"27 March 2009" Archive

Circular No. 1/2009-Income Tax Dated 27/03/2009

Circular No. 1/2009-Income Tax (27/03/2009)

Circular No. 1/2009-Income Tax 1. Introduction 1.1 The Finance Act, 2008 (hereafter referred to as "the Act") as passed by the Parliament, received the assent of the President on the 10th day of May, 2008 and has been enacted as Act No. 18 of 2008. This circular explains the substance of the provisions of the Act relating to direct taxe...

Read More

Regarding anti-dumping on imports of Vitamin E all forms excluding natural forms originating in, or exported from, the People"s Republic of China

Notification No. 33/2009-Customs (27/03/2009)

rate of exchange applicable for the purposes of calculation of anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962) and the...

Read More

Regarding anti dumping duty on Hexa Methylene Tetramine, commonly known as Hexamine

Notification No. 32/2009-Customs (27/03/2009)

The anti-dumping duty imposed under this notification shall be effective for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of this notification in the Official Gazette. The anti-dumping duty shall be paid in Indian currency....

Read More

Regarding anti dumping duty on Cathode Ray Colour Television Picture Tubes originating in or exported from, Indonesia

Notification No. 31/2009-Customs (27/03/2009)

Colour television picture tubes means complete or incomplete cathode ray colour television picture tubes more elaborately described as thermionic, cold cathode or photo cathode valves and tubes such as vacuum or vapor or gas filled valves and tubes, mercury arc rectifying valves and tubes, also called cathode ray tubes...

Read More

Conversion of FCEBs into shares or debentures of any company shall not be treated as a ‘transfer’ within the meaning of Income-tax Ac

Circular No. 1/ 2009 - Income Tax (27/03/2009)

Circular No.. 1/ 2009 - Income Tax 16.1 In 1992, the Government allowed established Indian companies to issue foreign currency convertible bonds (FCCB), with special tax regime for non-resident investors, so as to encourage the flow of foreign exchange to India...

Read More
Posted Under: Income Tax |

Prohibition on export of Pulses-regarding

Notification No. 99 (RE-2008)/2004-2009 (27/03/2009)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009 (as amended from time to time), the Central Government hereby substitutes, with immediate effect, Para 3 (i) of No...

Read More

Exchange Rate notification for Import / Export of goods WEF 1st April, 2009

Notification No. 38/2012-Customs (N.T.) (27/03/2009)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.21/2009-CUSTOMS (N.T.), dated the 25th February, 2009 vide number S.O. 549(E), dated the 25th February, 2009, except as respect...

Read More

CBDT notified Income Tax Return Forms (ITR ) for A.Y. 2009-10/ Financial Year 2008-09

Notification No. 32/2009 - Income tax (27/03/2009)

Notification No. 32/2009 - Income tax The CBDT has notified new Income Tax Forms for F.Y. 2008-09 & A.Y. 2009-10 vide notification No. 32/2009 ( Income Tax 9th Amendments) Rules, 2009...

Read More

Public Notice No. 165 (RE-2008)/2004-2009, Dated: 27.03.2009

Public Notice No. 165 (RE-2008)/2004-2009 (27/03/2009)

For exports made w.e.f. 1.4.2008, in Table 9 (Sl.No.26) of Appendix 37A, the following sentences are inserted at the end in the Note inserted vide Public Notice No.65 (RE-2008)/2004-09 dated 19.8.2008....

Read More

Claiming of deemed export benefits under para 8.2(b) of FTP-Clarification regarding

Policy Circular No. 75 (RE-2008)/2004-2009 (27/03/2009)

Doubts are raised as to whether EOUs can file applications for deemed export benefits with RAs. Similar doubts have also been expressed regarding filing of deemed export drawback and TED refund applications by DTA suppliers with Development Commissioners. ...

Read More

Weighted deduction for sum paid to a company to be used by such company for scientific research

Circular No. 1/2009 - Income Tax (27/03/2009)

Circular No. 1/2009 - Income Tax 10.1 In order to encourage the outsourcing of scientific research, a new clause (iia) in sub-section (1) of section 35 of the Income-tax Act has been inserted to allow a weighted deduction of 125 per cent of the amount paid by a person to an approved company to be used for scientific research subject to p...

