11 Mar : Mexican billionaire Carlos Slim has emerged as the richest person in the world with USD 53.5 billion in assets, while Indian industrialist Mukesh Ambani ranks fourth with USD 29 billion in the US magazine Forbes annual list of world’s top billionaires.
Slim is followed by William Gates III (popularly known as Bill Gates) with a net worth of USD 53 billion and Warren Buffet at the third spot with assets worth USD 47 billion.
NRI billionaire Lakshmi Mittal with a net worth of USD 28.7 billion ranks fifth while …

BY CA MANOJ KOHLI 9TH MARCH 2010 No income tax at source will be deducted if banks have only made a provision for interest on fixed deposits and not actually paid it to the depositor, the Finance Ministry has clarified Until now, tax was supposed to be deducted by banks even if only provisioning was made for interest payment.
However, this was creating problems for banks using Core-Branch Banking Solutions (CBS), which enables customers to access their accounts from any branch.
The Indian Banks’ Association in a representation to the Income Tax …

By CA Manoj Kohli 3rd March,2010 Downloading of software for personal use is now proposed to be taxed under service tax and attracts tax @ 10.3%.
Normally service tax is payable by service provider. However, if service provider is non resident, service receiver is the person liable to take service tax Regn and pay tax to Govt, as if he himself is deemed as service provider. In this case, the basic exemption limit of Rs. 10 lakhs is not available.
As a result if you download a software from a foreign website …

By CA Manoj Kohli 26th Feb : Some amendments made to Income tax by finance act 2010.
1) Limit for compulsory audit under section 44AB is enhanced to 60 Lakhs and 15 Lakhs for business and profession respectively.
2) Penalty for not getting books audited with prescribed time under section 44AB is enhanced to Rs.1,50,000 from Rs.1,00,000.
3) New deduction of Rs.20,000 can be claimed under section 80CCF for Investment in Long Term Infrastructure fund apart from 80C limit of Rs.1,00,000.
4) No disallowance under section 40(a)(ia) if the TDS is remitted before filing …

Jorawer Singh, Chandigarh, February 11, 2010: Mr Anil Khanna, Managing Director of Blue Dart has been crowned with Outstanding Entrepreneur Award at the Asia-Pacific Entrepreneurship Awards – 2009. Mr. Khanna had completed his Master of Business Administration from University Business School, Panjab University, Chandigarh, in 1979.
On behalf of the University and it’s alumni, Dinesh K. Gupta, Chairman, University Business School, congratulated Mr Khanna for this outstanding achievement and exhorted the Management Students to take him as a role model and to learn from the experience of such successful alumni.