MRA With CPA Australia

MRA With CPA Australia
The Institute of Chartered Accountants India has entered into mutual recognition agreement (MRA) with CPA Australia to establish guidelines on how qualified members can gain reciprocal membership.
CPA Australia members who qualify for membership of ICAI will have rights to use the CA designation in India. ICAI members who qualify for membership of CPA Australia will have rights to use the CPA designation.
Application form for ICAI members who wish to apply for CPA Australia membership
Application form for CPA Australia who wish to apply for ICAI membership
FAQs for applying for CPA Australia membership
For further details please visit www.cpaaustralia.com.au/ICAI

OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA

Income-Tax Dept.-Mulling Tax On Carbon Credit Trade

The Income-Tax department is mulling tax on carbon credit trade, estimated to yield for the exchequer an estimated Rs 1,000 crore. The I-T department’s preliminary study has found that large companies listed on stock exchanges are not making tax provisions against the profits out of the sale of carbon credits and are putting the money thus earned in other businesses. India is the largest producer of carbon credits in the world. “The sale of carbon credits and the subse-quent payment of tax from the money earned is not strictly followed.
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"Round- Tripping" or "Treaty Shopping"

Demand on capital gains on Idea share sale by Mauritius subsidiary; Fema and telecom regulation violations also alleged. The income tax (I-T) department has sent a notice to Tata Industries, raising a demand of Rs 298 crore on capital gains on the sale of shares in Idea Cellular, held through a wholly-owned Mauritius-based subsidiary, Apex Investments, to Birla TMT Holdings in India. Although the amount is not large, the notice, which was sent last month, is significant because, I-T department sources said, it was the first discovered case of "round- tripping" or "treaty shopping" and has significance for Indian companies structuring offshore deals. The notice was sent under section 143(3) of Income tax Act , 1961, but the demand for capital gains has been made under section 93 (3) of the Income Tax Act.
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FOR DIAMOND INDUSTRIES

In an order that will have a bearing on hundreds of diamond cutting and polishing firms in the country, the Income-Tax Appellate Tribunal (ITAT) has held that tax is not payable in India for commissions paid abroad at the time of acquiring rough diamonds. In a recent case, Mumbai-based polished diamond exporter Kirtilal Kalidas had imported rough diamonds from UK-based Diamond Trading Company after availing the service of another UK-based entity Bonas & Co. Kirtilal Kalidas had paid Rs 1.47 crore to Bonas & Co as a commission. However, no tax was deducted while making this payment. The income-tax department had later held that tax should have been deducted from the commission paid to the non-resident.
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Say Good Bye To Storage Cost, Wealth Tax On Gold

With high volatility in the stock market, investors are looking for other options like debt and gold. However, when it comes to gold, most investors find it a difficult proposition because of the storage cost and wealth tax it entails. While the storage cost could be anywhere between Rs 500 and Rs 20,000 per year, depending on the institution, wealth tax would be 1 per cent of the gold value exceeding Rs 15 lakh. But now you can not only save these costs, but also earn interest on the gold you own. State Bank of India (SBI), the country’s largest bank, has launched a gold deposit scheme to address this issue.

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LOOSE OF GIFT TAX EXEMPTION BY NRI

NRIs should make their trips to the homeland shorter if they want to avail themselves of the gift tax exemptions, says a recent ruling by a tax tribunal. The gift tax exemptions will not be available to an NRI if he loses his special status on account of overstaying in India, the Income Tax Appellate Tribunal (ITAT) said. Giving a ruling in a case involving levy of tax on a gift made by an NRI from his non-resident (external) (NRE) account, the tribunal said, "He was in India for 182 days or more during the relevant previous year.... Thus, the assessee is clearly not entitled to exemption (on gift tax)."
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Income Tax Refund Banker Scheme

Individual and small corporate taxpayers will get income or corporate tax refunds in four months, with the refund banker
scheme spreading across the country soon.
The refunds, arising out of tax payments
and TDS collections, usually take more than a year to reach the average taxpayer.
"Tax and TDS refunds will now reach the individual and small (corporate) taxpayers in about four months (by August 2009). The refund banker scheme may also be implemented across the country," a senior Finance Ministry official said.
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Taxpayers who have filed their returns for the assessment year 2008-09 should now write to their area Income-Tax Assessment Officers quoting their magnetic ink character recognition (MICR) codes (used in the banking industry to facilitate cheque processing) and vital bank account details.
This will help the department to send refunds quickly in any part of the country, the official added.
Officials in the Income-Tax department also added that fast and quick refunds have been made possible this time as the department has finished the process of "data migration" to its central servers from its offices across the country.

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