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S. 14A/ Rule 8D: Interest on loans for specific taxable purposes to be excluded

ACIT vs. Best & Crompton Engineering Ltd (ITAT Chennai) Jul 26th, 2013 In AY 2009-10, the assessee contended that in computing the disal...

Return Filing Due Date Extended for Assessees Residing or Assessed In the State Of Uttarakhand

CBDT extended the due date for filing Return of Income required to be furnished by 31st July, 2013 to 31st October, 2013, in respect of asse...

S. 14A/ Rule 8D does not apply to short-term investments, gains from which are taxable

Sundaram Asset Management Co. Ltd vs. DCIT (ITAT Chennai) In AY 2008-09 the assessee received tax-free dividend on its investments. The AO a...

No Change In Passing Criteria At All Level Of CA Examination

It has been brought to our notice that the  Notification  No. 13-CA (EXAM)/N//2013 dated 5 th  July, 2013 (hosted on the Institute’s website...

Duties And Responsibilities Of An Internal Auditor

Whereas the duties and responsibilities of an external auditor are stipulated in the Companies and Allied Matters Act, No. 1 of 1990, the du...

Expenditure Cannot Be Considered Excessive Merely By Comparing It With Preceding Year’s Expenditure

The AO merely made comparative study of the expenses for the year under consideration with the preceding assessment year and found that expe...

Top 10 Landmark Tax Judgements Of 2012

There have been a number of landmark judgements in the year 2012 and making a short-list of just 10 of them is not an easy task. Yet, the au...

Rupee Depreciation and its impact on Economy - An Overview

Each country has its own currency except in Europe where a group of countries have a common currency. The rate at which one currency can be ...

ICAI requests members to share difficulties being faced in e-filing of tax audit reports

Direct Taxes Committee of ICAI requests members to share difficulties being faced in e-filing of tax audit reports. – (12-07-2013) As the me...

No s. 271(1)(c) penalty even if explanation unproved if it is not disproved by AO

Saket Agarwal vs. ITO (ITAT Delhi) Jul 12th, 2013 @ 11:55 am The assessee had a cash credit of Rs. 7.33 lakhs in his books. He also claimed ...

S. 54/54F Deduction Allowable For Purchase Of Multiple Independent House Units

The assessee offered long term capital gains on sale of property and claimed s. 54 deduction on the ground that he had purchase two adjacent...

Clarification Regarding Applicability of SA 700 on Tax Audit Report under Section 44AB of The Income-Tax Act, 1961

" As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st Apr...

How To Reset Password For E- Filing Purpose???

"TREMENDOUS IMPORTANT ISSUE FOR E-FILING !!!!!!!!!!!!!!! !!!!!"...   "HOW TO RESET PASSWORD FOR E- FILING PURPOSE" JUST ...