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Anurag Sharma in New Delhi
As 3G mobile services are set to be rolled out soon in the country, cyber experts sound a word of caution about the high tech enabled mobile phones, which they say are more vulnerable in the world of technology related crimes.

While the next generation technology aims to make life simpler enabling downloading of movies and music within minutes, it can also be used for various unscrupulous activities.

"With 3G, cellphones will have faster broadband Internet and with such speed you can watch television live, make video calls and download music and movies in no time.

But through spying software and virus, the hacker can easily break into your system," says Ankit Fadia, an ethical hacker and cyber security expert. "The hacker can record all the audio conversation and video files.

Tianhe-1A : China’s New Supercomputer, Beats Cray XT5 Jaguar of US

Tianhe-1A : China’s New Supercomputer, Beats Cray XT5 Jaguar of US

Top 10 security threats in IT - Technology news

Top 10 security threats in IT - Technology news

Facebook | convocation

Facebook | convocation

Facebook (1) | rakshabandhan 2010

Pics of rakshabandhan....

Facebook (1) | rakshabandhan 2010

Judges Handing Down Hard Time For CyberCrime

Judges Handing Down Hard Time For CyberCrime

Everyone knows that hacking into an ex-employer’s computer network, shutting down the email system and deleting core files will land you in prison. Federal laws were designed to catch these types of hackers and put them away. But what about you? Have you every violated any of the dozens of federal laws governing computer and Web site misuse? It might surprise you to know, but odds are you have.

Do you carefully read the terms of use on every Web site you visit? Were you aware that violating those terms could result in twenty years in prison and a $1 million fine?

Recently, a federal judge sentenced atelevision news anchor, caught snooping through his co-anchor’s email, to six months of home confinement, 250 hours of community service and a $5,000 fine. He was also summarily fired from his $700,000/yr job. Selling your company’s confidential information? That may just earn you a ten year all expense paid prison vacation. Sending threatening emails? Up to ten years in prison. Selling impostor watches on eBay? Seventy years. Even if you are acquitted, you may have to fight a costly legal battle a half a continent away.

The bottom line is that federal investigators are cracking down on cybercrime now more than ever before. More importantly, judges are handing down harsher and harsher sentences. Given the huge potential criminal penalties involved with something as seemingly innocuous as violating a Web site’s terms of use, it is well worth educating yourself about the dos and most-certainly-do-nots ofcyberlaw.

BPO employee held for data theft

AHMEDABAD: A young computer engineer was nabbed by the company authorities for data theft from the company computer and uploading it on another data sharing site for future use. He was nabbed by city cyber cell officials on Saturday.

According to cyber cell officials, they had received a complaint from Satellite police station officials where Anand Desai, an official of a Satellite-based BPO, had mentioned that Ashok Jangad, a resident of Isanpur, had stolen database from the company.

"Ashok, a native of Bharatpur, Rajasthan, was earlier working at BPO of a mobile operator major and then joined the company specialising in college and university database. According to the complaint, he used the company computer for uploading the company data on a data sharing website for future use," said BC Solanki, inspector of cyber cell of city crime branch.

The BPO involved has helped several universities making its online directory and recently a directory available on mobile phone for Gujarat University.

He added that the company has a system in place where any data transaction inside the company can be monitored. "When the officials got to know that a huge amount of data is going out, they kept a watch and found data infringement. Jangad was given responsibility of data collection pertaining to various courses offered by colleges and universities in the country and had limited access to the database," said Solanki.

Officials said that his questioning is on to know why he did the theft and whether he was in touch with any rivals for sale. "Ashok comes from a modest background. His father is associated with marble business in Rajasthan and is settled in the city since the past one year. He is unmarried and living alone," said crime branch officials. 

Forget Cookies,your browser has fingerprints...

