"March, 2009" Archive - Page 2

Amount excluded from export turnover should also be excluded from total turnover for purposes of sections 10A or 10B of IT Act, 1961

ITO Vs Sak Soft Ltd. (ITAT Chennai)

25. We now proceed to examine the contention of the revenue that the principle of parity between export turnover and total turnover was rejected by the Supreme Court in Nair's case (supra). In this case the narrow dispute which arose for determination was whether the department was right in including the processing charges received by the...

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Assessment can not be reopened for change of opinion U/s. 147 of the Income Tax Act, 1961

Cartini India Ltd. Vs Addl. CIT (Bombay High Court)

10. Section 147 of the Act empowers the assessing officer to reopen the assessment in respect of any assessment year, if he has reason to believe that any income chargeable to tax has escaped assessment. The object of reassessment is to assess the correct income. Under section 147 of the Act, the assessing officer can assume jurisdiction ...

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Announcement for Empanelment as Peer Reviewer with the Peer Review Board : ICAI

The global & national economic environment has in recent times been featured by the turbulences on the financial scenario following the unearthing of the frauds and procedural and financial malpractices. The credibility of the opinion expressed by the auditors on the independent review of financial statements and records have come und...

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Posted Under: Income Tax |

List of Statutory Branch Auditors recommended by RBI to Public Sector Banks for – 2008-09

The list of 18672 audit firms, which have been recommended by the RBI for statutory branch audit assignments in public sector banks during the year 2008-09 is hosted on the website. Members are requested to click on the link given below the announcement. Thereafter push the keys (Ctrl+f) together. A small window would open at […]...

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Posted Under: Income Tax |

Central Excise and Service Tax Department has launched a pilot project for the implementation of Automation of Central Excise and Service Tax

The Central Excise and Service Tax Department has launched a pilot project for the implementation of Automation of Central Excise and Service Tax (ACES) in the Bhubaneswar-II Commissionerate. ACES is a new centralised and Web-based software application that aims to automate all core processes of excise and service tax. The pilot project w...

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Posted Under: Income Tax |

Public Notice No. 168 (RE-2008)/2004-2009, Dated: 31.03.2009

Public Notice No. 168 (RE-2008)/2004-2009 (31/03/2009)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09 and Paragraph 1.1 of the Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following amendments/ additions/deletions/corrections in the Handbook of Procedures, Vol. II, 2004-2009, as amended from time to time....

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Guidelines for import of Precious Metal by the Nominated agencies-regarding

Policy Circular No. 77 (RE-2008)/2004-2009 (31/03/2009)

Clearance of import consignment shall be allowed by the Customs Authority as per the Procedure laid down by them for the Nominated Agencies by way of Customs Notification and / or Circular issued by them from time to time....

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Advancement of any other object of general public utility not a Charitable purpose if fees or other consideration charged

CIRCULAR NO. 1/ 2009 (27/03/2009)

Sub-section (15) of section 2 of the Act defines charitable purpose to include relief of the poor, education, medical relief, and the advancement of any other object of general public utility. It has been noticed that a number of entities operating on commercial lines are claiming exemption on their income either under sub-section (23C) o...

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Posted Under: Income Tax |

PAN CARD TO COST MORE W.E.F. 01.04.2009 (RS. 94)

W.e.f. 01.04.2009 the NSDL has stepped up the cost for PAN Cards (New PAN / Change / Correction) from present Rs. 60 [plus Service Tax to Rs 85 plus service Tax. Thus, now one will have to pay Rs.94....

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Posted Under: Income Tax |

The income-tax (I-T) authorities are waiting for the Board of Control for Cricket in India (BCCI) to file its returns for fiscal year 2009

The income-tax (I-T) authorities are waiting for the Board of Control for Cricket in India (BCCI) to file its returns for fiscal year 2009 to ascertain if the cricket board should be taxed, particularly for the income earned from the mega cricket events such as Indian Premier League (IPL) Twenty20 tournament. With an annual income [&helli...

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Posted Under: Income Tax |

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