Read More

ICAI approached MCA to discuss working of foreign firms offering Audit services in India

The Institute of Chartered Accountants of India (ICAI) has approached the ministry of corporate affairs (MCA) to discuss the functioning of all those foreign firms who are offering auditing services in India through their tie ups with the local firms. According to ICAI, the manner in which the foreign firms handle their auditing services ...

Read More
Posted Under: Income Tax |

ICSI given clean chit to Satyam company secretaries

The Institute of Company Secretaries of India (ICSI) has given a clean chit to the the company secretaries, G Jayaraman, global head of corporate governance and Savita Jyoti, practicing company secretary of Satyam Computers on their role in the accounting fraud. NK Jain, secretary, ICSI told FE, “On the basis of the investigation done b...

Read More
Posted Under: Income Tax |

Expenses paid or credited in the month of March are allowable if TDS paid on or before due date of filing Income Tax Return

Circular No.1/2009 - Income Tax (27/03/2009)

Circular No.1/2009 - Income Tax 12.1 As per the provisions of sub-clause (ia) of clause (a) of section 40, any interest, commission, brokerage, fees for professional services, fees for technical service payable to a resident, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work, rent and royalty...

Read More

Preliminary expenses after commencement of business allowed to non industrial undertaking too

Circular No. 1/2009 - Income Tax (27/03/2009)

Circular No. 1/2009 - Income Tax 11.1 Section 35D provides for deduction of certain specified preliminary expenses. After the commencement of business, the deduction was being allowed to only an industrial undertaking or unit. In order to provide a level playing field to the services sector, the section has been amended to provide the be...

Read More

ICWAI will develop 39 cost accounting standards

The government is considering a proposal to do away with the current system of calculating a product’s cost through a fixed format, a move that will bring in flexibility and reduce compliance costs for companies. In turn, the Institute of Cost and Works Accountants of India (ICWAI), the apex body regulating the cost accounting professio...

Read More
Posted Under: Income Tax |

Download free CD released by ICAI on ‘Bank Branch Audit – An Overview

Institute released two CDs on ‘Bank Branch Audit – An Overview’ recently and made  content of these CDs available free of cost to the members associated with Bank Branch Audit.  Accordingly they created http links for the said content. Please download the content from the following links: http://www.meficai.org/BankAud...

Read More
Posted Under: Income Tax |

No Proof against Satyam Auditors: ICAI President

Institute of Chartered Accountants of India (ICAI) doesn’t seem to have taken the growing doubts over the credibility of chartered accountants (CAs) post-Satyam scam very kindly. President of ICAI Uttam Prakash Agrawal said here on Wednesday that CAs are being targeted unnecessarily in the Rs 7,000-crore scam that jolted the entire ...

Read More
Posted Under: Income Tax |

I-T department moved SC challenging relief given by Bombay HC seven and half year back to Amitabh Bachchan in a case related to KBC

In what may strain the already troubled relations between the Samajwadi Party and the Congress, the Income Tax (I-T) department on Wednesday moved the Supreme Court challenging a seven-month-old order of the Bombay high court, which gave relief to superstar Amitabh Bachchan in a case related to Kaun Banega Crorepati. The move to appeal ag...

Read More
Posted Under: Income Tax |

NACAS postponed the implementation of Accounting Standard 11 (AS 11) to 2011; companies need not to provide for MTM Losses

In a major relief for India Inc, the National Advisory Committee on Accounting Standard (NACAS), a government-appointed body, has postponed the implementation of Accounting Standard 11 (AS 11) to 2011. This accounting standard deals with mark-to-market provisioning in corporate profit and loss accounts for foreign exchange-related gains a...

Read More
Posted Under: Income Tax |

Indian subsidiaries of foreign companies employing expatriates to deduct tax at source on their entire salary

The taxman has finally caught up with expatriate employees. The Supreme Court today directed Indian subsidiaries of foreign companies employing expatriates to deduct tax at source on their entire salary just as domestic companies do....

Read More
Posted Under: Income Tax |

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30