Thursday, December 29, 2011

Corporate professional Today

Dear Members,

It gives me immense pleasure to share the e-copy of magazine "Corporate Professionals Today" published by Taxmann for the current month.

The main focus of the magazine is on controversies in the matters of income-tax, service tax and accounts and audit. In addition to these, it covers various articles analyzing the recent developments.

I am encapsulating the articles covered in this magazine under following heads to give you an idea about the in-depth nature and extent of range of our article:
1) Controversy of taxability of capital gain under MAT - By Mr. S. Rajaratnam
2) Controversies wrt TDS - By Narayan Jain and Gaurav Pahuja
3) Controversies on allowability of charitable status to facilitating NGO's (If parent trust is just supporting its member trust, the parent trust is entitled for benefit under Section 11 and 12 and many more issues) - By Manoj Fogla;
4) The uncharitable face of charity - Analyzing the amendment of expression "any activity of rendering any service in relation to any trade, commerce or business" - By Mr. G. N. Gupta;
5) Controversies on allowability of treatment of expenditure incurred before commencement of business (i.e. preliminary expenses and pre-operative expenses) - By Naveen Wadhwa (it's me)
6) Fair value accounting - By Mr. Dolphy D'Souza
7) Issues in CARO reporting and Schedule VI - By. Srinivasan Anand G
8) Synchronization of AS 11 and AS 16 - By Varun Kumar
9) Controversies on service tax in form of FAQ - By Mr. V.S. Datey
10) Shamiana and Pandal - By Mr. T.N. Pandey
11) Conversion of CA firm into LLP, investment planning, stock market, etc.

I feel the copy of magazine will serve as a collectors' item for yourself, as it it the special annual issue on the 7th anniversary of this magazine.
(Just want to clarify, this e-magazine is meant especially for circulation without violating the copyright)

Click to the following link & Get your free copy of Corporate professional Today

Thanks and regards
CA Naveen Wadhwa
Editor Corporate professional Today

Wednesday, December 28, 2011

Cost Audit Practice Manual


A Comprehensive & Illustrated Guide To Cost Audit & Cost Accounting Records under Cost Accounting Records Rules 2011/Cost Audit Report Rules 2011/Cost Accounting Standards

Incorporates :
Which Companies are required to maintain cost records
Exemption to SMEs from obligations to maintain cost records
How to maintain cost records in accordance with Cost Accounting Standards and GACAP issued by ICAI
How to issue Compliance Report by Cost Accountant
How to issue Cost Audit Report
How to issue Performance Appraisal Report by Cost Auditor as required by Companies (Cost Audit Report) Rules, 2011
Glossary of cost accounting terms
Cost Accounting Standards
Guidance Note on CAS-6
Generally Accepted Cost Accounting Principles (GACAP)
ICWAI’s clarifications on appointment of Cost Auditor/Cost Accounting Records Rules, 2011/Cost Audit Report Rules, 2011
MCA’s Master Circular No. 2/2011 dated 11-11-2011
MCA’s clarifications issued on 30-11-2011
FAQs on Cost Audit
New Activity/Industry specific Cost Accounting Records Rules for different industries
Cost Accounting Records (Petroleum Industry) Rules, 2011
Cost Accounting Records (Fertilizer Industry) Rules, 2011
Cost Accounting Records (Pharmaceutical Industry) Rules, 2011
Cost Accounting Records (Sugar Industry) Rules, 2011
Cost Accounting Records (Telecommunication Industry) Rules, 2011
Cost Accounting Records (Electricity Industry) Rules, 2011

Lokpal Bill 2011

Guide to Lokpal & Lokayukta Bill 2011, Right of Citizens for Time Bound delivery of Goods and Services and Redressal of their Grievances Bill 2011.

You can get the information about Investigation & Action by Lokpal, Declaration of Assets by Public Servants, Right to Appeal to State Public Grievance Redressal Commission.

For more information visit us Lokpal & Lokayuktas Bill 2011 or call us Delhi: 011-45562222, Mumbai: 9322247686, Ahmedabad: 9909984900

Companies Bill 2011

The book contains Comparative Analysis of provisions of Companies Act 1956 and Companies Bill 2011, Comprehensive analysis of changes proposed by Companies Bill 2011 and Commentary on new provisions proposed by Companies Bill 2011 in about 150 pages.
Some of the salient features of changes in Company Law Proposed by the Companies Bill 2011 are:

Company’s financial year to be 1st April to 31st March except in certain cases, maximum number of members in a private company-limit proposed to be increased from 50 members to 200 members, speedy incorporation process with detailed declarations and disclosures about the promoters, directors etc.

127 Years of Direct Tax Laws 1886-2012

Direct Tax Laws DVD contains a complete Database on Direct Tax Laws since 1886. The DVD is updated weekly.

This DVD contains nearly 61,000 Judgments of Supreme Court, High Courts & ITAT since 1886 / 2,100 Circulars / 10,500 Notifications / 5,600 Articles.

The DVD contains almost all judgments reported in various Tax Journals namely, 200 Vols. Of Taxman / 130 Vols. of ITD / 48 Vols. of SOT / 340 Vols. of ITR / 244 Vols. of CTR / 141 Vols. of TTJ /taxmann.com / ITR(T) / ITC.

You may evaluate this DVD for 15 days free of any charge. In case you need to extend its usage for a year you can purchase this DVD by paying annual subscription of ` 6975 (inclusive of all taxes).

