"02 September 2009" Archive

Income-tax (Twelfth Amendment) Rules, 2009 – Amendment in rule 11N

Notification No. 65/2009 - Income Tax 02/09/2009

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...

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Modifications in the e-TDS/TCS data structure and new File Validation Utility applicable from October 1, 2009

The data structure of quarterly e-TDS / TCS statements has been modified by the Income Tax Department to incorporate certain additional fields and validations to further improve the data quality. New data structure (File format changes highlighted) version 4.0 [for quarterly e-TDS / TCS statement (Regular and correction)]...

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Posted Under: Income Tax |

SC will decide on applicability of TDS on payments made to state-owned BSNL and MTNL for interconnectivity by private players

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....

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Posted Under: Income Tax |

CBDT advised to deduct TDS on second installment of arrears under Sixth Central Pay Commission award

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 advi...

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Posted Under: Income Tax |

Trade advance given to give effect to a commercial transaction can not be treated as deemed dividend

Commissioner of Income Tax Vs Shri Raj Kumar (High Court of Delhi)

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 Revenu...

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Replacement expenditure is neither current repairs nor revenue

Commissioner of Income Tax, Madurai Vs M/s. Sri Mangayarkarasi Mills (P) Ltd. (Supreme Court of India)

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 decide...

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RBI circular to Stand-alone Primary Dealers – Enhancement of Minimum Net Owned Funds

RBI/2009-10/144 IDMD.PDRD.No. 1097/ 03.64.00/2009-10 02/09/2009

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 permissi...

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RBI circular on Stand-alone Primary Dealers – Increase in Call/Notice Money Borrowing Limit

RBI/2009-10/143 IDMD.PDRD.No. 1096/ 03.64.00/2009-10 02/09/2009

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 ...

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RBI circular on display of information regarding Local Level Committees

RBI/2009-10/142 DBOD.No.Leg.BC. 37 /09.07.005/2009-10 02/09/2009

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 p...

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Section 55A of the Income-tax Act, 1961 related Capital gains and Reference to Valuation Officer

Hiaben Jayantilal Shah Vs Income-tax officer (High Court of Gujarat)

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 p...

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