in India is a vexed question. A recent judgmen

Posted in Income Tax | 3039 Views

Scrutiny Norms..a study..!

20 August 2007 at 00:49

Computing the income chargeable to tax as per the provisions of the Income-Tax Act, 1961 is the first step in tax compliance. The natural sequence thereafter would be filing the return of income and awaiting approval of the tax authorities in respect

Posted in Income Tax | 1 comments | 13890 Views

CBDT PAVES WAY FOR SHORT SELLING OF SHARES !

19 August 2007 at 23:07

The Central Board of Direct Taxes (CBDT) has clarified that lending and borrowing of shares for short selling in equities will not attract capital gains tax. With this clarification one of the important hurdles in the way of permitting short selling

Posted in Others | 2586 Views

Frequenlty asked questions on MEF

19 August 2007 at 12:35

Q 1 - UCN -Not Allotted I have been allotted a Unique Code Number ( UCN) but, when I download the application, UCN field is appearing with the words 'NOT ALLOTTED'. What do I need to do ? Ans The Applicant needs to fi

Posted in Audit | 7527 Views

BAN ON 'ULIP'.....!

19 August 2007 at 07:20

The Insurance Regulatory and Development Authority of India (IRDA) has banned unit-linked insurance plans (ULIPs) in which charges are based on a complex structure, making it difficult for policyholders to comprehend. Such products in insurance parla

Posted in Others | 3108 Views