Archive for June, 2009

L.A.BILL No.XIV of 2009 A BILL Further to amend certain tax laws in operation in the State of Maharashtra WHEREAS it is expedient further to amend certain tax laws in operation in the State of Maharashtra, for the purpose hereinafter appearing; it is hereby enacted in the Sixtieth year of the Republic of India as [...] Full Article

TRADE CIRCULAR No.VAT/2008/ Noti/27/Adm- 6/ Mumbai,Dt. 20.06.09 (Trade Cir.No.- 19 T of 2009) Sub: Form ‘I’ under Central Sales Tax Act. Ref:  Clarification on Trade Circular No.8T of 2005 dt. 9-3-05. Gentlemen/Sir/ Madam, Please refer to above Trade Circular wherein it was stated that consequent to amendment in Section 8 of Central Sales Tax Act w.e.f. 10-9-04, the Form [...] Full Article

The Satyam scam had its auditors PWC red in the face. Raju had cooked the books for many years and did the auditors fail or were partners in the crime, is for the investigative agencies to find out.But life must go on for Satyam and that’s why the new management is making important changes on [...] Full Article

Government Notifies Delisting Rules The Securities Laws (Amendment) Act enacted in 2005, incorporated section 21(A) in the Securities Contract Regulation Act (SCRA) to allow delisting of securities necessitating the creation of a delisting Framework. In order to provide statutory backing for the delisting framework, Rules dealing primarily with the substantive aspects and Regulations dealing primarily [...] Full Article

Ministry of Law & Justice, Department of legal Affairs, New Delhi Notification Dated : 3rd June 2009 GSR 889 (E). In exercise of the powers conferred by the Proviso to section 309 of the Constitution and of all other powers enabling her in that behalf, the President hereby makes the following rules further to amend the Income [...] Full Article

The party could end soon for domestic and multinational companies that do tax planning only to avoid paying taxes in India. The government is set to usher in the next stage of reforms in taxation, framing anti-abuse rules that will empower tax authorities to lift the corporate veil and look for what are called `avoidance’ [...] Full Article

The Following Benches will not function during the period 22.06.09 to 26.06.09:-“A-1, B-1, E-1,K, SMC & WT “The cases are adjourned to respective dates. Please see separate Notice.Sd/-(D. Manmohan)Vice-PresidentMumabi, Dated 18.06.2009 Full Article

Profession Tax in Maharashtra - In Maharashtra (Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975), Profession Tax is applicable both on Individuals & Organizations (Company, Firm, Proprietary Concern, Hindu Undivided Family (HUF), Society, Club, Association Of Persons, Corporation or any other corporate body in Maharashtra per the provisions of the Maharashtra Professional Tax Act of 1975. Full Article