"September, 2009" Archive - Page 5

Derivatives in which underlying asset is shares, will fall within the meaning of ‘commodity’ used in Sec. 43(5) of the Act

Shree Capital Services Ltd. Vs ACIT (ITAT Kolkata)

Speculative transaction is a transaction in which contract for purchase and sale of any commodity is settled otherwise than by actual delivery. It is not in dispute that in the case of transaction in derivatives, the transaction is always settled otherwise than by actual delivery. ...

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SEBI issued new code of conduct for intermediaries, including distributors of mutual funds

The Securities and Exchange Board of India has issued a code of conduct for intermediaries, including distributors, of mutual funds. Asset management companies have been told not to deal with non-compliant intermediaries. They are to report such cases to the Association of Mutual Funds in India (Amfi) and Sebi....

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Posted Under: Income Tax |

Concept Creations Vs Addl. CIT (ITAT Delhi Special Bench)

M/s Concept Creations Vs Addl. CIT, Range (ITAT Delhi)

Insertion of Rule 13E in the I.T.A.T. (Recruitment and Conditions of Service) Rules, 1963, vide Notification No. GSR 389E dated 3-6-2009 prohibiting Retired ITAT President, Vice-President and members to appear before ITAT. No doubt the Ministry, as it were, built a nice palace so that all of us in the ITAT could lead a happy and blissful ...

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Rescinds Notification No. 75/2006- Customs Duty, Dated: 19.07.2006

Notification No. 110/2009-Customs (24/09/2009)

In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the noti...

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Amends Notification No. 154/1994-Customs Duty, Dated: 13.07.1994

Notification No. 109/2009-Customs [G.S.R. 701 (E)] (24/09/2009)

The principal notification No. 154/1994-Customs, dated the 13th July, 1994, was published in the Gazette of India, Extraordinary, vide number G.S.R. 583(E), dated the 13th July, 1994, and was last amended by notification No. 62/2008-Customs, dated the 6th May, 2008, that was published in the Gazette of India, Extraordinary, vide number G....

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RBI Circular on Payment of Interest on Savings Bank Account on a Daily Product Basis

RBI/2009-10/169, RPCD.CO.RRB.BC.No. 25 /03.05.33/2009-10 (24/09/2009)

On a review, it has been decided that the interest on balances in savings bank accounts would be calculated on a daily product basis with effect from April 1, 2010. Regional Rural Banks are advised to work out modalities to effect a smooth transition to the revised procedure....

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SC admitted petition on applicability of service tax on selling of mutual fund products

The Supreme Court has admitted a petition which has raised an important question: Is selling mutual fund products a taxable service?  The apex court headed by Justice S H Kapadia admitted an appeal filed by Commissioner of Service Tax stating that sale of mutual funds (MFs) amounted to service for the purpose of levy of […]...

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Posted Under: Income Tax |

ICAI requested for extension of due date for filing of return of Income

Due to the fact that most of the establishments are virtually closed on account of festivals of Durga Pooja, Navratra’s and Dussehra, representations were received from members all over the country posing the difficulties faced by them in preparing and filing the return of income by due date. Hence, ICAI has made a representation to...

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Posted Under: Income Tax |

ICAI – Announcement for panel for outsourcing of work of Technical Scrutiny of Balance Sheets

The Institute of Chartered Accountants of India while appreciating the initiative taken by the Ministry for ensuring good corporate governance and transparency for safeguarding the interest of the shareholders, creditors and the economy as a whole wishes to provide professional expertise of its members to the Registrar of Companies. For t...

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Posted Under: Income Tax |

Government proposal to constitute a supervisory mechanism opposed by ICAI, ICSI and ICWAI

A GOVERNMENT proposal to constitute a supervisory mechanism above the country’s three statutory institutes for accounting, company secretaryship and cost accounting and allowing their members to provide services in each other’s fields has been opposed by these regulators. Floated by the corporate affairs ministry, the proposal seeks t...

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Posted Under: Income Tax |

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