taxation

The Union Finance Minister, Shri Pranab Mukherjee, will dedicate the Centralized Processing Center of the Income Tax department at Bengaluru to the nation on 29th May 2010. The Income Tax department has set up the Centralized Processing Center (CPC) at Bengarulu for bulk processing of income tax returns. The CPC will process all electronic tax returns of the entire country, and physical returns..

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Income tax - TDS - Does rejection of application u/s 197 amount to an 'Order' maintainable u/s 264? - YES, rejection does not lie in absolute discretion of AO - reasons must be indicated: Bombay HC THE issue before the High Court is that whether rejection of an application u/s 197 for lower TDS rate or no TDS certificate amounts to an 'order'. Whether such an 'order' as per Sec 264 is maintain..

  Chapter XVII-B of the Income-tax Act provides for deduction ..

Bad Debt, write off of individual debtor’s a/c is not necessary    Vijaya Bank ..

  India's accounting regulator has sought the financial statements of the eight Indian Premier League franchises to study if their auditors complied with accounting standards and best practices, joining oth..

  Nobody’s ever tried to find out how much money is at stake in the Supreme Court in the various tax and accounting disputes, a conservative estimate suggests a figure of Rs1 lakh crore. ..

  Even as income–tax officials continue to unravel the maze..

  The Supreme Court has ruled that it is not necessary to square off bad debts by closing borrower’s account individually to claim deduction by the assessee lending institutions under the provision of the..

MUMBAI: Ask any schoolkid and she will tell you that steam is H²O. Bombay High Court was however recently approached to decide on a 21-year-old issue: whether steam was a chemical or not. At stake was tax to the tune of crores; if it was designated as a chemical it would attract a mere 4% sales tax. But a division bench of Justice V C Daga..

Accounting regulator ICAI has called for excluding land value from the proposed service tax on the realty sector, saying land is a state subject. "When a prospective buyer makes an advance payment to the builder against booking of a specified unit in a building, that part also i..