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Archive: 13 March 2009

Posts in 13 March 2009

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7170 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

CBDT amended income tax rules for Provident Fund Trusts by amendment in rule 67

March 13, 2009 8930 Views 0 comment Print

Notification No. 24/2009 – Income Tax Private provident funds and superannuation funds, that channelise a larger chunk of their corpus equity will not attract income tax, following change in tax rules. The tax-free status would allow more of retirement savings to flow into shares The Central Board of Direct Taxes (CBDT), the apex direct taxes body has now issued a notification, aligning the investment pattern prescribed in its rules

SEBI : FII investments in Debt Securities

March 13, 2009 265 Views 0 comment Print

The remaining limit for investment in corporate debt shall be allocated among the FIIs/sub-accounts on a ‘first come first served’ basis in terms of SEBI circular dated January 31, 2008, subject to a ceiling of Rs.249 cr. per registered entity.

Notification No. 96 (RE-2008)/2004-2009, Dated: 13.03.2009

March 13, 2009 709 Views 0 comment Print

Firms and companies dealing in purchase/ sale of rough or cut and polished diamonds/precious metal jewellery plain, minakari and / or studded with / without diamond and/or other stones, with a track record of at least two years in import or export of diamonds / coloured gemstones/ diamond and coloured gemstones studded jewellery / plain gold jewellery, and having an average annual turnover of Rs. 3 crores or above during preceding three licensing years, may also carry out their business through designated Diamond Dollar Accounts (DDA).

Notification No. 95 (RE-2008)/2004-2009, Dated: 13.03.2009

March 13, 2009 217 Views 0 comment Print

Applications for conversion into an EOU/EHTP/STP/BTP unit from existing DTA units, having an investment of Rs. 50 crores and above in plant and machinery or exporting Rs. 50 crores and above annually, shall be placed before BoA for a decision.

Amends notification No. 36/2001-Custom Duty (N.T.), Dated, the 3rd August 2001

March 13, 2009 235 Views 0 comment Print

The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S.O. 748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 22/2009-Customs (N.T.), dated, the 27th February, 2009 (S. O. 564 (E) dated 27th February, 2009).

Tax implications of ‘employee secondment’ contracts : ITAT Bangalore

March 13, 2009 694 Views 0 comment Print

Where the assessee entered into a ‘secondment agreement’ with a US Company and obtained the services of an employee and the question arose whether the reimbursement by the assessee to the US Company of the salary paid by the US Company was chargeable to tax as “fees for technical services” HELD:

Even a Contractor is a “Developer” for purposes of s. 80-IA(4): ITAT Jaipur

March 13, 2009 499 Views 0 comment Print

Where the assessee entered into an agreement with the Vidharbha Irrigation department for supply, erection and installation of dam gates and the question arose whether it was “developing an infrastructural facility” so as to be eligible for deduction u/s 80-IA (4) or it was a mere contractor, HELD:

Power transmission firms demand TDS waiver on wheeling charges

March 13, 2009 453 Views 0 comment Print

Power transmission utilities, including PowerGrid Corporation, the country’s largest, have sought relaxation in tax deducted at source (TDS) on ‘wheeling’ charges, which they say are higher than their tax liability. Wheeling charges are levied by the transmission utilities for use of their network. Following strict enforcement of TDS rules and show-cause notices, state electricity boards […]

Service Tax department issuing notices to sub-brokers

March 13, 2009 267 Views 0 comment Print

Hundreds of sub-brokers are in a quandary. Tax authorities have served notices on them asking for payment of service tax for the last four years. The arrears and penalty together run into crores of rupees and in the current market conditions, this could drive many of them out of business, said a stockbroker. The tax […]

ITAT Mumbai allowed Bank of America to set off losses against profits

March 13, 2009 295 Views 0 comment Print

A Mumbai Income-Tax Appellate Tribunal (ITAT) has permitted Bank of America (BankAm) to set off losses related to securities transactions against profits gained in similar deals, despite the Income Tax department and the Commissioner (Appeals) disallowing such a set-off on grounds that such deals were in contravention of the Securities Contracts (Regulation) Act (SCR Act). […]

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