Even without cookies, popular browsers such as Internet Explorer and Firefox give Web sites enough information to get a unique picture of their visitors about 94 percent of the time, according to research compiled over the past few months by the Electronic Frontier Foundation.
The research puts a quantitative assessment on something that security gurus have known about for years, said Peter Eckersley, the EFF senior staff technologist who did the research. He found that configuration information -- data on the type of browser, operating system, plugins, and even fonts installed can be compiled by Web sites to create a unique portrait of most visitors.
This means that most Internet users are a lot less anonymous than they believe, Eckersley said. "Even if you turn off cookies and you use a proxy to hide your IP address, you could still be tracked," he said.
The data doesn't actually identify the Web user, but it creates a unique browser "fingerprint," that can be used to identify the user when he visits other Web sites.
Using JavaScript, Web sites are able to probe PCs and learn a lot. No single piece of data is enough to identify the visitor on its own, but when it's all strung together -- browser version, language, operating system, time zone details -- a clearer picture emerges. Some things -- what combination of plugins and fonts are installed, for example -- can be a dead giveaway.
And using the private mode offered by some browser-makers does nothing to stop this analysis. "They provide you with some protection against other people who may be in your house or who have access to your computer, but they haven't got to the point where they've provided protection against the companies that are profiling Web users," Eckersley said.
In fact, there are already a handful of companies have already started offering this kind of cookie-less Web tracking to help e-commerce sites identify fraudsters. Companies such as 41st Parameter, ThreatMetrix, and Iovation are widely used in the banking, e-commerce and social Web sites.
And the products work. Last August, when Serbian criminals started testing stolen credit cards by posting hundreds of US$1.99 transactions to the iReel.com online movie site each day, iReel turned to ThreatMetrix to get a fix on the fraudsters.
Using similar techniques to those described by the EFF, ThreatMetrix generated digital fingerprints of site visitors, which helped iReel know when a single user was trying to use hundreds of different credit cards, even when the fraudster was using proxy IP addresses, said Adam Altman, iReel's chief operations officer. "We were able to cut out a lot of the unnecessary transactions," he said.
These products may see more widespread use as browser-makers give users more control over managing the Web-tracking cookie files on their browsers, said Avivah Litan, an analyst with Gartner. Many e-commerce sites already use so-called Flash cookies to track visitors, but Adobe is starting to give users more control over these files, so browser fingerprinting maybe the next widely used visitor tracking technology on the Web, she said.
For people who think they're anonymously surfing the Web, this is bad news, Eckersley said. "If someone can see what pages we're going to, they know what we're reading and what we're thinking," he said.
The EFF has set up a Web site that tests visitors for uniquely identifiable information. Most people are surprised to discover just how trackable they are online, Eckersley said.
There are some effective countermeasures, however. A uniquely identifiable IDG News Service Windows XP computer running Firefox could not be identified with the NoScript safe browsing extension turned on. Adding the Tor Internet anonymization software also works, Eckersley said.
Mobile browsers on the iPhone on Android platforms are often not identifiable. That's because they typically don't have the variety of browser plugins and font add-ons that are common on desktop PCs.
So could browser makers make their products more private? Eckersley believes so. "There are some situations where having some of this information is useful, but you don't need all of it by any means," he said

Q: Is there a way to tell if someone else has been using my computer in my absence? For example, the last time it was booted?

Q:
Is there a way to tell if someone else has been using my computer in my absence? For example, the last time it was booted?

A:

Windows XP and Vista have an Event Viewer to help you keep track of what your computer is doing. An event is anything noteworthy that happens to your computer. To bring up the E.V. in XP go to Start/Run and type the following...

eventvwr.msc

The same process applies to Vista, only you type it in the Search Box.



Events are stored in three log files: Application, Security, and System. These logs can be reviewed and archived. In Vista these can be found under the "Windows Logs" section.

For our purposes we want the System log. Click on "System" in the left-hand column for a list of events. Look for a date and time when you weren't home and your computer should have been off.



By double-clicking the event you can get more details on what the event was. Just click on the link for that says, "For more information..."

You can also use this log to see how long someone was on the computer. Just look at the time the computer was turned on and off for that day. Oh look, Junior was on for 6 hours! No wonder the yard work wasn't done.

Regards,
CA Akshat Vithalani

Make phone banking more secure or face penalty: RBI to banks

NEW DELHI: Banks will have to soon put in place an additional authentication cover for their credit and debit card customers transacting over phone, or get penalised.

Taking forward its efforts to tackle identity frauds in non-branch banking transactions, the Reserve Bank has asked all the banks operating in the country to put in place by next year a system where credit and debit card customers would need to provide an additional password for IVR (interactive voice response) transactions.

IVR transactions are done over phone, wherein customers dial bank's customer care number and are prompted by a recorded voice to dial designated digits for different kinds of transactions such as balance enquiry, bill payment etc.

The customers would now need to key-in an additional password on their phone, besides the currently prevalent details like card number, date of birth, card issue or expiry date and in some cases a telephonic password.

As RBI has also noted, there has been a stupendous rise in recent past in the banking transactions through channels other than the traditional branch banking. Such non- traditional routes include Internet, mobile and phone banking.

