"06 August 2009" Archive

Representation by BCA to FM on difficulties being faced/likely to be faced by Assessees while filing Return of Income

Re:  Hardships and Practical Difficulties being faced/likely to be faced by Assessees while filing the Return of Income for A.Y.2009-10, in view of directions contained in CBDT Circular No.03/2009 Dated 21.05.2009 We refer to the CBDT Circular No. 03/2009 dated 21.05.2009 in connection with the filing of the Income Tax Returns for A.Y...

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Posted Under: Income Tax |

Government may soon clarify in respect of FBT paid for A.Y. 2010-2011

A mechanism may be on the anvil to help companies to reclaim the fringe benefit tax they had paid for the first quarter along with advance corporate tax, as the government goes about implementing the budget proposal to abolish the levy with retrospective effect from April 1, 2009. Companies may be able to seek a refund […]...

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Posted Under: Income Tax |

Builder may not benefit from extension of tax waiver to affordable housing projects

The government’s decision to extend the time limit for claiming tax exemption on profit earned from projects may not give the desired benefits to real estate developers. Instead of giving benefits to ongoing projects, the government chose to extend a tax waiver to `affordable’ housing projects that were approved till March 31,...

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Posted Under: Income Tax |

Allowability of expenditure incurred by foreign company before RBI approval

Income Tax Appellate Tribunal (ITAT) has ruled that foreign companies can claim tax deduction on expenses incurred in setting up a project office in India even if the mandatory approval from the Reserve Bank of India comes subsequently.  The ruling was issued in the case of Stork Engineers & Contractors of the Netherlands, which was ...

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Posted Under: Income Tax |

Taxability of commission paid by Indian Company to foreign company to promote its business in that country

The Authority for Advanced Ruling has ruled that if an Indian company pays a commission to an overseas company to promote its business in that country, such payment will not be taxable in India. The AAR, a quasi judicial body on matters of taxation...

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Posted Under: Income Tax |

Notification No. 120 (RE-2008)/2004-2009, Dated: 06.08.2009

Notification No. 120 (RE-2008)/2004-2009 (06/08/2009)

In exercise of powers conferred by Section 5, read along with Section 3(2) of the Foreign Trade (Development and Regulation) Act, 1992, also read along with paragraph 2.1 of the Foreign Trade Policy – 2004-09, the Central Government hereby amends Schedule-I of the ITC (HS) Classification of Export and Import Items, 2004-09....

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Hasan Ali Khan have outstanding tax demand of 50,345 Crore

Stud farm owner Hassan Ali Khan tops the list of direct tax defaulters in the country. The outstanding demand against Khan as on March 31, 2009, is a whopping Rs 50,345 crore. In a written reply in the Rajya Sabha on Tuesday, minister of state for finance S S Palanimanickam gave the names of Top 100 defaulters of direct taxes worth Rs 1....

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Posted Under: Income Tax |

Amendment to Maharashtra Value Added Tax Act, 2002 to implement budget announcements

Trade Circular No. 22 T of 2009 (06/08/2009)

The salient features of the MVAT Act amendments are briefly explained below: 2. Revised Returns-Section 20 (4) is substituted:- Earlier the revised returns could be filed anytime before the notice for assessment was served or within nine months from the end of the year, to which the return relates, whichever is earlier. Certain continge...

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Interpretative circular under regulation 5 of the Securities and Exchange Board of India

Circular No. CFD/DCR/TO/Cir-01/2009/06/08 (06/08/2009)

No acquirer, who together with persons acting in concert with him holds, fifty five per cent (55%) or more but less than seventy five per cent (75%) of the shares or voting rights in a target company, shall acquire either by himself or through persons acting in concert with him any additional shares entitling him to exercise voting rights...

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Notification No. 121/2009-Customs (N.T.), Dated: 6th August, 2009

Notification No. 121/2009-Customs (N.T.) (06/08/2009)

forthe purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s. Kalinga Commercial Corporation, Plot No. C-112 HIG Housing Board Colony, Baramunnda, Bhubneswar – 1 and others, issued vide, DRI F.No. 55/KOL/APP/2008/PT/KCC dated 08th May, 2009, by the Additional Director General, Directorate of Revenue Intelli...

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