Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: cpt :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: empanelment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: form 3cd
 
 
« ICAI »
 Summary of MCA Notification dated 13.06.2017 to give further exemptions private companies as per Section 462 of the Companies Act 2013
 Exemption to Private Companies u/s 462 of The Companies Act 2013 as per Ministry of Corporate Affairs Notifications Dated 5th June, 2015 and 13th June, 2017
 Four Weeks Residential Programme to be held from 31st July, 2017 to 27th August, 2017 at Centre of Excellence, Hyderabad for Men Participants only.
 Next batch of the Certificate Course on Valuation at Bangalore from 15th July, 2017.
 CPE Events 19th June - 24th June 2017
 Post-implementation Review - IFRS 13 Fair Value Measurement
 Disclosure Initiative - Principles of Disclosure
 Volume XXXV of the Compendium of Opinions
  Permitting members to act as Insolvency Professional under the Insolvency and Bankruptcy Code, 2016 and related matters.
 Permitting members to act as Insolvency Professional under the Insolvency and Bankruptcy Code, 2016 and related matters.
 Change of venue in respect of some of the candidates at Jaipur, for Common Proficiency Test (CPT) scheduled to be held on 18th June, 2017

ICAI - Workshop on Union Budget 2009
July, 22nd 2009

The Direct Taxes Committee of ICAI organized a Workshop on Union Budget 2009-10 on 17.7.2009 which was attended by Shri S.S.N. Moorthy, Chairman, Shri Ashutosh Dixit, Joint Secretary(TPLII), and Shri Anand Kedia, Director (TPL-III & IV) of the Central Board of Direct Taxes. Senior professionals from the industry also joined the Workshop.
 
The ICAIs Budget Workshop commenced with the President, CA. Uttam Prakash Agarwal, extending a very warm welcome to the Chairman and other officials of the Central Board of Direct Taxes. He observed that the Institute annually submits Pre-Budget Memorandum and Post Budget Memorandum to the Government. He was happy to note that many of the suggestions were accepted by the Government and incorporated in the respective Finance Acts. Further, he said that the Institutes views/suggestions are always unbiased and lauded the budget as being bold and transparent.
 
Some of the views that were placed before the officials of CBDT are as under:
Allotment of Document Identification Number both in respect of documents issued and documents received by the Income-tax Authorities were appreciated.

The abolition of FBT would reduce the taxpayers compliance burden substantially.

The Assessing Officer is duty bound to allow deduction even if the same has not been claimed by the assessee. Section 80A(5), proposed to be inserted, may go against the intention of the circular.

Conversion of a firm, company or a sole-proprietoryship concern into an LLP should be revenue-neutral, in the sense, it should not be treated as a transfer.

It was also observed that the proposed amendment in section 115JB requires addition of provision for diminution in the value of any asset to compute book profit. The proposed provision for diminution is in accordance with accepted accounting principles and is required for computing the real income.

The benefit of expense incurred before commencement of specified business under section 35AD should be allowed in the year of commencement of business.

The anonymous donations received by Electoral Trusts should be subject o tax.

Section 56 would also hit trading assets, which might not be the intention of the legislature.

The tax liability on ESOPs should be postponed to the year of actual sale, in line with the tax treatment for conversion of capital asset into stock-in-trade.

Clarification should be issued for treatment of advance FBT paid in June in case of loss-making assessees who have paid advance FBT.

The Chairman, Central Board of Direct Taxes, Shri. S.S.N. Moorthy, thanked the President and other Council Members for welcoming the Budget proposals with a positive spirit. He acknowledged the contribution of ICAI vide its Pre-Budget Memorandum, especially the proposals relating to procedural law which aid in making the assessment hassle-free. He appreciated the efforts of the Institute for making in-depth study in respect of budget proposals and mentioned that the suggestions of the Institute would be taken care of appropriately. Further, it was mentioned that the new Direct Taxes Code would take care of many of the other issues also raised by the Institute.

The other senior officials of the CBDT opined that tax laws have to be harmonized with Accounting Standards. Accordingly, the ICAI has constituted a Study Group for this purpose.
 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions