In exercise of powers conferred under para 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures.
The assessee having applied for extension and having completed all the formalities; and in response the Reserve Bank of India having taken the remittances on record, the non-issue of a formal letter for approval, in our view, cannot be held against the assessee for none of its faults. The assessee having applied for extension and the same having been impliedly granted in substance, the benefit of section 10A has got to be allowed to the assessee on the ground that the extension is deemed to have been granted.
In Policy Circular No. 68(RE-08)/2004-2009 dated 2nd March, 2009, in last line of Para 2, Policy Circular No. 13(RE-08)/2004-2009 dated 30.6.08” shall be read as Policy Circular No. 12(RE-08)/2004-2009 dated 27.6.08
Notification No. 31/2009 – Income Tax The Central Board of Direct Taxes (CBDT) had last year amended Rules 30, 31, 31A, 31AA, 37A, 37CA and 37D (rules) pertaining to tax deducted/collected at source (TDS/TCS) vide Notification No.31/2009 dated 25 March 2009. The amended rules were to come into force from 1 April 2009. The most significant features of the amended rules were (a) Mandatory electronic payment of TDS/TCS in new challan Form 17 for all deductors/collectors.
Notification No. 858/2009 – Income Tax The Board has amended the rules relating to Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) vide Notification No. S.O.858 (E) dated 25th March 2009
Lucent Technologies International Inc. 1(“the assessee”) is a company incorporated in the USA. It is a tax resident of USA. It is a leading supplier of hardware and software used for GSM cellular radio telephone system. The assessee had supplied telecommunications hardware and software to its customers in India through its subsidiary Lucent Technologies India Limited (“LTIL”) (formerly known as AT&T India Private Limited).
Notification No.31/2009 – Income Tax , Amendment in rules related to payment of TDS, Mode of Payment and time period for furnishing of TDS certificate. Form No.16 shall be furnished to the deductee within one week after the date on which the sum of tax deducted at source is paid to the credit of the Central Government if the payment in respect of which the tax so deducted is by way of crediting on the date upto which the accounts of the deductor are made;
Background The Mumbai Tribunal has recently held in the case of Schenectady Specialities Asia Pvt. Ltd. that the difference between the sales tax collected but not deposited by the assessee with the Government under a sales tax deferral scheme, and the amount settled by the assessee under the premature payment option, is to be treated […]
Notification No. 30/2009 – Income Tax S.O. 857(E) – In exercise of the powers conferred by section 295 read with sub-section (6) of section 195 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Seventh Amendment) Rules. 2009. (2) They shall come into force with effect from 1st July 2009. 2. In the Income-tax Rules. 1962. after rule 37BA, the following rule shall be inserted, namely:- “Furnishing of information under sub-section (6) of section 195.
In a recent ruling in the case of Punjab Financial Corporation (“the assessee”)1, the Punjab and Haryana High Court (“the Court”) held that credit for withholding tax (“WHT”) would be available in the same proportion in which the parties share the income under the provisions of section 1992 of the Income Tax Act, 1961 (the “Act”).