However, these new-age banking transaction routes are considered to be relatively more prone to identity frauds and the credit or debit cards could be misused by those other than their bonafide owners.

To tackle this menace, RBI last year asked the banks to put in place April 2009 onwards "a system of providing for additional authentication/validation based on information not visible on the cards" for transactions where card was actually not presented.

While this directive covered online transactions, it did not apply to IVR transactions and RBI had said at that time that "separate instructions will follow" for the same.

 In both online and IVR transactions, a card is not actually presented for conducting the transactions, unlike the transactions at ATMs or merchant establishment where a credit or debit card needs to be swapped for credit or debit to take place from the customer's account.

However, RBI has now decided to "extend this requirement of additional authentication/validation to all CNP (card not present) transactions including IVR transactions."

This additional security codes would need to be different than those visible on the cards, such as the card number, CVV (card verification value, which is printed on the back of the card), date of birth and date of issue and expiry.

As these are visible on a card, a non-bonafide customer, having seen the card at places LIKE merchant establishments, can use them to transact in the account over phone.

Besides, the banks would also need to put in place a system of 'Online Alerts' to the cardholder for all 'card not present' transactions of the value of Rs 5,000 and above.

RBI has asked the banks to implement these additional security measures for all CNP transactions by January 1, 2011.

"Banks are advised to strictly adhere to the instructions and time discipline indicated in this circular. Non-adherence to the directions shall attract penalties...," RBI said in a circular to the chiefs of all banks operating in the country.

These include Scheduled Commercial Banks, Regional Rural Banks, Urban Co-operative Banks, State Co-operative Banks and District Central Co-operative Banks.

Live Footage Iceland Volcano 2010 April

?what is the meaning of PING?

Q:
What does the term "Ping" mean?

A:Basically, ping is short for Packet InterNet Groper and it is a utility that is most widely used to check for network errors. It's the main utility that is used to verify whether or not a network data packet can be sent to an address (usually an IP address) without any errors.
Now, let me try to explain how a ping process works. First, a ping command is used to ping an IP address and that request is then sent over the network to the computer with that address. Once it's successfully received, the computer produces what is called a "pong" response. The time between the two is then calculated to come up with an average response time. If the ping, for some reason, does not make it through to its destination, the computer will then receive a timed out error.
So, if you've ever received an error like that, you now know that it's coming from the ping utility. The term ping is also used quite a bit in computer gaming. In this case, it goes by either a high ping or a low ping and it basically has to do with how fast of a connection a user has to the game server. For example, if you play games online, you'll want to have a lower ping rate (around 50 is good). If you have too high of a ping speed, you may not be able to play, because a lot of game servers only accept low pings. Well, hopefully that helps you all in understanding this computer term a little more. As you can see, it's all in the ping and the pong! 

how to resolve conflicts with friends- good article :)

How to Resolve Conflicts with Friends

 

Fighting with friends is tough all around. We often say things we don't mean and feelings get hurt. Occasionally, no one wants to admit they were wrong and no one wants to apologize; it seems as though the situation is beyond repair. There are many ways to resolve conflicts with friends. Here are some things you can do to start  down the road to conflict resolution.

 

Step 1 
Calm down. No one thinks rationally when emotionally worked up. Give yourself time to calm down before even thinking of the subject of the conflict again.

 

Step 2 
Give each other respect. Without first respecting your friend, it is unlikely that the conflict will be resolved amicably.

 

Step 3 
Give each other space. When the conflict has become too heated, walk away.

 

Step 4 
Give each other time. Time to cool off will help all parties involved think things over in a rational manner.

 

Step 5 
Respect each other's space and time. Everybody's different. Your friend may need a week before he is ready to resolve the conflict and you may need only a day. Give him the time he needs.

 

Step 6 
Communicate. Not talking only makes matters worse. Periodically contact your friend to let her know that you still care about her.

 

Step 7
Listen well. Listen intently and focus on his point of view with an open mind.

 

Step 8
Choose your words wisely. Avoid accusatory phrases like "you never," "you always" or "why would you."

 

Step 9 
Leave out the "but." When your friend asks if you accept his apology don't say "yes, but..." It's a conditional acceptance and can lead to more hurt feelings. The same goes for "I understand, but.."

 

Step 10
Let it go. If you can't find common ground, agree to disagree and let it go. Nothing good will come out of the conflict if you don't.

Time Audit- Make eefecient use of time.....

