Notification No. 35/2009-Service Tax In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following amendment in the Government of India in the Ministry of Finance (Department of Revenue) Notification No.16/2009-Service Tax, dated the 7th July, 2009 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 488(E), dated the 7 th July 2009, namely:-
1. Please use Ink Jet /Laser printer to print the ITR-V Form. 2. The ITR-V Form should be printed only in black ink. 3. Do not use any other ink option to print ITR V. 4. Use of Dot Matrix printer should be avoided.
The Income-Tax Appellate Tribunal (ITAT) has held that any expenditure, which is viewed as an offence or is prohibited by law, but is of a commercial nature incurred in the normal course of business, can be treated as an outgo at the time of calculating tax liabilities.
The Central Board of Direct Taxes (CBDT) has introduced a new software programme, called ‘360 degree profiling’, which would provide automatic alerts for scrutiny assessment of an individual or a company to the income tax department, based on its investments and expenditure.
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.
(1) The Act broadly provides for two types of tax incentives, namely, investment linked incentives and profit linked incentives. Ch VI-A essentially belongs to the category of “profit linked incentives” (2) When ss. 80-IA/80-IB refer to profits derived from eligible business, it is not the ownership of that business which attracts the incentives but the generation of profits (operational profits)
Dear CA Pariwar, The enthusiasm of our members and students throughout the country in celebrating our Diamond Jubilee Year has indeed been overwhelming and I would also like to take this opportunity to extend my heartfelt gratitude to all our members, students, my colleagues in the Council, Regional Councils and Branch Managing Committee Members for […]
The Securities and Exchange Board of India (Sebi) has allowed pricing of employee stock options (ESOPs) on the Black-Scholes model or a Binomial model. This model uses an option-racing model that takes into account, as of the grant date, the exercise price and expected life of the option.
Companies will have to bear interest on any cenvat credit wrongly taken even if it is not utilised, according to the Central Board of Excise and Customs, the apex indirect tax body. Cenvat credit is the set-off for levies paid on inputs. In other words, for every rupee of service tax or manufacturing tax (excise duty) paid by the company on inputs, it earns a credit that can be used against setting off its liability.
