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Archive: 14 August 2009

Posts in 14 August 2009

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

July 14, 2024 1917 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!

Use of RTGS/NEFT/NECS/ECS for Credit to NRE Accounts

August 14, 2009 4048 Views 0 comment Print

All banks participating in RTGS / NEFT / NECS / ECS are, therefore, advised that when the destination of funds is to an NRE account, the originating / sponsor bank must ensure that the funds are eligible to be credited to an NRE account in India under the existing FEMA Regulations and Wire Transfer Guidelines. Beneficiary / Destination banks have to make requisite changes to the interface software, if not already done, so that all valid transactions indicating credit to an NRE account are not returned.

Frequently asked question on Annual Tax Statement (ATS)

August 14, 2009 3274 Views 0 comment Print

Understand the annual tax statement (ATS) and how it provides details about tax deducted at source (TDS) or tax collected at source (TCS).

Bombay High Court admit appeal against Shah Rukh Khan

August 14, 2009 556 Views 0 comment Print

The Bombay High Court on Wednesday admitted an appeal filed by the Income Tax (IT) department against actor Shah Rukh Khan for the tax deductions allowed on his income earned as the brand ambassador for Swiss luxury watch company Omega.

Direct Tax code will benefit more to people in higher income group

August 14, 2009 396 Views 0 comment Print

From April 1, 2011, finance minister Pranab Mukherjee has proposed to simplify the income-tax regime by reducing the tax rates on incomes above Rs1.6 lakh per annum (Rs1.9 lakh for women, and Rs2.4 lakh for senior citizens), but the reduced rates will come with few of the current exemptions.

Expenditure Not allowable under new direct tax code 2009

August 14, 2009 345 Views 0 comment Print

Under the Code, the following expenditure will not be allowed as a deduction in the computation of total income :-(a) any expenditure attributable to income which does not form part of the total income under this Code and determined in accordance with the method as may be prescribed;

New Direct tax code and welath tax provisions, exemption limit may increase to 50 crore

August 14, 2009 480 Views 0 comment Print

The Code proposes to tax net wealth in the following manner:- Wealth-tax will be payable by an individual, HUF and private discretionary trusts. Wealth tax will be levied on net wealth on the valuation date i.e. the last day of the financial year. Assets chargeable to wealth-tax will mean all assets, including financial assets and […]

No Provision for Appeal to High Court in New direct tax code 2009

August 14, 2009 462 Views 0 comment Print

The new Code does not provide for any appeal to the High Court. Section 192 provides for an appeal to the National Tax Tribunal, from an order passed in appeal by the ITAT and Section 193 provides for an appeal to the Supreme Court from any order of the National Tax Tribunal. For the last […]

Merit List of CA final & Pass percentage of final & Final (New Course)

August 14, 2009 17404 Views 0 comment Print

A Chartered Accountant or ‘CA’ as commonly known, is a professional who has undergone high standards of theoretical education and practical training, and in the process, has passed final examination in Chartered Accountancy conducted by The Institute of Chartered Accountants of India (ICAI) and has been enrolled as its member. He is a well rounded professional—well-versed […]

Due date extended for completion of IT training for students appearing in PCE & IPCE November 2009 Examination

August 14, 2009 345 Views 0 comment Print

Removing difficulties being faced by the students for successfully completing 100 Hours Information Technology Training before the commencement of November, 2009 Professional Competence Examination/Integrated Professional Competence Examination.

Time limit for filing ITR-V extended to 60 days

August 14, 2009 940 Views 0 comment Print

The Central Board of Direct Taxes had, vide circular No.3/2009 dated 21.05.2009, allowed assessees who file their income tax returns in electronic form without digital signature to submit their verified ITR-V form, within a period of 30 days, thereafter. The ITR-V form was required to be sent to Post Bag No.1, Electronic City Post Office, […]

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