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Archive: 20 June 2009

Posts in 20 June 2009

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6711 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Frequently Asked Question on fringe benefit tax (FBT) PART- 4

June 20, 2009 2885 Views 0 comment Print

76. Whether expenditure incurred on prizes/rewards to employees for achievements is liable to FBT? Any expenditure incurred on prizes/rewards to employees for achievements would fall within the scope of clause (E) of sub -section (2) of section 115WB relating to employee welfare and accordingly be liable to FBT. 77. Whether expenditure incurred on transportation facility […]

Frequently Asked Question on fringe benefit tax (FBT) PART- 3

June 20, 2009 660 Views 0 comment Print

51. Whether expenditure incurred during in-house employee training would be considered as conference expense and liable to FBT? The FBT is not envisaged for levy on the expenditure incurred for the purposes of imparting in-house training to employees. However, FBT would be payable on any expenditure incurred towards food and beverage, tour and travel, and […]

Frequently Asked Question on fringe benefit tax (FBT) PART- 2

June 20, 2009 1973 Views 0 comment Print

32. Whether gross expenses or net expenses (i.e. net of recovery) are to be considered for the purposes of FBT? For example, part of the expenses on various items like travel, may be recovered from the employees. Therefore, whether FBT would be levied on the gross travel expenditure or on the ‘net’ travel expenditure’? Where […]

Frequently Asked Question on fringe benefit tax (FBT) PART- 1

June 20, 2009 4425 Views 0 comment Print

The Central Board of Direct Taxes has issued a list of frequently asked questions with answers on Fringe Benefit Tax, clarifying some issues raised by the trade and industry at different fora after the presentation of the Finance Bill, 2005 and also after its enactment. 1. What are the prerequisites for the levy of FBT? […]

The Maharashtra Tax Laws (Levy, Amendment and Validation) Bill, 2009 passed in 2009 Mahrashtra Government Budget

June 20, 2009 3139 Views 0 comment Print

L.A.BILL No.XIV of 2009 A BILL Further to amend certain tax laws in operation in the State of Maharashtra WHEREAS it is expedient further to amend certain tax laws in operation in the State of Maharashtra, for the purpose hereinafter appearing; it is hereby enacted in the Sixtieth year of the Republic of India as […]

Filing of prosecution for violation of S.159/220 of the Companies Act,1956

June 20, 2009 3556 Views 0 comment Print

In view of the above, all Registrar of the Companies are requested to make a prayer before the Hon’ble Court to pass an order under section 614A(1) of the Act, while deciding the cases for violations of Provisions of Section 159/220 of the Companies Act, 1956 so that action as contemplated under penal provisions of section 614A(2) of the Companies Act,1956 could be taken against the accused directors of the companies.

Circular on Validity of Form ‘I’ under Central Sales Tax Act

June 20, 2009 48264 Views 1 comment Print

Considering the genuine difficulty faced by the Trade in this respect, the instructions contained in Trade Circular No.8T of 2005 are being modified. Sales Tax authorities are instructed to also allow declarations in Form ‘I’ issued by Sales Tax authorities of other States. This will be applicable for a period of one year and the issue will be reexamined after that.

Deloitte may be the new statutory auditor of Satyam

June 20, 2009 897 Views 0 comment Print

The Satyam scam had its auditors PWC red in the face. Raju had cooked the books for many years and did the auditors fail or were partners in the crime, is for the investigative agencies to find out.But life must go on for Satyam and that’s why the new management is making important changes on […]

Government Notified rules related to Delisting of listed shares

June 20, 2009 837 Views 0 comment Print

Government Notifies Delisting Rules The Securities Laws (Amendment) Act enacted in 2005, incorporated section 21(A) in the Securities Contract Regulation Act (SCRA) to allow delisting of securities necessitating the creation of a delisting Framework. In order to provide statutory backing for the delisting framework, Rules dealing primarily with the substantive aspects and Regulations dealing primarily […]

Ex- President, Ex- Senior Vice-President, Ex-Vice-President and Members cannot practice before ITAT

June 20, 2009 688 Views 0 comment Print

Ministry of Law & Justice, Department of legal Affairs, New Delhi Notification Dated : 3rd June 2009 GSR 889 (E). In exercise of the powers conferred by the Proviso to section 309 of the Constitution

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