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TN stamp duty income up 30%

Sets target of Rs 6,492 crore revenue for the year

TN commercial tax revenue jumps by 23%

Commercial taxes revenue jumped 23.64 per cent in the first three quarters of 2011-12 as compared with the corresponding period last year. According ...

Subtle difference in emphasis on Sec.195 in SC judgements: Tax experts

Tax experts have drawn attention to an important difference in emphasis and interpretation in the two separate but concurring judgements pronounced by ...

CA Institute finalises guidance notes on real estate, gas and carbon emissions

The CA Institute has approved three guidance notes that could have significant bearing on how economic activities in the real estate, oil and gas and ...

‘CAs need to upgrade their skills'

The profession of chartered accountancy is facing stiff competition and chartered accountants need to upgrade their skills to face the emerging ...

I-T Dept asked to revoke orders

The Union Finance Ministry has advised the Income Tax department to revoke the attachment orders earlier issued against the bank accounts of ...

Audit firms need proper supervision

Auditors should exercise professional scepticism and look for areas where financial statements might be susceptible to fraud.

Social Responsibility for SMEs

The ongoing debate in Western economies regarding the role of corporates in widening the gap between the rich and the poor, exemplified by the Occupy ...

Singapore, a preferred tax haven

Capital gains aren't taxed, inheritance taxes aren't charged, and individuals are taxed only on income earned in Singapore.

Accounting for exchange rate volatility

A full recognition policy which depicts the position of the company as at a particular date is really relevant to investors.

The new age finance function

Finance needs to lead from the front and demonstrate more dynamism and embrace a customer-centric, service-oriented, innovation- and performance-driven culture.

Stocks dance to downgrade tune

The market reacts to bad news swiftly in order to avoid losses and does not react to good news in the same magnitude.

ICWAI to set up centres of excellence

The Institute of Cost and Works Accountants of India (ICWAI) is planning to set up centres of excellence at 10 places across the country, including ...

Ransom paid is tax deductible

The High Court ruled that while demand for ransom is punishable, the law does not say that payment is an offence if it is meant to save a person's life.

It pays to do accounting research

Compensation of accounting faculty is positively related to the quantity and quality of research output, as well as the reputation of the school from ...

Be better informed about intangibles

Despite the perception of a greater emphasis on the intangible elements of the business, accounting systems continue to provide only minimal ...

Opinion of CA is no shelter against tax penalty

Placing reliance on the opinion of a chartered accountant will not absolve the taxpayer from penal consequence for apparent incorrect claim. Thus ...

Delhi sees 23% rise in tax collection

The highest growth in tax collection was witnessed in vehicle tax registering a 61 per cent increase, followed by stamps and registration fee (42 per cent).

Laxman Das takes over as CBDT chief

The Central Board of Direct Taxes (CBDT) has a new Chairman in Mr Laxman Das, an Indian Revenue Service (IRS) officer of 1974 batch. Mr Das has come ...

Trade unions urge hike personal income tax exemption limit

Trade union groups have urged the Finance Minister, Mr Pranab Mukherjee, to revise upwards the exemption limit for personal income tax in the upcoming ...

More time for filing half-yearly service tax returns

The Finance Ministry has once again extended the due date for filing of half yearly service tax returns for the period April-September 2011. Service ...

It's not about fuel

Airlines are impacted more by external events such as terrorist attacks and epidemics rather than rising input costs.

Telecom: Blockbuster in making?

Spectrum sharing will help generate additional revenues for the government through spectrum usage charges.

Foreign debt makes more noise

Foreign currency convertible borrowings are loans with options for either bullet repayments at a premium or conversion into equity.

Interest on arrear tax

After tax assessment, taxpayers may either accept the income determined by the tax officer or appeal against the assessment before the appellate ...

The nature of non-compete fee

A non-compete fee is the outcome of an agreement entered into between two parties and does not represent any intangible assets.

Better comply than pay

Statutory compliance assures investors that their investment in the company is safe and properly accounted for.

Deduction differs from exemption

A deduction from income does not amount to exemption from income, and hence Section 14A of I-T Act is not applicable.

Pranab confers with Mumbai IT officials

The Finance Minister, Mr Pranab Mukherjee, held a review meeting with income tax officials of Mumbai circle on Saturday and asked them to recover ...

New online tax calculator

>Policybazaar.com has introduced a unique online tax calculator ( >http://bit.ly/rxQZmS) which helps consumers save up to Rs 41,715 in Income ...

Nitty-gritty of centralised processing of returns notified by CBDT

The CBDT has vide notification 2/2012 dated January 4, 2012 spelt out vividly the minute details of electronic returns which is mandatory for ...

Sanctions and assessments

Tax assessment indicates the acceptance or non-acceptance of the income admitted by the taxpayer. When the income admitted by the taxpayer is enhanced ...

Legislation for better governance

Backing up legislation with a trained and motivated workforce is essential for effective public service delivery.

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