It is indeed heartening to note that the tax rates applicable to non-resident corporates are sought to be brought at par with the domestic companies, to be taxed at the rate of 25 per cent. However, correspondingly, the concept of the branch profit tax is proposed to be introduced (which appears to be somewhat akin […]
Norms for preferential allotment of equity warrants are learnt to be back under the regulatory scanner, following complaints from institutional investors that this instrument is being misused by promoters.
Explanation to s. 37 (1) does not apply to “penalty” which is not of the nature of illegal / unlawful expenditure The assessee became liable to pay “penalty” for overloading wagons under the rules of the Railways. The question arose whether the said “penalty” was disallowable under the Explanation to s. 37 (1) which provides that
The Commissioner of Sales Tax, Maharashtra hereby provides that the registered dealers who are entitled to claim the refund as provided under section 51 of the Maharashtra Value Added tax Act, 2002, Shall on or after 1st October 2009, Electronically upload the application in form 501, provided on the website of the Sales Tax Department.
Representations have been received from the Trade and the field formations seeking waiver of pre-authentication of the pass-out documents by the departmental officers as prescribed in Para 3.2(iv) of Board’s Circular No. 569/6/2001-CX dated 09.02.2001 issued from F.No.204/01/96-CX6.
GSR In exercise of the powers conferred by sub-clause (iii) of clause (c) of section 23A of the Central Excise Act , 1944( 1 of 1944), the Central Government hereby specifies any public sector company as class of persons for the purposes of the said clause.
Public sector company” shall have the same meaning as assigned to it in clause (36A) of section 2 of the Income-tax Act, 1961 ( 43 of 1961); resident” shall have the same meaning as is assigned to it in clause (42) of section 2 of the Income-tax Act, 1961 ( 43 of 1961).
All registered merchant bankers are advised to ensure compliance with this circular including the amendments contained in Annexure I of this circular.
Notification No. 27 /2009-ST In exercise of the powers conferred by sub-clause (iii) of clause (b) of section 96A of the Finance Act,1994 (32 of 1994), the Central Government hereby specifies any public sector company as class of persons for the purposes of the said clause. Explanation. — For the purpose of this notification , a “public sector company” shall have the same meaning as is assigned to it in clause (36A) of section 2 of the Income-tax Act, 1961 ( 43 of 1961).
Finance (No.2) Bill, 2009 receives assent from the President as Finance (No.2) Act, 2009 [Act no. 33 of 2009] on 19.08.2009.