How to do a Time Audit

March 24, 2010 · Print This Article

Did you know that a single two-second distraction can cost you 15 minutes of your day? When your concentration is interrupted, it takes up to 15 minutes to get your focus back. Our ambient sounds help reduce the amount of noise distractions in your workplace. Take advantage of the current SALE.

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There is often a great discrepancy between the way you spend your time and the way you think you spend your time. A time audit helps you look at exactly how your time is being used so you can better understand where your time is going. One form of a time audit is to simply keep a log of your time. This works to a certain extent, but it tends to better show how you want to spend your time instead of how your time is actually spent. For a time audit to be effective, it needs to reflect your actual work history.

Here is a simple method for doing a time audit that will help show how your time is actually spent. Get some type of timer that can be set for a specific interval of time. You want to use 60, 30 or 15 minutes. Normally an hour is what you want to use. Set the timer to go off, but make sure you start at some odd time, like 8:11. You don’t want to start at the top or bottom of the hour because that tends to go off right when you are switching contexts (going to lunch, headed to a meeting, etc.)
Each time the alarm goes off, write down what you are doing at that moment, reset the alarm, and go back to work. The process should take about 20 seconds. It will interrupt you, but the data should be well worth the inconvenience. Ideally, you should collect time audit data from several different days. It might make sense to do the time audit Monday on one week, Wednesday of the following week, and Thursday of the next. Spreading it out helps keep it from becoming a habit and lessens the distraction impact of any given week.
Once you have all the data from your time audit, go through and analyze it. You can use any method that suits your needs, but in general you want to categorize what you were doing at each interruption point by how important that task was. At the very least, you should use three levels:

1. Very important - the type of task that you should be doing all the time.
2. Not particularly important – something that may need done, but doesn’t add significant value and should be minimized as much as possible.
3. Worthless – Activities that you shouldn’t be doing at all.

If 75% of your time audit shows you working on Very Important tasks, you are doing extremely well. Many people will find that they are spending a lot of time on levels 2 and 3. Don’t be too discouraged by this. It is typical and partly a by-product of the fact that work days aren’t designed around being productive.
Once your time audit shows how you are spending your time, you need to ask yourself important questions:

1. Can you modify the order of tasks or your schedule to make better use of your time? For example, if you found you were on hold for a good percentage of the time, can you place those phone calls earlier or later or on a different day when you are less likely to be put on hold?
2. Are there distractions you can avoid? If you have a TV in your office and your time audit shows you are often watching the news, maybe you should turn it off or move it out of your office. Some people will save a lot of time by uninstalling solitaire.
3. Can you stop low-value activities? Ask yourself, “What happens if I just don’t do this at all?” Sometimes the consequences are trivial once we actually look at what will happen.
4. Can you shift to more high-value activities? This may mean delegating or automating. If you spend a lot of time running papers back and forth for signatures or faxing secure documents, perhaps getting your team to switch to Digital Signatures & Encryption would help let you focus more on your job and less on the tasks that add little value. You might be able to make use of a virtual assistant to help you focus on the more important things.

If you are a manager, you might be thinking “I should have my staff do this!” Maybe, but keep in mind the time audit is only useful if people are honest. You will probably get better results if you have them do a time audit and then discuss ways you can be more efficient as a team instead of trying to get each person to share their individual results.

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Filed Under Time Management
Tagged: audit, time audit, Time Management

Read more: http://www.productivity501.com/how-to-do-a-time-audit/7043/#ixzz0jLNobZTU

ICAI looking to bar firm whose partner found guilty of Auditing fraund or Negligence

The Indian accounting sector regulator wants the government to bring in a provision to bar tainted firms from taking up any new assignments for a specific period. The move by the Institute of Chartered Accountants of India (ICAI) is the latest in its undeclared but continuing tiff with the Big Four foreign accounting and audit firms that has escalated after the Satyam fraud. ICAI president Amarjit Chopra told FE that RBI, Sebi and the CAG should specify norms “barring such auditing firms for a particular time period whose partner has been found guilty in last three years.”

In 2009, S Gopalakrishnan and Srinivas Talluri, partners in Price Waterhouse, the statutory auditors for the scam-hit Satyam Computers, were imprisoned for alleged audit misconduct. The disciplinary committee of ICAI has also held Gopalakrishnan guilty of professional misconduct in the audit of erstwhile Global Trust Bank. Price Waterhouse is a related entity of PricewaterhouseCoopers, the global audit and accounting firm.

