Notification No. 65/2009 – Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely
Learn about the modified e-TDS/TCS data structure and new File Validation Utility introduced by the Income Tax Department since October 1, 2009.
THE Supreme Court will decide whether private telecom operators are liable to deduct TDS for the payments made to the state-owned BSNL and MTNL for inter connectivity. A bench comprising Justice SH Kapadia and Justice Aftab Alam on Friday issued notice to Bharti Airtel on the plea of the income-tax department.
The second instalment of arrears under the Sixth Central Pay Commission award will not only put more money in the pockets of Government employees, but may also bolster direct tax collections. Sensing a good tax mop-up opportunity from this large payout, estimated at about Rs 17,000 crore, the Central Board of Direct Taxes (CBDT) has advised […]
1. This is an appeal preferred by the Revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the „Act‟) against the judgment dated 09.03.2007 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the „Tribunal‟) in ITA No. 4125/Del/1999 in respect of assessment year 1996-97. The Revenue is aggrieved by virtue of the fact that by the impugned judgment
The assessee incurred expenditure on replacement of machinery in a textile mill and claimed the same as revenue expenditure on the ground that it was merely for replacement of spare parts in the spinning mill system and did not give rise to a new asset. In the books, the expenditure was capitalized. The CIT (A), ITAT and High Court decided in favour of the assessee
A reference is invited to our Master Circular RBI/2009-10/56 IDMD.PDRS. 01/03.64.00/2009-10 dated July 1, 2009 on Operational Guidelines to the Primary Dealers (PDs) prescribing, inter alia, the minimum Net Owned Funds (NOF) of Rs.50 crore for non-bank stand-alone PD and Rs.100 crore in case the PD intends to diversify into other permissible activities.
Please refer to our Master Circular RBI/2009-10/56 IDMD.PDRS. 01/03.64.00/2009-10 dated July 1, 2009 on Operational Guidelines to Primary Dealers, in terms of which, Primary Dealers (PDs) are allowed to borrow from call/notice money market, on an average in a reporting fortnight, up to 200 percent of their Net Owned Funds (NOF) as at the end March of the preceding financial year.
In a case which came up before the High Court of Delhi, the Honorable Court has directed that all banks should ensure that their branches display in a conspicuous place (i) essential details about the facilities under the enactment (Mental Disabilities Act); (ii) the fact that the parties can approach the Local Level Committees, for the purposes of issuance of the certificate and that the certificate issued under the Mental Disabilities Act is acceptable; and (iii) the details of the Local Level Committees in that area.
In the instant case, the assessee had claimed the value of property as per the registered valuer’s report. Therefore, under clause (a) of section 55A, the Assessing Officer was required to form an opinion that the value claimed by the assessee as per the registered valuer’s report was less than the fair market value. The estimated value proposed by the DVO
