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Dear Member,
 
In view of the increasing role of Chartered Accountants in the field of Indirect taxation, the erstwhile Fiscal Laws Committee has been divided into Direct Taxes Committee and Indirect Taxes Committee.
 
The Direct Taxes Committee of ICAI has, in its 2nd Meeting held on 05.05.2008, decided to revise certain important publications of Fiscal Laws Committee relating to Direct Taxes and also to prepare new publications. Further, certain other initiatives are also proposed to be taken. The same have been listed below.
 
In this regard we request you to send your valuable inputs / suggestions to enable us to revise/ prepare the publications relating to direct taxes and to complete the tasks undertaken for enhancing the knowledge of the members. The same may be sent to dtc@icai.org/ mukta@icai.org latest by 30th May 2008. A hard copy may be sent to:
 
CA. Mukta Kathuria
Secretary, Direct Taxes Committee
ICAI Bhawan,
C-1, Sector-1,
Noida-201 301
 
  • Supplementary Guidance Note on audit under section 44AAB of the Income-tax Act, 1961 (including FBT audit)
    The Committee proposes to bring out a supplementary Guidance note on audit under section 44AB of the Income-tax Act, 1961 (including FBT audit). Members are requested to send suggestions in respect of issues faced by them on which it is felt that the guidance of the ICAI is required.

  • Issues on Tax Audit
    The Committee proposes to revise the existing publication “Issues on Tax Audit” so as to include issues arising from FBT audit also. Members are requested to send issues faced by them in the field in this regard.

  • Guidance Note on Report under section 115JB of the Income-tax Act,1961.
    The Committee proposes to revise the “Guidance Note on Report under section 115JB of the Income-tax Act,1961” keeping in mind the changes made by the various Finance Acts. Members are requested to send suggestions in respect of issues faced by them on which it is felt that the guidance of the ICAI is required.

  • Taxation of Charitable Trusts and Institutions-A Study
    The Committee proposes to revise its publication “Taxation of Charitable Trusts and Institutions-A Study”. Members are requested to send suggestions in respect of issues faced by them on which it is felt that the guidance of the ICAI is required.

  • Proposed Rules in respect of credit for TDS/TCS
    Clause 42 of the Finance Bill, 2008 proposes to substitute the existing section 199 with a new section 199. As per the proposed section the Board is authorised to make such rules as may be necessary for the purposes of giving credit in respect of tax deducted or tax paid in terms of the provisions of this Chapter.

    In this connection the Committee proposes to take proactive role in framing the proposed Rules for the purposes of giving credit in respect of tax deducted or tax paid in terms of the provisions of this Chapter, including the rules for the purposes of giving credit to a person other than those referred to in sub-section (1) and sub-section (2) and also the assessment year for which such credit may be given.

    Members are requested to send suggestions in respect of the same to enable us to provide inputs to the Government.

 
Members are requested to extend their co-operation by giving their valuable suggestions well in time.
Thanks and regards
 
Secretary
Direct Taxes Committee

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