Chopra said, “At present, if a partner of a firm is held responsible in any fraud, the firm disassociates itself (from the partner) and later takes him as a consultant.”

This, Chopra said, “does not discourage auditors from professional misconduct.” Chopra further said the institute now has the power to take action only against the auditor and not the firm. But the institute is of the view that any of the auditors who ceases to be a partner of the firm and has been charged under disciplinary proceedings should not be allowed to undertake fresh work and therefore impose responsibility as if their status as a partner is still continuing. Chopra said they will also be discussing the concept of rotation of auditors in their next council meeting. Currently, only public sector banks are required to rotate auditors, appointed from among RBI-empaneled list of audit firms, but there is no compulsion on private banks and insurance companies to follow the practice.

ICAI has also requested the ministry of corporate affairs that the periodicity of rotation for an audit partner should be once in every three years, while for an audit firm it should be once every six years. At present, there is no such tab on the rotation of audit partner or audit firm under the Companies Act, 1956. Minister Salman Khurshid has recently told he preferred a rotation among the audit firms but without compromising on the development of domain knowledge by them.

Read more: http://www.taxguru.in/icai/icai-looking-to-bar-firm-whose-partner-found-guilty-of-audting-fraund-or-negligence.html#ixzz0imni7IVG

what is cyberwarfare?

Cyberwarfare is Internet-based conflict involving politically motivated attacks on information and information systems. Cyberwarfare attacks can disable official websites and networks, disrupt or disable essential services, steal or alter classified data, and criple financial systems -- among many other possibilities.
According to Jeffrey Carr, author of "Inside Cyber Warfare," any country can wage cyberwar on any other country, irrespective of resources, because most military forces are network-centric and connected to the Internet, which is not secure. For the same reason, non-governmental groups and individuals could also launch cyberwarfare attacks. Carr likens the Internet's enabling potential to that of the handgun, which became known as "the great equalizer."
Examples of cyberwarfare:

• In 1998, the United States hacked into Serbia's air defense system to compromise air traffic control and facilitate the bombing of Serbian targets.
• In 2007, in Estonia, a botnet of over a million computers brought down government, business and media websites across the country. The attack was suspected to have originated in Russia, motivated by political tension between the two countries.
• Also in 2007, an unknown foreign party hacked into high tech and military agencies in the United States and downloaded terabytes of information.
• In 2009, a cyber spy network called "GhostNet" accessed confidential information belonging to both governmental and private organizations in over 100 countries around the world. GhostNet was reported to originate in China, although that country denied responsibility.

The most effective protection against cyberwarfare attacks is securing information and networks. Security updates should be applied to all systems -- including those that are not considered critical -- because any vulnerable system can be co-opted and used to carry out attacks. Measures to mitigate the potential damage of an attack include comprehensive disaster recovery planning that includes provisions for extended outages...

Cisco announced CRS-3, the fastest router

On Tuesday, Cisco announced the CRS-3, its next-generation internet router for the world's largest internet service providers. 

After a two-week countdown to an announcement that it said would "forever change the internet", the company unveiled what looked like an upgrade to its existing "core" router, called the CRS-1.

The new router offers 12 times more traffic capacity than its older-generation routers offer. It's three times faster than the older CRS-1, which was introduced in 2004. And it can handle 322TB of traffic per second, or simultaneous video calls for every person in China, the company said..

safety tips for using ATM.....

1. 1. Keep your card in a safe place to avoid damage.
2. 2. Memorize your Personal Identification Number (PIN). Never write the PIN down on anything in your wallet or on the card itself.Never tell your PIN to any third person, whether to family member, office staff.
3. 3. When selecting a PIN, avoid numbers and letters that relate to your personal information. For example, don't use your initials, birthday, telephone or vehicle number ,if you have such a number, contact your bank and get a new PIN issued.In most of ATM ,you can change your ATM pin yourself.
4. 4. Immediately report a lost or stolen card to your financial institution.
5. To help guard against fraud, keep your ATM receipts until you check them against your monthly statement.

5. Observe your surroundings before using an ATM. If the machine is obstructed from view or poorly lit, visit another ATM..

