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Archive: 22 July 2009

Posts in 22 July 2009

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 1911 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

SEBI abolished no-delivery period for all types of corporate action

July 22, 2009 423 Views 0 comment Print

The Securities and Exchange Board of India, the markets watchdog, has done away with a no-delivery period for all types of corporate actions for scrips that are traded in the compulsory dematerialised mode and accordingly, short deliveries, if any. During corporate announcements like bonus or dividend, shares of that company were under a no-delivery period. […]

SC to decide on 'dividend stripping' by mutual funds for creating a short-term loss to avoid tax

July 22, 2009 255 Views 0 comment Print

The Supreme Court will decide whether mutual fund brokers can resort to a process (dividend stripping) of creating a short-term loss to avoid tax. A Bench headed by Justice S H Kapadia has issued notice broking firms on a batch of petitions filed by the income-tax department challenging the Bombay High Court judgment that a broker […]

Service tax topics to be omitted and to be asked in November 2009 Examination for CA Final & PCE Students

July 22, 2009 474 Views 0 comment Print

Announcement for November 2009 examinations Professional Competence Examinations It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual taxable services. Integrated Professional Competence Examinations It is clarified that in Part –II : Service tax and VAT of Paper […]

Circular on Issue of Indian Depository Receipts (IDRs)

July 22, 2009 637 Views 0 comment Print

Necessary amendments to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 and Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004, are being issued separately.

RBI Circular on Cash Withdrawal at Point-of-Sale

July 22, 2009 1128 Views 0 comment Print

Presently cash withdrawal facility using plastic cards is available only at Automatic Teller Machines (ATMs). As on May 31, 2009, number of ATMs and POS terminals in the country stood at 44,857 and 4,70,237 respectively. The use of debit cards at Point-of-Sale (POS) terminals at different merchant establishments has been steadily increasing. As a further step towards enhancing the customer convenience in using the plastic money, it has been decided to permit cash withdrawals at POS terminals. To start with, this facility will be available for all debit cards issued in India, upto Rs.1000/- per day.

Press Note on taxation of limited liability partnerships

July 22, 2009 507 Views 0 comment Print

LLP is a new corporate form that enables professional expertise and entrepreneurial initiative to combine, organize and operate in an innovative and efficient manner. In India, this need has long been recognised for businesses which may require a framework that provides flexibility suited to requirements of service, knowledge and technology based enterprises. Services sector is playing a major role in the national economy and there is a growing diversity in the range of services being offered. The services sector also finds this form very useful.

Personal verification of PAN applications by visiting the applicant

July 22, 2009 426 Views 0 comment Print

NSDL has put a notice on his website mentioning that they will verify Identity and address of a certain percentage of PAN applications although they haven’t mentioned much detail about the mode of visit, timing, within how much day of application, who will be authorized to visit etc. The notice on NSDL website is as […]

CIC decided, CA student to get copy of answer sheet under RTI Act

July 22, 2009 1526 Views 0 comment Print

Name of the Appellant: Ms. Vikita Vishanji Soni , Name of the Public Authority: The Institute of Chartered Accountants of India , Decision No.4167/IC(A)/2009 , F. No.CIC/MA/A/2009/000474 , Dated, the 13th July, 2009 , Delivered by : Central Information Commission.

Reopening of Completed assessment, onus lies mainly on department to confront assessee with evidence

July 22, 2009 366 Views 0 comment Print

21. We have heard the parties and have perused the material on record. The learned Commissioner (Appeals) has held that the case of the Assessing Officer was based on the statement of Shri Ramesh Kumar, which was not confronted to the assessee, which was incumbent upon the department to do, since it was a case of reopening of a completed assessment.

Reassessment on ground of allowance of excess deduction on incentives of DEPB U/s. 80HHC

July 22, 2009 528 Views 0 comment Print

7. We have considered the issue. The learned CIT (A) has considered that there was a change of opinion by the A.O. and he deemed to have formed an opinion at the time of original assessment on allowing 80HHC deduction on DEPB. There is nothing on record to support the opinion formed by the learned CIT(A) on this issue. The learned counsel during the present proceedings

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