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Archive: 31 March 2009

Posts in 31 March 2009

No BCTT shall be charged in respect of any taxable banking transaction after the 31st day of March, 2009

March 31, 2009 543 Views 0 comment Print

EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2008 CIRCULAR NO. 1/ 2009, DATED 27th MAR, 2009 46. Discontinuation of Banking Cash Transaction Tax 46.1 The Banking Cash Transaction Tax (BCTT) was introduced by the Finance Act, 2005. It provides for a levy at the rate of 0.1 per cent (10 basis points) on […]

Rates for computation of advance tax, deduction of income-tax at source from Salaries, and charging of income-tax in certain cases during the financial year 2008-09

March 31, 2009 1121 Views 0 comment Print

The rates for deducting income-tax at source from Salaries and computing advance tax during the financial year 2008-09 have been specified in Part III of the First Schedule to the Act. These rates are also applicable for charging income-tax during the financial year 2008-09 on current incomes in cases where accelerated assessments have to be […]

Extention of date for existing mannual system for accepting applications for declarations till 30/06/2008: MVAT Cir-12T of 2009

March 31, 2009 502 Views 0 comment Print

This circular cannot be made use of for legal interpretation of provisions of law. If any member of the trade has any doubt, he may refer the matter to this office for clarification.

Rates for deduction of income-tax at source from certain incomes during the financial year 2008-2009.

March 31, 2009 1247 Views 0 comment Print

In every case in which tax is to be deducted at the rates in force under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income tax Act, the rates for deduction of income-tax at source during the financial year 2008-09 have been specified in Part II of the First […]

Income derived from saplings or seedlings grown in a nursery shall be deemed to be agricultural income

March 31, 2009 25790 Views 0 comment Print

4.1 “Agricultural income” is defined in sub-section (1A) of section 2 of the Act mean, inter-alia, income derived from land which is situated in India and is used agricultural purposes. Such agricultural income is exempt from tax under sub-section (1) of section 10 of the Income-tax Act, 1961. It has been held by judicial authorities that whether income from nursery operations constitutes agricultural income or not, will depend on the facts of each case.

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