The government is considering a proposal to disallow the depreciation allowance that charitable organisations claim, following a recommendation by the income-tax department. Officials close to the development said the I-T department’s suggestion is to amend Section 11, which specifies the manner in which income from charitable bodies is exempt from income tax. The I-T department has […]
The CBDT has finally come out with a much awaited Press Release relating to the new TDS rules. All of us were anxiously waiting for some news about the Unique Transaction Numbers that are required to be generated with effect from 1st July, 2009.
In exercise of the powers conferred by sub-section (2) of section 8B of the said Act of the Customs Tariff Act, 1975 (51 of 1975), read with rules 10 and 14 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, the Central Government hereby rescinds the Government of India in the Ministry of Finance (Department of Revenue) notification No. 9/2009- Customs, dated the 29th January, 2009, published in the Gazette of India vide number G.S.R.55(E), dated the 29th January, 2009, except as respects things done or omitted to be done before such rescission.
the Director General (Safeguard) in its final findings vide number G.S.R. 366(E), dated the 28th May, 2009, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 28th May, 2009 has come to the conclusion that increased imports of Phthalic anhydride into India has caused and threatened to cause further serious injury to the domestic producers of Phthalic anhydride and it necessitates to impose provisional safeguard duty on imports of Phthalic anhydride into India, and has recommended the imposition of safeguard duty on imports of the subject goods into India
The ICAI investigation focused on the financial reporting, accounting and auditing aspects of the $1 billion fraud at technology service provider Satyam, and is expected to include recommendations on the plugging loopholes to prevent similar fraud. UP Agarwal, president of the ICAI, told Indian news agency PTI that the report would be finalized by the […]
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.