For more information visit us Direct Tax Laws DVD or call us Delhi: 011-45562222, Mumbai: 9322247686, Ahmedabad: 9909984900

100 Years of Company Law 1913-2012

Complete library of major tax Journals DVD contains a complete Database on Company Law since 1913 with Securities Laws, Foreign Exchange Laws, Competition Laws, Banking & Insurance Laws, and Other Corporate Laws

DVD contains nearly 9800+ Judgments, 150+ Acts, 350+ Rules, 900+ Forms, 6000+ circulars, 2500+ Notifications

Company Law DVD provides always updated statutes, complete library of case laws, expert opinions and commentaries.

You may evaluate this DVD for 15 days free of any charge. In case you need to extend its usage for a year you can purchase this DVD by paying annual subscription of ` 6975 (inclusive of all taxes).

For more information visit us Company Law DVD or call us Delhi: 011-45562222, Mumbai: 9322247686, Ahmedabad: 9909984900

Thursday, April 7, 2011

Transfer Pricing of intangibles: A taxing combat

This write-up deliberates upon tax tussle involved in transfer pricing of intangibles. For the purpose, after giving a brief view of ‘Transfer Pricing’ and ‘intangibles’ and their respective importance, the author has cited certain national and international case laws on the same. According to the author, the law relating to transfer pricing of intangibles is still in its infancy India. Yet, the emerging jurisprudence shows signs of maturity and willingness to adopt international standards. What remains to be seen is how quickly the Legislature and the tax enforcement machinery adapt to the rapid changes at both the national and transnational level and in plugging the loopholes to bring an effective and cogent Transfer Pricing regime in India.

For more please refer….Taxmann’s Corporate Professional Today” volume 20 issue 6

Transfer Pricing of intangibles: A taxing combat

This write-up deliberates upon tax tussle involved in transfer pricing of intangibles. For the purpose, after giving a brief view of ‘Transfer Pricing’ and ‘intangibles’ and their respective importance, the author has cited certain national and international case laws on the same. According to the author, the law relating to transfer pricing of intangibles is still in its infancy India. Yet, the emerging jurisprudence shows signs of maturity and willingness to adopt international standards. What remains to be seen is how quickly the Legislature and the tax enforcement machinery adapt to the rapid changes at both the national and transnational level and in plugging the loopholes to bring an effective and cogent Transfer Pricing regime in India.

For more please refer….Taxmann’s Corporate Professional Today” volume 20 issue 6

Monday, March 7, 2011

Transfer Pricing impact of business restructuring-Analysis of recent ruling of Bangalore Tribunal

In this highly competitive world, Multinational Enterprises (MNE’s) regularly restructure their business to improve efficiency and profitability. Such restructuring within MNE group results in number of tax and transfer pricing issues. Indian Transfer Pricing Regulation in its present form does not contain any specific provision dealing with transfer pricing impact of business restructuring. The resent ruling of Bangalore Tribunal in the case of Intel Asia Electronics Inc. v. Asstt. DIT[2011]9 taxmann.com 197, has provided some significant and positive guidance on transfer pricing issue arising from business restructuring.

Tuesday, March 1, 2011

POA theory is less than circumstantial-Hersh W. Chadha Case

In the recent case of Hersh W. Chadha v. Dy. DIT [2011] 43 SOT 544, the Delhi Tribunal has held that where it is hard to unearth direct evidence or demonstrative proof, circumstantial evidence and its appreciation thereof would acquire importance. The Tribunal adopted this method of circumstantial evidence in order to curb out the tax dogging and making tax dodgers answerable and accountable. The same decision has been taken up for discussion here.

Monday, February 28, 2011

Indian Government's Stand on Black Money

The Finance Minister, Mr. Pranab Mukherjee said that the Central Government has nothing to hide on black money issue and the Primie Minister has asked him to share the information with public. But he claimed that so far the Government has no reliable estimate of black money, which could be between USD 500 billion to USD 1400 billion. "No country is going to share information unless there is a legal framework," said Mukherjee. Emphasizing that there is no reliable estimates of black money generated by Indians within and outside the country, The Finance Minister said, "It's necessary to find out sources of black money so that its generation can be prevented. Swiss Bank has been persistently refusing to divulge information on black money," he said. "I have signed an agreement with Swiss authorities, we will be able to get information from Swiss Banks by amending the double taxation norms," he added. India has amended DTAA with 23 countries which will enable us to seek banking information, informed Mukherjee. "India is updating laws on transfer pricing mechanism to bring it at par with international standards as part of attempts to bring back the black money stashed abroad," said Mukherjee. India has started receiving information of Indians, who have generated income outside the country under double taxation avoidance agreements, he informed. He also informed that the Government has constituted a multi discriplinary committee to get studies conducted, to estimate the quantum of illicit funds generated by Indian citizens. The Government has formulated a five pronged strategy which consists of joining the global crusade against black money, creating an appropriate legislative framework, setting up institution for dealing with illict funds and developing systems for implementation. But he said that there is a way to get information when Income Tax authorities decide to prosecute offenders. "Eight more Income tax international overview units to be setup.. right now there are two units," he said.

Wednesday, January 19, 2011

International Taxation

  • Day to day reporting of Indian and foreign case laws & statutes on International Taxation
  • An almost complete Tax Treaty Network with Case Laws
  • Complete Database of Indian Case Laws & Statues Since 1886
  • OECD/UN/US Model Tax Treaties