time limit

Central Board of Direct Taxes has decided to extend the time limit for filing ITR-V form relating to income-tax returns filed electronically (without digital signature) on or after 1st April 2009, up to 31st March 2010 or within a period of 120 days from the date of uploading of the electronic return data, whichever is later. The ITR-V form should continue to be sent by ordinary post to Post Bag No.1, Electronic City Post Office, Bengaluru – 560100 (Karnataka). Full Article

You are aware that the provisions of section 29(8) and section 85 of MVAT Act, 2002 related to levy of penalty for non filing of returns within prescribed time limit were amended with effect from 1st July 2009. The amended provision provides for imposition of mandatory penalty to the defaulting dealer. The provision of section 29(8) attracts if the dealer fails to file the return as per the periodicity prescribed in the rule 17(4) of the MVAT rules. The penalty shall be .. Full Article

Circular No. SEBI/IMD/DOF-1/BOND/Cir-5/2009- 100% Asset Cover: To align the Listing Agreement with the provisions of the Companies Act, 1956, the amended Listing Agreement requires issuers to maintain 100% asset cover sufficient to discharge the principal amount at all times for the debt securities issued. Further, to provide more information to investors, the periodic disclosures to the stock exchange shall now require disclosure of the extent and nature of security cre.. Full Article

The Central Excise law prescribes a time and procedure to pay the duty. When some amount is paid not as per that procedure or at time different from the time of payment of duty, such payment cannot be treated as duty paid under Central Excise. The issue was decided by the Gujrat High Court in Parle International Ltd. V/s VOI [2001 (127) ELT 329 (Guj.)], wherein the Hon’ble Court held that, Full Article

The power to suo motu extend the period for completion of the special audit was available to the AO only w.e.f. 1-4-2008 and before such date, the extension can be made only at the request of the assessee on an application made in this behalf by the assessee. Full Article

Press Note No. 7 (2009), dated 26-9-20091. Government of India had laid the guidelines for foreign investment in Commodity Exchanges vide Press Note 2(2008) dated 12th March 2008. As per the guidelines, a composite ceiling for foreign investment of 49% was allowed with prior Government approval, subject to the condition that investment under the Portfolio [...] Full Article

1. Please use Ink Jet /Laser printer to print the ITR-V Form. 2. The ITR-V Form should be printed only in black ink. 3. Do not use any other ink option to print ITR V. 4. Use of Dot Matrix printer should be avoided. Full Article

SUMMARY OF CASE LAW A person whose name is included in the warrant of authorization is one with respect to whom search is made under section 132 of the Income-tax Act, 1961; such persons are covered under section 158BC and the time limit for completion of their block assessment applies as provided under section 158BE(1). Full Article