"September, 2009" Archive - Page 3

Will Government extended due date for filing Income Tax Return?

September 30th is the Due Date for filing Income tax Returns for corporate assessees and those who come under compulsory audit. Virtually the Government of India is on a vacation, with Puja and other holidays. Yesterday was a holiday and tomorrow the banks are closed....

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Posted Under: Income Tax |

SEBI : Statement of additional information (SAI) & Scheme Information Document (SID) to be made available on SEBI website

SEBI/IMD/CIR No. 10/178129/09 (29/09/2009)

Further, in continuation with the current practice of uploading the SAI on AMFI website, AMCs shall also upload the soft copy of SID on AMFI website two working days prior to the launch of the scheme....

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Queries arising out of Calendar for compliance and TDS rates for FY 2009-10

(i) Whether the revised TDS rates for payment to contractors and TDS on Hire / Rentals, are effective from 1.10.2009. (ii) Whether surcharge and education cess should not be deducted with immediate effect, from non-salary payments being made to residents (Individuals as well as domestic companies)....

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Posted Under: Income Tax |

In mercantile method of accounting allowability of expenditure depend on liability to pay

CIT Vs Panacea Biotech Ltd. (Delhi High Court)

So far as the contention with regard to the disallowing the claim on the expenditure incurred on the purchase of two machineries is concerned, the counsel for the Revenue has urged that though with respect to the first machinery an advance payment was made within the Assessment year, with respect to the second machinery no payment at all ...

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FAQs on applicability of Surcharge and Cess on TDS after budget 2009 and on new TDS rate

1. What is the date when the Finance Bill became Finance Act 2009? 19-08-2009 2. In which cases surcharge on TDS rates is NOT applicable? On all payment to residents On all payment to non-corporate non-residents On all payments to foreign corporate if total payment is less than 1 Crore...

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Posted Under: Income Tax |

Guidelines for Foreign investment in Commodity Exchanges

Press Note No. 7 (2009) (26/09/2009)

Government of India had laid the guidelines for foreign investment in Commodity Exchanges vide Press Note 2(2008) dated 12th March 2008. As per the guidelines, a composite ceiling for foreign investment of 49% was allowed with prior Government approval, subject to the condition that investment under the Portfolio Investment Scheme will be...

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FAQ on the Exemption/ Refund Scheme for Exporters

Refund scheme to exporters was introduced by notification no. 41/2007 dated 6th Oct 2007. The scope of refund was enhanced from time to time along with the procedural changes. To make the scheme simple and ensure speedier disposal, two notifications 17-2009-ST and 18-2009-ST have been issued on 7th July 2009 superseding the earlier scheme...

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Posted Under: Income Tax |

Rating cannot be construed as a substitute for an exhaustive audit or a fraud detection

The credit crisis has exposed weaknesses in many financial intermediaries. How can rating agencies ensure their views are more accurate and unbiased?  Despite due diligence, there is always scope for improvement. Credit rating agencies (CRA) do not carry out a separate audit but takes cognisance of the information available from annual r...

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Posted Under: Income Tax |

Income Tax Search at oldest and richest realtors of Mumbai

One of the oldest and richest realtors of Mumbai, whose family once owned large parts of Powai and even donated land for setting up the IIT, is facing Income Tax (I-T ) trouble. I-T sleuths landed up at the residence and offices of Bhawani Shankar Sharma and his family members on Thursday morning and claimed […]...

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Posted Under: Income Tax |

Judgement holding S.43B(f) (leave encashment) as unconstitutional stayed

CIT Vs. Exide Industries (Supreme Court)

S. 43B (f) was inserted by the Finance Act, 2001 w.e.f. 1.4.2002 to provide that any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee shall be allowed as a deduction only in the year of actual payment. The said amendment was enacted to supersede the judgement ...

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