salient features

The sub-rule (1) provides the different forms of returns to be filed by various categories of dealers. Earlier, the dealers. used to submit these forms of return-cum-chalan physically either to the Bank alongwith payment of tax, interest etc., if any or to the Sales Tax Department where tax liability was NIL. These forms of the return were return-cum-chalan. Full Article

Ref.No.IDMD /2407 /08.02.033/2009-10 - Dated:- November 27, 2009 The Reserve Bank of India at Mumbai will conduct the auctions on December 4, 2009. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the Notifications (copies enclosed), which should be read along with the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India. Full Article

To give effect to the Budget proposals, a Bill (Legislative Assembly Bill No. XIV of 2009) to amend the Maharashtra State Tax on Professions, Trades, Callings and Employment Act, 1975 was introduced in the Legislature. The said Bill has been passed by both the houses of the Legislature. The Act is now published in the Maharashtra Government Gazette dated 27th June 2009. Full Article

The Finance Act, 2001 has introduced Sections 92 to 92F in the Income-Tax Act, 1961 with effect from Assessment Year 2002-2003 and these provisions are commonly referred to as transfer pricing regulations. These provisions deal with the methods of computation of income from international transactions, the document to be maintained by the enterprises, certification by a Chartered Accountant and penalty for noncompliance thereof. The legal, financial and accounting aspects.. Full Article

The GST shall have two components: one levied by the Centre (hereinafter referred to as Central GST), and the other levied by the States (hereinafter referred to as State GST). Rates for Central GST and State GST would be prescribed appropriately, reflecting revenue considerations and acceptability. This dual GST model would be implemented through multiple statutes (one for CGST and SGST statute for every State). Full Article

RBI by circular dated July 22, 2009 has decided to operationalise the Indian Depository Receipt (IDR) rules, notified by Government of India with immediate effect. Salient features of the RBI circular are as under: 1.      Eligible companies resident outside India may issue IDRs through a Domestic Depository. The permission has been granted subject to compliance with the [...] Full Article