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Showing posts from July, 2009

Security tips filing to be followed while filing online tax returns...Useful..

Security tips filing taxes online… It's that time of the year again when you need to file your end of year income tax return, but is the plethora of paperwork bogging you down? The Indian government has just made things easier by launching the facility of filing your income tax returns online. The advantages of filing your income tax returns online are plentiful. For instance, you can file your returns anytime, anywhere, away from the prying eyes of others and within the confines of your own home. However, you do need to ensure you protect your personal information online. It is no coincidence that identity theft rate related to tax return filing rises in keeping with the increasing popularity of online tax filing. With thousands of Indian taxpayers heading online to file their returns in time for the Tax Day deadline, VeriSign, Inc., the trusted provider of Internet infrastructure services for the networked world, is offering five easy-to-follow tips for Indian tax payers to prote…

Amendments to Finance (No.2) Bill,2009

Tax Management India .Com Amendments to Finance (No.2) Bill, 2009 Fiance Minister's reply to the debate on Finance (No.2) Bill,2009 in lok Sabha List No. 3LOK SABHAFINANCE (No. 2), BILL, 2009(As Introduced in Lok Sabha)Notice of AmendmentsSl. No. Name of Member and text of Amendment Clause No SHRI PRANAB MUKHERJEE 11.Page 4, for lines 61 and 62 substitute - '(d) in clause (24), - (i) in sub-clause (iia), after the word and figures 'section 10", the words "or by an electoral trust" shall be inserted with effect from the 1st day of April, 2020;(ii) after sub-clause (xiv), the following sub-clause shall be inserted with effect from the 1st day of October, 2009, namely : -"(xv) any sum of money or value of property referred to in clause (vii) of sub-section 2 of section 56;";.312.Page 5, for lines 51 and 52 substitute, - Amendment of section 17. '9. In section 17 of the Income-tax Act, in clause (2), with effect from the 1st day of April, 2010,-(a) in su…

CPE Credit Requirements for Members of the Institute

We would like to inform the members, the CPE Credit Requirements for the rolling period of three years starting from the calendar year 2008 as given below:
CPE Credit Requirements for members of the Institute All the members who are holding Certificate of Practice (except those members who are residing abroad), unless exempted, are required to: Complete at least 90 CPE credit hours in each rolling three-year period of which 60 CPE credit hours should be of structured learning. Complete minimum 20 CPE credit hours of structured learning in each year. All the members who are not holding Certificate of Practice or are residing abroad (whether holding Certificate of Practice or not), unless exempted, are required to: Complete at least 45 CPE credit hours of structured/unstructured learning in each rolling three-year period Complete minimum 10 CPE credit hours of structured/unstructured learning in each year. Dear Member,
To facilitate the members to submit the Self Declaration form for Uns…

Important Announcement for Members attaining the age of 60 years or are at present of the age of 60 years and above - 26-05-2008

The Council of the Institute, at its 278th meeting held on May 13-15, 2008, has decided to make the CPE hours requirements mandatory, w.e.f. 15th May 2008, also for the members of the Institute, who are attaining the age of 60 years during a particular calendar year within 2008-2010 or are at present of the age of 60 years and above. Such members could, however, complete their CPE requirements either by structured or unstructured CPE learning activities.   Accordingly, Clause 6.2 (a) of the Statement on Continuing Professional Education, 2003 (as amended in August, 2006), which says that the requirements of this Statement shall not apply to a member who attains the age of 60 years during a particular calendar year, stands deleted.   In view of the fact that the CPE requirements for the members attaining the age of 60 years during a particular calendar year within 2008-2010 or are at present of the age of 60 years and above, are being made mandatory after passing of 4 ½ months in the t…


PDICAI Daily News Roundup Thursday, July 23, 2009

Posted to the desk of CA. DUDHARA RAJESH BANSILALThursday, July 23, 2009Tip:  Now you can create your OWN WEBSITE on
Kindly login and click on "Create Website". Please email at in case you face any difficulty in creating your website Professional News INCOME TAXHigher refunds dent Q1 direct taxes growthDelhi : A big jump in refund payout of Rs 17,600 crore has dented the Centre's net direct tax collections growth rate for the first quarter this fiscal.In April-June 2009, the net direct tax collections stood at Rs 59,465 crore, up 3.65 per cent over the Rs 57,373 crore collected in the same quarter last fiscal. SERVICE TAXService tax not for individual lawyersUttar Pradesh : Allaying apprehensions on the levying of service tax on lawyers as has been proposed in the General Budget-2009-2010, the office of chief commissioner, customs, central excise and service tax in its release has clarified that the proposed service tax will be charged o…

Abhishek Gupta: CA can use Tax Consultant?

