29 December 2011
By : Indranil Sen Gupta The much awaited Direct tax code is being delayed further as the chances of Parliament’s standing committee on finance submitting its report on the Bill in the ongoing Winter Session, which concludes on December 23, are bleak. With barely a couple of days in this week of the winter session of Parliament, the report may not be tabled in the current session and DTC would miss the April 2012 deadline. This will be one of the biggest sets back in terms of reform of policies i...
Read more →28 December 2011
United States IRS Amnesty Program IRS Announces Severe Actions for Undisclosed Foreign Bank and Financial Accounts. Filing requirements - The filing requirements apply to any “United States person”, which is defined as those who fit into one of the following categories: A Citizen of the United States / Green Card holders / Foreign persons residing in the US for extended periods of time (ie. H-1B, L-1, TN and other Visa holders) Domestic Partnerships / Domestic Corporations / Domestic Trusts /Ind...
Read more →28 December 2011
Tax Audit - A glance By : Karan Teli These days we all are busy with our tax audits schedules and many of the small firms have their most earnings and survival on tax audits itself. An attempt is made here in my series “TAX AUDITS” about what exactly is this and what are its importance in today’s world. To start with basically, what is the guiding section or legislatives which require a person/business to undergo a tax audit? It’s section 44AB which is the general section and there are few more...
Read more →27 December 2011
How RBI Hike In Repo Rates Affects Common People? By Mr. Anup Mishra Keep an eye on RBI, says investors, experts and traders. Should we be prepared to pay more every month on your home, auto and other loans? Since RBI has increased the repo rates 12 times in the last 18 months. Before discussion on this, I would like to be very clear on some basics. What is a basis point? A basis point is nothing but one-hundredth of a percentage point. People who took home loans and car loans in the last 18 mon...
Read more →24 December 2011
Why Is The Rupee Falling By : Subhanshu Gupta The roller coaster ride of rupee was witnessed in the last month when it touched an all time low of Rs 46.07. All the while Reserve Bank of India kept assuring us that the fundamentals of the economy are intact. It was only a few days back when it pushed the panic button and asked all corporate sector borrowers in the markets abroad (external commercial borrowings), exporters and holders of American Depository Receipts to repatriate their dollars. RB...
Read more →24 December 2011
Rupee's Next Destination By : K Venu Babu Volatility continues in the currency market with the rupee losing heavily or gaining handsomely every day for the past few days. This fluctuation has sparked a debate on the government’s intentions, the RBI’s role and the likely impact on the economy at large. After dipping close to Rs 47 to a dollar, the Indian currency recovered smartly for the past few weeks. The recent escalation in international crude prices leading to a heavy pressure on Balance of...
Read more →19 December 2011
Highlights of the New Company Bill tabled in Lok Sabha By: CA Dhiraj Satnalika Corporate Social Responsibility 2% of average profit of last three years. Only disclosure mandatory. Mandatory CSR committee. Auditors Rotation in four years. Independent Directors Five-year fixed term. No stock options. Board to have one woman director. Serious Fraud Investigations Office To get power to arrest. No suo moto powers. Investor protection Mandatory “Unpaid Dividend” account to be opened by companies in s...
Read more →17 December 2011
FAMILY PARTITION OF HINDU UNDIVIDED FAMILY BY CA A. K. JAIN Family partition of Hindu Undivided Family which is as per amended provisions of Hindu Succession Act, 1989 is recognised u/s 171 of I-T Act - Revenue cannot deny recognition : ITAT. CHENNAI, JULY 01, 2007 : BRIEFLY stated facts of the case are that the Assessee is a Hindu Undivided Family consisting of Shri P.C. Ramakrishna, his wife and his two daughters. There was an oral total partition of H.U.F. on 16.9.1994 between Sri P.C. Ramakr...
Read more →17 December 2011
ANOMALIES & SOLUTIONS - INDIAN TAX SYSTEM BY CA A. K. JAIN Summary Since 1947, nearly one dozen expert committees, including the Kelkar Task Force, have persisted in giving totally wrong advice to the government due to their neglect of the most basic and fundamental problem of the system, namely massive tax evasion. Tax evasion continues to cause immense damage not only to the finances of the government but also to the economy of the country, because a major part of the tax evaded money goes abr...
Read more →17 October 2011
HOW “THE LOK PAL” CAN FIT IN INDIAN CONSTITUTIONAL SYSTEM BY CA A. K. JAIN Mr. Anna Hazare is trying to fix Lok Pal in an already crowded space shared by investigative agencies like CBI, RAW, IG, Police, CAG & multi layer judicial system consisting of Supreme Court, High Court and Lower Courts etc. The entire law enforcing system is already choked with multiple authorities &; there does not appear any space for the most advertised position of the Lok Pal. Any attempt to bring constitutional amen...
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