clarifications

1) Whether capitalization of interest payable attracts TDS U/S 194A? A) Yes, Capitalization of interest payable attracts the provisions of TDS. TDS is to be made on interest payment regardless of the fact whether borrower uses funds for acquiring fixed assets, capital assets or stock-in-trade or for making payments of trading debts. Full Article

Meetings of all Zonal Development Commissioners under the chairmanship of AS(SEZ) would be held after BOA meeting in the Department of Commerce to discuss and clarify policy matters which required further discussion. Therefore, if Zonal DCs need any clarifications on SEZ Policy issues, they may bring up such matters along with full details of the case in these meetings. Full Article

Indian diplomatic posts worldwide are no longer accepting employment visa applications from individuals who are not nationals of the country where the post is located. Instead, these applicants are advised to file their applications at the post in their country of citizenship. Full Article

Trade Circular No.  24 T of 2009,    No. : – ACST/VAT 01/ Refunds/ Mumbai, Dt :  29th August 2009 Subject: -  Grant  of  refund  under  MVAT  Act  to  specified category of dealers – Modifications/clarifications Gentlemen /Sir /Madam, 1. This  office  had  earlier  issued  Trade  Circular  No.  19  T  of  2008  Dt.  23.05.2008, Trade Circular [...] Full Article

Payments termed as ‘commission’ made to a Managing Director/ Directors, whether whole-time or independent, would not be ‘commission’ as envisaged under the Service Tax category of Business Auxiliary Services. Hence, payments of commission made to the Managing Director/ Directors would not be subject to Service Tax. Full Article

THE PRESIDENT ICAI has written letter dated 5th May, 2009 , to The Chairman, CBDT and sought clarification on Clarification regarding new Form No.17.  Respected Sir, Sub: Clarification regarding new Form No.17 The Income-tax Rules relating to time and mode of payment to Government account of - (1) tax deducted at source; or  (2) tax paid under Chapter XVII-B; [...] Full Article

The government plans to bring out yet another clarification to exclude banks from the purview of its revised foreign investment norms, as it looks to prevent a clutch of Indian private banks from being categorised as foreign-owned, a senior department of industrial policy and promotion (DIPP) official said. The status of investments made prior to [...] Full Article

As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a device with the Department to ascertain and ensure compliance of laws that are implemented by the Department. At a practical level, the object of audit is to ascertain the correctness of returns and to identify inadequacies in returns, if any when checked against the books of account and the circumstances of the business. If the returns are no.. Full Article