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Archive: 09 July 2009

Posts in 09 July 2009

Amends Rules of Determination of Origin of Goods under the Asia-Pacific Trade Agreement

July 9, 2009 1303 Views 0 comment Print

The operational procedures for the certification and verification of origin and other related administrative matters agreed under APTA shall be applicable for implementing the said rules under APTA including the following matters, namely.

Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000

July 9, 2009 1417 Views 0 comment Print

The parameters for selection of Anchor Investors shall be clearly identified by the merchant banker and shall be available as part of records of the merchant banker for inspection by SEBI.

Taxation of transfer of land or building or both w.r.t. section 50C as amended in union budget 2009

July 9, 2009 2047 Views 0 comment Print

The existing provisions of section 50C provide that where the consideration received or accruing as a result of the transfer of a capital asset, being land or building or both, is less than the value adopted or assessed by a stamp valuation  authority, the value so adopted or assessed is deemed to be the full […]

Bad news for salaried person: FBT abolished

July 9, 2009 1030 Views 0 comment Print

Employees enjoying perks such as rent-free accommodation, cars, chauffeurs, credit cards and club memberships may have to pay tax on the value of these benefits, with the government proposing a shift in the tax burden on perquisites (perks) from the employer to the employee. Prior to FY06, employees paid tax on certain perquisites. However, with the […]

Balancing charge is not chargeable to tax: Supreme Court

July 9, 2009 7780 Views 0 comment Print

The assessee purchased bottles and crates costing less than Rs. 5,000/- and was allowed 100% depreciation thereon u/s 32 (1) (ii). When the bottles and crates got worn out, they were sold by the assessee. The question arose whether the said sale proceeds were assessable to tax. Prior to AY 1988-89, the sale proceeds would have been assessable as a “balancing charge” u/s 41 (2)

No service tax on Individual Lawyers practicing in own name and law proprietorships concerns

July 9, 2009 2438 Views 0 comment Print

Many legal outfits will not come within the purview of the service tax proposed to be imposed on legal consultancy services as they operate as sole proprietorships, say experts. As the service tax will apply on advice provided by a business entity to another business entity, sole proprietorships will not come within the purview of the proposed service tax.

Notification No. 56/2009 – Income Tax Dated 9/7/2009

July 9, 2009 952 Views 0 comment Print

Notification No. 56/2009 – Income Tax It is hereby notified for general information that the organization Man Made Textile Research Association, Surat 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 5E of the Income- tax Rules, 1962 (said Rules), with effect from 1-4-2008 in the category of ‘other institution, Partly

Notification No. 57/2009 – Income Tax Dated 9/7/2009

July 9, 2009 550 Views 0 comment Print

Notification No. 57/2009 – Income Tax It is hereby notified for general information that the organization Eye Research Centre, Chennai 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 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1-4-2009 in the category of ‘other Institution’, partly engaged in research activities subject to the following conditions, namely:-

Wealth tax exemption limit raised

July 9, 2009 51346 Views 12 comments Print

Enhancement of the limit for payment of wealth tax under the existing provisions of section 3 of the Wealth-tax Act, wealth tax is charged every year in respect of net wealth, on the valuation date, of every individual, Hindu undivided family and company at the rate of one per cent. of the amount by which the net wealth exceeds Rs.15.00 lakhs. This limit was fixed in 1992.

Income Tax department need to allot Document Identification Number (DIN) to each correspondence sent or received by it

July 9, 2009 3477 Views 0 comment Print

It is now well accepted that “tax administration is tax policy”. A tax administration designed to foster voluntarily compliance yields higher revenue than a sound tax policy administered by an inefficient tax administration. Therefore, it has always been the endeavour of the Income-tax Department to improve the standards of its service and transparency in its functioning. Therefore, […]

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