I am a chartered accountant not in practice. I want to know whether i can hang a board containing My name as a chartered accountant and tax consultant on My relative shop. If Yes, then what size of the board i can use and what information i can write on the board about me.

Sanjay Salgia: Cash Subscription by Directors

I have a query regarding the shares issued to the promoter directors of a private limited company. The memorandum has a subscription page wherein the promoter directors declare that they have subscribed to the shares. But as the company does not have a bank account, does this imply that share capital has been bought in cash.

Or is it just an undertaking that they will be subscribing to the shares.

Anand Wadadekar: Going Concern

If a Company's net worth is eroded 100% and the auditors have commented in their report that its not a going concern or the going concern concept is questioned, 1) what the Directors should do and how much they will be responsible if there is no willful fraud or action which contributed to the situation? 2) Is the compulsory winding up the last route left for directors? 3) Will the officer in default be also liable? If yes, how and to what extent?  4) if the directors keep the company going even after the audit report, will the directors be liable for continuing trading while insolvent? Assuming SICA is not applicable. Waiting for inputs from elite professionals of the group. Your response will be highly appreciated.

Gujarat Budget 2009-10

માહિતી કમિશનરની કચેરી,
                                          ૭/૨, ડો.જીવરાજ મહેતા ભવન,
                                         ગુજરાત રાજય, ગાંધીનગર.
                                          તારીખઃ-૨૨/૭/૨૦૦૯ સ્નેહી શ્રી ગુજરાત રાજયનુંવર્ષ ૨૦૦૯-૧૦ નું બજેટ વિધાનસભામાં રજુ થયેલ છે. અત્યારે વિભાગવાર તેની ચર્ચા ચાલી રહેલ છે. ત્યારે આપને એક સુજ્ઞ નાગરિક તરીકે આ બજેટની અગત્યની બાબતોનો એક નાનકડો સ્લાઇડ શો મોકલી રહ્યો છું. આપના ફિડબેક મળશે તો અમો આ કોમ્યુનિકેશન (સંદેશા) માધ્યમને વધુ અસરકારક બનાવવા પ્રયત્ન કરીશું. આભાર સહ,
                                                        ભાગ્યેશ જહા માહિતી કમિશનર ગુજરાત રાજય, ગાંધીનગર.

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Important information relating to filing of ITR forms

By now, many of you would have filed several tax returns of your clients or your own companies or even your own returns. It has been brought to our notice that this year, whenever an ITR form is filed electronically without the digital signature, the system shows that the ITR-V has been e-mailed to the e-mail ID registered with the Income-tax Department's web site. Thereafter, when the ITR-V is tried to be opened, the system asks for a password. This was creating problems as the password that is generally used by the tax payer to log onto the e-filing site does not work while opening the ITR-V. Recently, the Income-tax Department has put up the following clarification on its website. This would help all of you in opening the ITR-V in case of returns filed electronically. Information on how to open your ITRV/ITR ACK Dear TaxPayer, Please note that you will receive your ITRV/ITR ACK PDF file in a zip format. Please note that the ITRV/ITR ACK PDF document is password protected to ensure …


NEW TDS RATES FROM 01.10.2009 PROPOSED IN BUDGET 2009 PARTICULARS NEW TDS RATE % IF DEDUCTEE IS Section Nature of Payment Cut off Amount Rs. Individual & HUF Others 194A Interest from a Banking Company Rs. 10000/- p.a. 10% 20% 194A Interest other than From a Banking Company Rs. 5000/- p.a. 10% 20% 194C Payment to Sub-Contractors And Payment for Advertising Contracts Rs. 20000/- per Contract or Rs. 50000/- p.a. 1%