"13 May 2009" Archive

Continuation of anti-dumping duty on Sodium Hydroxide, commonly known as Caustic Soda

Notification No. 48/2009-Customs (13/05/2009)

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...

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Notification No. 43/2009 – Income Tax Dated 13/5/2009

Notification No. 43/2009 - Income Tax (13/05/2009)

Notification No. 43/2009 - Income Tax It is hereby notified for general information that the organization Institute for Human Development, New Delhi has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-t...

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Notification No. 42/2009 – Income Tax Dated 13/5/2009

Notification No. 42/2009 - Income Tax (13/05/2009)

Notification No. 42/2009 - Income Tax It is hereby notified for general information that the organization Tea Research Association, Kolkata 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-tax Rules,...

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CBDT issued notices to those having a/c with LGT Bank, Germany

The government has made the first move to home in on individuals and entities who have stashed away black money in one of the offshore banks. The Central Board of Direct Taxes (CBDT) has sent notices to at least 50 individuals figuring among a list of Indians who hold accounts with the LGT Bank, Leichtenstein, a tax haven […]...

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Posted Under: Custom Duty |

Interest Free Loan from a non-relative is not liable to tax

Chandrakant H. Shah Vs. ITO (ITAT Mumbai)

Chandrakant H. Shah v. ITO (ITAT Mumbai) In a first-of-its-kind judgement, the ITAT Mumbai recently ruled that a recipient of an interest-free loan from a non-relative is not liable to pay tax. The judgement will come as a major relief for people who borrow money from friends and colleagues and latter grapple with notices from tax authori...

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ICAI Disciplinary Committee decision in breach of natural justice is invalid

Partha Ghosh vs. ICAI (Bombay High Court)

In October 2007, Disciplinary proceedings were initiated against two partners of M/s Pricewaterhouse (PWC) for alleged professional and other misconduct in conducting the statutory audit of Global Trust Bank. The proceedings were based on the findings in the Special Audit report and the Annual Financial Inspection of the RBI. Though sever...

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ICAI planning specific accounting standards for insurance sector

The accounting regulator the Institute of Chartered Accountants of India (ICAI) has constituted an expert group to suggest sector-specific accounting norms for insurance companies. The move aims at ensuring that financial statements of insurance firms reflect true natures of financial arrangements. ICAI president Uttam Prakash Agarwal con...

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Posted Under: Custom Duty |

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