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Archive: 29 June 2009

Posts in 29 June 2009

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 5889 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

SEBI : Executive Directors/Managing Directors of all Stock Exchanges

June 29, 2009 307 Views 0 comment Print

Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement

SEBI : (Payment of Fees)(Amendment) Regulations, 2009

June 29, 2009 385 Views 0 comment Print

In the Securities and Exchange Board of India (Custodian of Securities) Regulations, 1996, in the Second Schedule, in part A, in clause (iii), for the figure and mark “0.0005%”, the figure and mark “0.00025%” shall be substituted.

Circular No. 4/2009-Income Tax Dated 29/06/2009

June 29, 2009 1222 Views 0 comment Print

Circular No. 4/2009-Income Tax Section 195 of the Income-tax Act, 1961 mandates deduction of income tax from payments made or credit given to non-residents at the rates in force. The Reserve Bank of India has also mandated that except in the case of certain personal remittances which have been specifically exempted, no remittance shall be made to a non-resident unless a no objection certificate has been obtained from the Income Tax Department.

Mvat Notification for Change in Rate & Condition for Composition Scheme of Restaurants

June 29, 2009 4845 Views 0 comment Print

The claimant dealer shall apply in Form -2 in respect of caterers and in Form —1 in case of other dealers referred to in column (2) of this entry, to the Joint Commissioner of Sales Tax (Registration) in case of the dealers in Mumbai and in other cases, to the Joint Commissioner of Sales Tax (VAT Administration) concerned.

Notification for Solar energy devices under the Maharashtra Value Added Tax Act, 2002

June 29, 2009 17364 Views 7 comments Print

In exercise of the powers conferred by entry 56 of SCHEDULE ‘A’ appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby specifies with effect from the 1st July 2009, the following Solar energy devices, for the purposes of the said entry, namely.

Provision amended in Budget related to Profession Tax, Bombay Stamp Duty Act, and Bombay Motor Vehicle Tax Act applicable w.e.f. 01.07.2009

June 29, 2009 844 Views 0 comment Print

In exercise of the powers conferred by clause (a) of sub-section (2) of section 1 of the Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2009 (Mah. XVII of 2009), the Government of Maharashtra hereby appoints the 1st July 2009 to be the date on which sections 1, 2, 3 and 4 of the said Act shall come into force.

Section 80-IA relief has to be deducted before computing section 80-HHC relief

June 29, 2009 664 Views 0 comment Print

In ACIT Vs Rogini Garments108 ITD 49 the Special Bench at Chennai held that relief allowed u/s 80-IA had to be deducted from profits and gains of assessee’s business on which relief u/s 80HHC of the Act is to be computed. Subsequently, the Madras High Court in SCM Creations 304 ITR 319 took a contrary view. The question whether Rogini Garments was impliedly overruled was referred

Non-Compete fees are tax-depreciable intangible assets: ITAT Chennai

June 29, 2009 2783 Views 0 comment Print

The Chennai Income Tax Appellate Tribunal (ITAT) has issued three rulings addressing the contentious issue of whether noncompeting fees paid by the acquirer of a business constitute tax deductible expenditure, and concluding that such fees are tax-depreciable intangible assets (Radaan Mediaworks India Ltd (2007), Real Image Technologies (Pvt.) Ltd (2008) and Medicorp Technologies India Ltd (2009))

ICAI may ban two auditors of Price Waterhouse, S Gopalakrishnan and S Talluri

June 29, 2009 729 Views 0 comment Print

Institute of Chartered Accountants of India (ICAI) came under immense public scrutiny after the auditor’s role being questioned in the whole of Satyam fiasco.Now, almost after six months after the Satyam story came to light, ICAI is ready with its investigations on the auditor’s role and is all set to give its verdict soon. The […]

Remuneration to partners should be Authorised by Partnership deed but quantification not necessary

June 29, 2009 2231 Views 0 comment Print

In Asstt. CIT v. Suman Construction (2009) 27 (II) ITCL 329 (Pune ‘A’-Trib) the assessing officer had noticed that the assessee had claimed salary to partners of Rs. 2,20,000. However, in his opinion as per the partnership deed filed along with the return in the past assessment year, there was no specification of this salary payable to the partners.

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