Archive for July, 2010

The CBDT has decided to extend the due date of filing of Income Tax returns from 31st July 2010 to 4th August 2010. All paper returns or e-returns filed on or before 4th August, 2010 would be considered as filed within the due. Full Article

Section 206C of the Income-tax Act, 1961 - Collection of tax at source - Profits and gains from business of trading in alcoholic liquor, forest produce, scrap, etc. - Instruction regarding issue of certificate of lower collection of tax at source u/s 206C(9). Full Article

DUE DATE FOR FILING RETURNS FOR THE PERIOD ENDING 30TH JUNE 2010 IS EXTENDED UP TO 7TH AUGUST 2010." Full Article

The government has concluded the renegotiation for widening the ambit of its tax treaty with Switzerland to access information on swissbank accounts, a big step towards tracing Indian money stashed away overseas. The tax treaty has been amended on the lines of the OECD Model Tax Convention, which means it will not provide for roving enquiries, or fishing expeditions as they are commonly called. Full Article

Mahindra Satyam may end up paying a huge fee for restatement of its book of accounts that were allegedly fudged by its former Chairman Mr B. Ramalinga Raju. Indications are that the Hyderabad-based company will shell out close to Rs 60 crore by September when the accounts are expected to be restated. Full Article

The service providers are required to issue Permanent Account Number Cards within 15 calendar days for fresh applicant and within 20 calendar days for reprint/ correction, excluding the time taken by the department and the applicant. The weighted average number of days for issue of Permanent Account Number Card is much less than 15 days. Full Article

Values and morals if practised only within profession may bring in dangerous consequences. The virtues of our values, morals, ethics and skills need to spill over to the society at large, to the entire nation and to the whole world. We as professionals cannot be mute spectators to the ills plaguing the world but instead be responsive and responsible global citizens. Full Article

Service Tax Circular No.125/7/2010 – ST, Dated:-30th July, 2010 Services provided by state governments under Centrally Sponsored Schemes (CSS) – regarding. In the recent past, instances have come to the notice of the Board, where field formations have demanded service tax from State governments or their departments/ agencies, for providing certain services under the centrally [...] Full Article