Archive for September, 2008

The Central Board of Direct Taxes have extended the last date of filing of income tax returns, due by 31st July 2008, to 31st October 2008 in the state of Sikkim in view of the delay in issuing of Instruction No.8/2008in respect of filing of income-tax return by non-Sikkimese residing in that state. Full Article

The Central Board of Direct Taxes have extended the last date of filing of income tax returns and obtaining tax audit report under section 44AB of the Income Tax Act, 1961, due by 30th September 2008, to 31st October 2008 in the state of Orissa in view of the disruption caused due to floods in the state. Full Article

At this point of time, we would like to mention that the due date for “Companies and Assessees liable for audit U/s 44AB” is September 30, 2008. [Amended by Finance Act 2008]. So please make sure that you file the returns (if any) before the due date. Full Article

The Reserve Bank of India has set a limit for maximum transaction per day through mobile phones. A customer can, now, transect Rs 2,500 to a maximum of Rs 5,000 in a day. Customers must have access to a debit or credit card to avail mobile banking. Many Indian leading banks are providing mobile banking in the country. The banks need to inform RBI about the services they are providing thru mobile phones. The new guidelines, in this regard, are issued by the apex bank on F.. Full Article

From the third quarter of 2008, the dollar, which was sliding against almost all currencies, suddenly found itself on an escalator. Policy mechanics, and not market economics, explains the greenback's rise, says S. GURUMURTHY. Full Article

On consideration of the reports of dislocation of general life caused due to the law and order problem in the State of Jammu & Kashmir, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date for filing of returns of income which were required to be furnished by 31st July, 2008 to 30th September, 2008, in cases of income-tax assessees in the State of Jammu & kashmir. Full Article

On consideration of the reports of disruption caused due to floods in the State of Bihar, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date of obtaining tax audit report u/s 44AB of the I.T. Act as well as for filing of returns of income required to be furnished by 30th September, 2008 to 30th November, 2008, in the cases of income-tax assessees in the State of Bihar. Full Article

Cebon India vs. ACIT (ITAT Delhi) Where the record did not show that the assessee had been served with a notice under section 143(2) before the due date HELD that the assessment proceedings were not valid as the non-service of the notice was a jurisdictional defect and not merely a procedural defect. Held also that s. 292BB was procedural and prospective. Full Article