[aurangabad_ca] F4F | 03 Feb '10
• Service Tax-Notification No. 43/2009
• Business Deduction of Interest U/s 36(1)(iii)
• PE–II, PCE & IPCE Nov `09 Exam's Pass % & Detailed Analysis
• Commercial Expediency necessary for deduction U/s 36(1)(iii)
• TDS prov. on TPAs payments to hospitals may be provided in Budget
• BJP protest against the proposed Direct Tax Code
• RBI hints on Capital Inflows control
• Govt to introduce time-frame for Nomination of PSU Ind. Directors
• Barclays Capital expects rollback of stimulus in Budget
• RBI lacks info on heavy Penalties & Interest on Credit Card defaults
• RBI Reference Rate for US $ and Euro – 02nd February 2010
Service Tax-Notification No. 43/2009
The Central government hereby directs that the service tax payable on the said taxable service, namely `business auxiliary service' provided by the service provider to the service receiver, during the course of manufacture or processing of alcoholic beverages by the service provider, for or on behalf of the service receiver, which was not being levied in accordance with the said practice, shall not be required to be paid in respect of such business auxiliary service provided during the...
Business Deduction of Interest U/s 36(1)(iii)
Where in a case assessee had made interest free advances before raising loan from bank and trade advances were not out of loan taken from bank disallowance of interest by AO was not justified. CIT v. Ms. Sushma Kapoor
(This is a just a summary, read the full article at www.forum4finance.
PE–II, PCE & IPCE Nov `09 Exam's Pass % & Detailed Analysis
Results of the Chartered Accountants PE–II, PCE and IPCE Examinations held in November, 2009 were declared on Monday, 1st February, 2010. Below is the pass percentage Chartered Accountants Professional - II = 1.26 % Professional Competence = 15.42% Integrated Professional Competence = 11.10%
(This is a just a summary, read the full article at www.forum4finance.
Commercial Expediency necessary for deduction U/s 36(1)(iii)
In case of Interest on borrowed capital and Interest-free advances to sister concerns, before disallowing deduction of interest amount pertaining to the interest-free loan advanced to the sister concerns or its directors, it is incumbent on the authorities to record a finding as to whether there was commercial expediency in making such advance CIT v. Marudhar Chemicals and Pharmaceuticals (P) Ltd
(This is a just a summary, read the full article at www.forum4finance.
TDS provisions on TPAs payments to hospitals may be provided in Budget
The forthcoming budget may have provisions binding on the third party administrators (TPAs), the entities that network between insurers and hospitals to facilitate cashless treatment for policyholders, to deduct tax at source (TDS) before making payments to hospitals. The rationale for the finance ministry to make it mandatory for TPAs to pay TDS before reimbursing that to hospitals is on account of a slew of cases filed by TPAs against the Income-Tax (I-T) department.
(This is a just a summary, read the full article at www.forum4finance.
BJP protest against the proposed Direct Tax Code
A high-level BJP delegation today met FM to protest against the proposed DTC, which it claimed would adversely impact the small and middle income group and discourage savings, social security and capital formation. The delegation, comprising leader of opposition in Lok Sabha Sushma Swaraj, her counterpart in Rajya Sabha Arun Jaitley and others, said Mukherjee had assured them that DTC was only at the drafting stage and discussions were still on.
(This is a just a summary, read the full article at www.forum4finance.
RBI hints on Capital Inflows control
The Reserve Bank of India governor Duvvuri Subbarao has, for the first time, said the nation "may have to take some measures towards capital control" in the short term to avoid stark economic imbalances after acknowledging in the past the role played by fund flows in worsening inflation, boosting asset prices and destroying industry competitiveness.
(This is a just a summary, read the full article at www.forum4finance.
Govt to introduce time-frame for Nomination of PSU Ind. Directors
With the aggressive disinvestment of PSUs being planned for the coming months, the government is likely to introduce a fixed time-frame during which the nomination of independent directors should be completed by state-run companies. "We are looking at shortening the time span of the process (of nominating independent directors)," Secretary in the Department of Public Enterprises Bhaskar Chatterje told.
(This is a just a summary, read the full article at www.forum4finance.
Barclays Capital expects rollback of stimulus in Budget
Multinational financial services provider Barclays Capital said it expects the government to pull back some of the stimulus measures in the Budget. "In the upcoming Budget, we expect the government to pull back some of the fiscal support measures that were provided to domestic industry and export-oriented manufacturers,
(This is a just a summary, read the full article at www.forum4finance.
RBI lacks info on heavy Penalties & Interest on Credit Card defaults
The banking regulator of the country, Reserve Bank of India, does not have any information about "heavy penalties" and "extra-ordinary interest rates" imposed by banks on credit card defaults. In reply to a question "Is RBI aware that banks are charging heavy penalties also in addition to extra-ordinary interest rate on credit card default payments? Statements are deliberately not mailed to earn abnormal interest rates and penalties on payment default".
(This is a just a summary, read the full article at www.forum4finance.
RBI Reference Rate for US $ and Euro – 02nd February 2010
The Reserve Bank of India's Reference Rate on February 02, 2010 for the US Dollar is Rs. 46.25 for Euro is Rs. 64.39 The corresponding rates for the previous day (February 1, 2010) were Rs. 46.34 and Rs. 64.32 respectively.
(This is a just a summary, read the full article at www.forum4finance.
Forum4Finance | Your Financial Knowledge Partners - Share. Discuss. Learn
AURANGABAD_CA is a Yahoo Group for the benefit of CA and other professional. It is especially meant for written discussion within group members and circulate the information among its members. The mail may contain such research/advice/opinion/information/fact provided by any member or moderator and every contain of the mail or information of yahoo is always subject to the Accuracy and of the description of facts.
The Aurangabad_CA , its moderator/owner do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant fact(s).
Considering all above facts m the transaction based on above mail may not complete without confirming proper statue/authority/person. Therefore any action/transaction taken on basis of this mail do not imply the accuracy or value . Further this Group's Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Yahoo Group.
For Seeking any Clarification you may mail only to Group Moderator on
girishkulk@gmail.com
0 comments:
Post a Comment