"March, 2009" Archive - Page 3

ICAI, NACAS cross swords over accounting norms related to MTM losses

National Advisory Committee on Accounting Standards (NACAS) may have favoured suspension of mark-to-market accounting norms on foreign exchange transactions for corporate sector for two years, but Institute of Chartered Accountants of India (ICAI) is in no mood to suspend the accounting standards (AS) 11 provision. ICAI president Uttam Pr...

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Posted Under: Finance |

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

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 […]...

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Posted Under: Finance |

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

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...

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Posted Under: Finance |

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

Trade Circular No 12 T of 2009 (31/03/2009)

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....

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

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 […]...

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Posted Under: Finance |

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

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

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 ...

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Posted Under: Finance |

Notification No. 06/2009-Central Excise (N.T.) ; Dated : 30.03.2009

Notification No. 06/2009-Central Excise (N.T.) (30/03/2009)

The principal notification number 14/2002-Central Excise (N.T.),dated the 8th March, 2002 was published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section(i), vide number G.S.R.182 (E), dated the 8th March, 2002, and the same was subsequently amended vide notification number 22/2002-Central Excise (N.T.)....

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Notification No. 33/2009 – Income Tax Dated 30/3/2009

Notification No. 33/2009 - Income Tax (30/03/2009)

Notification No. 33/2009 - Income Tax Whereas the annexed Agreement and Protocol between the Government of the Republic of India and the Government of the Syrian Arab Republic for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect to taxes on income signed in India on the 18th day of June, 2008 shall come ...

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Public Notice No. 167 (RE-2008)/2004-09, Dated: 30.03.2009

Public Notice No. 167 (RE-2008)/2004-09 (30/03/2009)

Applicant shall have the option to file BG/ LUT against each application or a Revolving BG / LUT. Such a revolving BG / LUT shall be valid at least for a period as stated in the guidelines issued for the purpose. Further the revolving BG/LUT shall be limited to a specific scheme, which means that for an exporter/party filing application f...

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Public Notice No. 166 (RE-2008)/2004-2009, Dated: 30.03.2009

Public Notice No. 166 (RE-2008)/2004-2009 (30/03/2009)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendments in Appendix 2 (List of Export Promotion Councils/ Commodity Board) of the Handbook of Procedures....

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