24 January 2013
DOUBLE TAXATION AVOIDANCE AGREEMENT - INDIA AND DUBAI BY CA A. K. JAIN Preamble: Dubai’s trade relationship with India has been witnessing a considerable growth. This has been due mainly to the distinctive ties between the Governments and people of the two countries and the joint economic agreements. Trade between India and Dubai has reached over $20.5 billion (77 billion dirham) in the first six months of 2012, accounting for 13 per cent of Dubai’s total foreign trade. The total value of Dubai’...
Read more →23 January 2013
Date: 23rd January, 2012 We congratulate to all the successful candidates joining CA profession after clearing their final examination. An analysis of recent CA (Final Examination) Results: Passing percentage of students appearing in Both Group is 12.97%. 3,800 students have successfully passed both groups which is lowest among last 4 terms. There is 25% decrease in number of students passed both group in comparison to last term. Passing percentage of students appearing in 2nd Group is 21.85%. 1...
Read more →22 January 2013
Companies Bill: Breeding a different species of auditor By Sai Venkateshwaran Auditors are likely to become extremely conservative, risk averse and short-term focused in their relationship with clients. The biggest changes in audit regulations worldwide have often been in response to major accounting scams. The Companies Bill 2012 is no exception. The proposed changes discussed below have the potential to bring a tectonic shift in the audit profession; both in its structure as well as auditor be...
Read more →18 January 2013
ONE PERSON COMPANY- A NEW BUSINESS OWNERSHIP CONCEPT By CA A. K. Jain The Companies Act, 2012 passed by the Lok Sabha provides for the concept of an OPC. Sec 2(1)(zzk) of the Companies Bill, 2009 brought in the concept of a “One Person Company”. It is essentially a legal entity which functions on the same principle as a Company, but with only one member and one shareholder. It was an alternative for Indians, who typically operate using the risky concept of a proprietorship. One person company -...
Read more →18 January 2013
F. No. 178/84/2012-ITA.I Government of India, Ministry of Finance Department of Revenue, Central Board of Direct Taxes New Delhi, the 17th January 2013 Circular No. 01/2013 Subject: Issues relating to export of computer software-Direct tax benefits Clarification reg. The Indian Software Industry has been the beneficiary of direct tax incentives under the provisions like Sections 10A, 10AA & 10B of the Income -tax Act, 1961 in respect of their profits derived from the export of computer software....
Read more →14 January 2013
Recommendations for Amendments in the Act Countries impose taxes of various types with the objective of raising revenue for Government spending. Taxpayers may be expected to minimize their tax liabilities by arranging their affairs in a manner that is termed tax efficient i.e. through tax mitigation. This does not include tax evasion. It has been universally accepted that tax evasion through falsification of records or suppression of facts is illegal. Tax reduction through legal means, on the ot...
Read more →5 January 2013
EXTERNAL COMMERCIAL BORROWINGS (ECB) FOR THE LOW COST AFFORDABLE HOUSING PROJECTS IS NOW UNDER PERMISSIBLE END-USE UNDER APPROVAL ROUTE On a review of the policy related to ECB and keeping in view the announcement made in the Union Budget for the Year 2012-13, it has been decided to allow ECB for low cost affordable housing projects as a permissible end-use,under the approval route. ECB can be availed of by developers/builders for low cost affordable housing projects. Housing Finance Companies (...
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