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Archive: 13 November 2009

Posts in 13 November 2009

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6387 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19398 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Electronic filing of service tax returns will be compulsory in next two months

November 13, 2009 543 Views 0 comment Print

The government will make electronic filing of service tax mandatory within a couple of months, said a senior official of the Central Board of Excise and Customs (CBEC). Electronic filing of service tax will be made compulsory in the next two months, CBEC member Y G Parande told reporters on the sidelines of a PHD chamber seminar.

Block assessments can be reopened U/s. 147/148

November 13, 2009 634 Views 0 comment Print

The AO passed a block assessment order u/s 158BC by which he assessed the undisclosed income of the assessee at Rs. 24.37 L. Subsequently, he passed an order by which he added a further sum of Rs. 13.66 L to the said undisclosed income without issuing a notice u/s 148. The Tribunal allowed the appeal on the ground that the AO could not have made the addition without reopening the block assessment u/s 147.

Notification No. 173/2009-Customs Duty (N.T.), Dated: 13.11.2009

November 13, 2009 301 Views 0 comment Print

The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S. O. 748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 159/2009-Customs (N.T.), dated, the 30th October, 2009 (S. O. 2734 (E) dated 30th October, 2009).

Year from which option has been exercised u/s 80-IA(1) is to be treated as initial assessment year for purpose of section 80-IA(5)

November 13, 2009 525 Views 0 comment Print

Section 80-IA(5) would come into operation only from the year in which the assessee started claiming deduction under section 80-IA i.e. from the initial year and the depreciation relating to the years prior to the initial assessment year cannot be brought back notionally to be adjusted against the income of the initial or subsequent assessment yearsSection 80-IA(5) would come into operation only from the year in which the assessee started claiming deduction under section 80-IA i.e. from the initial year and the depreciation relating to the years prior to the initial assessment year cannot be brought back notionally to be adjusted against the income of the initial or subsequent assessment years

Public Notice No. 17/2009-2014, Dated: 13.11.2009

November 13, 2009 2191 Views 0 comment Print

Pre-shipment inspection certificate as per the format in Annexure-I to Appendix 5, from any of the Inspection & Certification agencies given in Appendix-5, to the effect that the consignment was checked for radiation level and scrap does not contain radiation level (gamma and neutron) in excess of natural background.

SEBI : Facilitating transactions in Mutual Fund schemes through Stock Exchange infrastructure

November 13, 2009 445 Views 0 comment Print

Stock exchanges and mutual funds/AMCs, based on the experience gained may further improve the mechanism in the interest of investors. Necessary clarifications, if any, would be issued at appropriate time by SEBI in this regard.

SEBI : Expiry Date for Equity Derivative Contracts

November 13, 2009 313 Views 0 comment Print

Based on recommendations of the Secondary Market Advisory Committee, it has been decided to allow flexibility to the Stock Exchanges to set the expiry date / day for equity derivative contracts

Prevention of Money laundering Act, 2002 – Obligations of NBFCs in terms of Rules notified thereunder

November 13, 2009 528 Views 0 comment Print

The Prevention of Money Laundering (Amendment) Act, 2009 (No. 21 of 2009) has come into force with effect from June 01, 2009 as notified by the Government. In terms of Sub-Section 2(a) of Section 12 of The Prevention of Money Laundering (Amendment) Act, 2009 (PMLA, 2009), the records referred to in clause (a) of Sub-Section (1) of Section 12 shall be maintained for a period of ten years from the date of transaction between the clients and the banking company and in terms of Sub-Section 2(b) of Section 12 of the Act ibid, the records referred to in clause (c) of Sub-Section (1) of Section 12 shall be maintained for a period of ten years from the date of cessation of transaction between the clients and the banking company.

RBI issued draft guidelines on Over the Counter (OTC) Forex Derivatives, Hedging and Freight Risk overseas

November 13, 2009 348 Views 0 comment Print

The Reserve Bank of India has, today, placed on its website the draft guidelines on OTC Foreign Exchange Derivatives and Hedging Commodity Price Risk and Freight Risk overseas (Annex) for public comments.

Circular No. 16/2009-2014, Dated: 13.11.2009

November 13, 2009 285 Views 0 comment Print

A representation has been received from Zonal Joint Director General of Foreign Trade, Mumbai Office seeking clarification regarding calculation of Foreign Exchange earned for redemption of EPCG Authorizations issued to Service Providers in terms of provisions ofCircular No. 25 dated 01.01.2008.

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