Archive for April, 2009

EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2008 CIRCULAR NO. 1/ 2009, DATED 27th MAR, 2009 10. Weighted deduction for sum paid to a company to be used by such company for scientific research 10.1 In order to encourage the outsourcing of scientific research, a new clause (iia) in sub-section (1) of section [...] Full Article

7. Exemption of income of Agricultural Produce Marketing Committee or Board 7.1 Clause (26AAB) has been inserted in section 10 to provide for tax exemption with respect to the income of an Agricultural Produce Marketing Committee or Board which has been constituted under any law for the purpose of regulating the marketing of agricultural produce. [...] Full Article

EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2008 CIRCULAR NO. 1/ 2009, DATED 27th MAR, 2009 9. Extension of time limit for availing deduction under section 10A and 10B 9.1 100% deduction on exports profits is allowed to an undertaking, if- (i) the undertaking is set up in a free trade zone, Software [...] Full Article

EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2008 CIRCULAR NO. 1/ 2009, DATED 27th MAR, 2009 6. Exemption to a “Sikkimese” individual 6.1 Section 10 of Income-tax Act relates to incomes which do not form part of total income. As a measure to promote socio-economic development, a new clause (26AAA) in section 10 [...] Full Article

TRADE CIRCULAR                Dated: 31.03.2009 No. VAT/U.O.R.No. 646/JC(Reg.) Trade Circular No.12 T of 2009 Sub.: Procedure for online submission of application [Statement of Requirement ] for the statutory forms (C/F/H/EI/EII) under the Central Sales Tax Act, 1956 and delivery at the place of business of the dealer. ———— ——— [...] Full Article

Just as your savings account, you can now check your income tax status online. In a move that will help an individual keep abreast with his tax details, the income tax (I-T) department has started furnishing annual tax statements directly to taxpayers. One can also view tax details online by going through a one-time registration [...] Full Article

The government may rectify the present system of selective cost audit that covers only a few companies while many others, mainly those in the private sector, are left out, according to a senior official in the Ministry of Corporate Affairs (MCA). For instance, in the petroleum sector, only the public sector companies are covered, leaving [...] Full Article

A very piquant situation has arisen after the judgement of the Supreme Court in the Ratan Melting case. One of my ex-colleagues who is known to be as knowledgeable as he is serious, rang me up with a lot of concern that this judgement now authorises the CBEC to file appeal in the Supreme Court [...] Full Article