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Archive: 24 June 2009

Posts in 24 June 2009

Free Webinar: Analysis of 10 Recent Income Tax Judgments in Favour of Assessee

July 1, 2024 1392 Views 0 comment Print

Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.

Income Tax department filed appeal in ITAT against Mayawati demanding tax of 10 crore

June 24, 2009 612 Views 0 comment Print

In fresh trouble for Uttar Pradesh Chief Minister Mayawati, the Income Tax Department has filed two appeals in the Income Tax Appellate Tribunal (ITAT) demanding additional tax of about Rs 10 crore for her income for the financial years 2005-2006 and 2006-2007. The income includes gifts received by BSP supremo Mayawati from her party workers […]

Swiss government agreed to share data on tax evasion cases with India

June 24, 2009 288 Views 0 comment Print

  The Swiss government has agreed to loosen its banking secrecy laws and share data on tax evasion cases that India may be pursuing, as part of a renegotiation of the Double Taxation Avoidance Agreement that the two countries signed in 1995. Such a reformulated tax agreement will help tighten the legal noose on tax […]

Portfolio managers need to operate through individual bank accounts for each customer for providing portfolio management services

June 24, 2009 432 Views 0 comment Print

The Securities and Exchange Board of India (Sebi) has finally come out with a circular to clear the ambiguities surrounding new guidelines for portfolio management services (PMS). The regulator said that portfolio managers would now need to operate through individual bank accounts for each customer.

Employees' Provident Fund rate will not change in financial year 2009-2010

June 24, 2009 1216 Views 0 comment Print

The Employees’ Provident Fund Organisation will not be able to pay more than 8.5 per cent interest on PF deposits during 2009-10 as it has no reserves left following a Rs 139 crore (Rs 1.39 billion) deficit incurred last fiscal. “There are no reserves which could be used as alternative option for additional funds for giving […]

Circular on Criteria and Manual for Scrutiny of Service Tax Return (ST-3)

June 24, 2009 2927 Views 0 comment Print

Circular No. 113/7/2009-ST The Working Group on Central Excise and Service Tax re-engineering, constituted by the Board has prepared a Return Scrutiny Manual for Service Tax (RSMST). The said manual has been approved by the Board and a copy of the same is enclosed herewith (not printed).

Import of metal scrap*submission of copy of contract between buyer and seller

June 24, 2009 736 Views 0 comment Print

Representations have been received in this office stating that, in case they submit the original sales contract stipulating the above condition to Customs, there are chances of their commercially sensitive information being divulged. The matter has been examined in the Deptt. and accordingly it is clarified that import contract mentioned at Para 2.32 of HBPv1 and in the above mentioned Public Notice shall also include a separate contract(other than the original sales contract) between importer and exporter stating the above cited provisions.

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