"April, 2009" Archive - Page 3

Notification No. 40/2009 – Income Tax Dated 28/4/2009

Notification No. 40/2009 - Income Tax (28/04/2009)

Notification No. 40/2009 - Income Tax It is hereby notified for general information that the organization Diabetes Research Centre Foundation, Chennai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules, 5C and 5D of the Income...

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Notification No. 39/2009 – Income Tax Dated 28/4/2009

Notification No. 39/2009 - Income Tax (28/04/2009)

Notification No. 39/2009 - Income Tax It is hereby notified for general information that the organization The South Indian Education Society, Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-ta...

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Exchange Rate notification for Import / Export of goods with effect from 1st May, 2009

Notification No. 44/2009 - Customs (N.T.) (28/04/2009)

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. 38/2009-Customs (N. T.), dated the 27th March, 2009 vide number S. O. 867 (E), dated the 27th March, 2009, except as respects th...

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Govt not ready for change in Rules relating to TDS payment

A new form introduced by the Central Board for Direct Taxes (CBDT) to improve tax deductions at source (TDS) has allegedly made the process more cumbersome, and may even prompt the government to put the transition to the new regime in abeyance. The new form for tax deductors — those responsible for deducting tax while […]...

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Posted Under: Income Tax |

Tech Mahindra plans to appoint two auditors at Satyam Computer Services

Tech Mahindra plans to appoint two auditors at Satyam Computer Services as part of its initiative to enhance the corporate governance standard of the fraud-hit software exporter, said a top Tech Mahindra executive. But, the appointments will have to be ratified by Satyam shareholders. Satyam’s corporate governance practices and the ...

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Posted Under: Income Tax |

Profits from sale of jaggery is not an agricultural income: ITAT Delhi

Profits earned from the sale of jaggery will be taxed as converting sugarcane into a saleable commodity like jaggery or gur is not an agricultural operation, a tax tribunal has ruled. "Profit from the sale of jaggery falls beyond the ken of agriculture income," the Chennai bench of the Income Tax Appellate Tribunal (ITAT) said, adding the...

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Posted Under: Income Tax |

Tax gains, easy compliance in comparison to companies set to make LLP popular

The ministry of corporate affairs has said that out of the eight lakh companies in India, a large chunk of them would be interested in getting converted into limited liability partnership (LLP) once a suitable tax structure for LLP is brought in. We are getting enquiries from thousands of companies every week who are interested […]...

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Posted Under: Income Tax |

I-T Dept makes online info submission mandatory for remittance of money to non-residents

In a move to plug loopholes that led to the alleged tax evasion by telecom giant Vodafone, the Income-Tax Department will make it mandatory for firms to submit information to it online before remitting payments to foreign companies, from July this year. “The information … shall be furnished electronically to the website design...

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Posted Under: Income Tax |

RBI, finance ministry divided on FDI relaxation given by of Press Notes

(28/04/2009)

Capital account convertibility means that an investor is allowed to move freely from the local currency to a foreign currency. India has limited capital account convertibility to prevent shocks to the capital account and maintain a stable exchange rate, by stipulating sectoral norms that ensure a lock-in period for investments....

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Posted Under: Income Tax |

Policy Circular No. 82 (RE-2008)/2004-2009, Dated: 28.04.2009

Policy Circular No. 82 (RE-2008)/2004-2009 (28/04/2009)

To ensure that no unwanted material is imported under the garb of waste paper during this interim period (till the consignments are received along with pre-shipment inspection certificate), Customs would carry out a higher percentage physical examination of imported cargo, than normally prescribed by them under the rules. The consignments...

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