starting from April 1, 2008, the deductors of TDS are not required to give TDS certificates to the recipients of income or payment in respect of which tax has been deducted. It is one thing to abolish the requirement to attach TDS certificates with the returns filed by the taxpayers but quite another to abolish the very requirement of furnishing TDS certificates to the recipients of income because it can cause considerable inconvenience to them.
In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act 1961 (43 of 1961) the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India Ministry of Finance Department of Revenue.
The Companies Act, 1956 requires every company registered under the Act to file various returns and forms with the Registrar of Companies (RoC), from time to time.Irrespective of the size and type of a company — private or public, listed or unlisted, profit- or loss-making — it has to file a minimum of two returns every year with the RoC — annual accounts and annual return.
The assessee’s contention that above income is to be assessed under the head other sources as he is not owner of the premises, is well taken and is required to be accepted. There is no question of estimating annual letting value of the property. It is to be assessed as per agreement between the parties under the head other sources. The Revenue authorities were not justified in assessing rental income under the head house property. On facts of the case, we direct the AO to take assessee’s rental income under the head other sources. The assessee would also be entitled to consequential relieves under the law. This ground of appeal of the assessee is accepted.
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby announces the All Industry Rate of Drawback of Rs. 1160/- per MT for both HSD and Furnace Oil, supplied by Domestic Oil Companies under various Schemes as contained in Chapters 4,6 and 8 of the Foreign Trade Policy, with immediate effect and until further orders.
The principal notification number 14/2002-Customs (N.T.), dated the 7th March, 2002 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), dated the 7th March, 2002 vide number G.S.R. 170 (E) and last amended vide notification No. 03/2004-Customs (N.T.), dated, the 5th January, 2004, published in the Gazette of India Extraordinary, Part II, Section 3, Sub-Section (i), dated, the 5th January, 2004, vide number.
In exercise of the powers conferred by clause (aa) of sub-section (1) read with sub-section (2) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.12/97-Customs (N.T.), dated the 2nd April, 1997, namely.
Based on recommendation of EPCH, it has been decided to adopt existing practice for certification of Handicraft / Artware by EPCH etc. if referred by Customs, for distinguishing Artistic work/nature of Artistic Wooden Furniture items listed for benefits under the scheme. In view of this, for the purpose of grant of benefits under VKGUY scheme, exporters shall be required to get the invoices duly certified/authenticated by EPCH / AIHBs (All India Handicraft Boards) / State Handicraft Boards / Handloom & Handicraft Export Corporation / State Emporiums (of State Governments).
This notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of account are maintained in respect of such business
Notification No. 224 – Income Tax ln exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), and in suppression of the notification of the Government of India, Central Board of Direct Taxes vide S.O.882(E) dated 14.9.2001 and its subsequent modifications, and in partial suppression of the notification S.O.732(E) dated 3rd July, 2001, in so far as they relate to