1. 6. Take a friend with you - especially at night.
2. 7. Have your card out and ready to use.
3. 8. Shield the screen and keyboard so anyone waiting to use the ATM cannot see you enter your PIN or transaction amount.
4. 9. Put your cash, card and receipt away immediately. Count your money later, and always keep your receipt.
5. 10. If you see anyone or anything suspicious, cancel your transaction and leave immediately. If anyone follows you after making a transaction, go to a crowded, well-lit area and call the police.
6. When using an enclosed ATM that requires your card to open the door, avoid letting strangers follow you inside.
7. 11. Check with your financial institution to determine what the daily limit of funds that can be withdrawn from your account is.
8. 12. Use swap ATM machine ,Machine which take ATM card inside are risky and some time they ate your ATM card ,due to input of wrong ATM pin ,withdrawal amount given is more than balance and for other reason .
9. 13. Use Your own Bank machine ,where ever possible .the reason is that if there is a problem in Transaction then problem can be solved by your bank directly but if other banks ATM is used then to solve dispute you have to contact two bank branches.
10. 14. If your card jammed in ATM, report this immediately to the bank.

Read more: http://www.simpletaxindia.org/2010/03/safety-tips-for-use-of-atm-card-useful.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+simpletax+%28STI-MEDIUM%29&utm_content=Google+Reader#ixzz0hb9FHJbO 
Under Creative Commons License: Attribution

Govt proposes more time for appeals against ITAT orders

The government on Friday proposed to allow High Courts to admit appeals against orders of the Income Tax Appellate Tribunal beyond the currently stipulated period of 120 days.
While presenting the Union budget, Pranab Mukherjee proposed to amend section 260 A of the Income Tax Act, which gives only 120 days to challenge any order of the Income Tax Appellate Tribunal (ITAT) before any division bench of a High Court.
According to the new proposal, if High Courts are satisfied that the delay was due to some reasonable cause, then they can admit the appeal.
It has been decided to amend section 260 A and section 27 A of the Wealth Tax Act, which deals with the time period of the appeal against any ITAT order, by inserting a new sub- section.
According to the proposal, the amendment will be effective retrospectively. There has been conflict between various High Courts over the issue with the Delhi High Court stating that they can admit the appeal beyond 120 days if they are satisfied. However, the High Courts of Allahabad, Bombay, Guwahati and Chhattisgarh had differed.
The minister also proposed to enhance the period for which the Income Tax Department could approach High Court against ITAT's direction. The government proposed to increase it from the mandatory period of six months.

ICAI welcomes budget 2010

ICAI welcomes the Union Budget presented by the Hon’ble Finance Minister Shri Pranab Mukherjee, which can be termed as a relief oriented budget. The Budget skillfully balances the need to step up the economic growth on one side, check inflation on the other side and also address the socio-economic needs of the nation.
The ICAI welcomes the liberal FDI Policy, listing of PSUs, liberal licensing policy for opening of banks and license to NBFCs to act as bank. The increase of minimum personal taxation slab of 10% up to Rs. 5.00 lacs will pave the way for better tax compliances and revenue generation for the Government. The introduction of SARAL II Form will enable the small tax payers to file their return without difficulty. The relief of Rs. 20,000/- under  section 80CCE would suitably boost infrastructure sector while simultaneously providing tax relief.

• The ICAI welcomes the reiteration of timelines for implementation of the Direct Tax Code and Goods & Service Tax w.e.f. 1st April, 2011.
• The Budget has given some thrust to conversion into LLP without attracting Capital Gains Tax. However, the restrictions and preconditions may be reviewed to provide full benefit to the conversion of such entities.
• The marginal reduction of surcharge will give relief to corporates and partially offset the increase in MAT Tax from 15% to 18%.
• The thrust given on research and development by enhancing the weighted deduction is welcome since it will boost research activity.
• Relief has been given to the Real Estate Sector by extending period of the 80 I(B) benefits and rationalization of some of these conditions alongwith all other pending projects issues may be considered for the expected relief.
• Removal of genuine hardships in areas of TDS (such as S-40(a)(ia) disallowance) is welcome.
• Rationalization in areas of small charitable trusts and role of settlement commission is also a welcome move to reduce the litigation.

Indirect Tax

• The increase in Central Excise Rates by 2% would augment tax revenues while bringing convergence with GST rates.
• Procedural reforms in placing reliance on CA’s certificates for input credits, amendment in demand provision would reduce litigation and give widespread relief.
• Expansion of coverage, especially in health sector and retrospective amendment regarding renting of immovable properties and training may require reconsideration.

ICAI is glad that the Government has accepted the suggestions forwarded by the Institute in different areas.

Read more: http://www.taxguru.in/icai/icai-welcomes-union-budget-2010.html#ixzz0gq54jdhM

HAPPY HOLI

HAPPY HOLI FRIENDS......

CA AKSHAT VITHALANI