"23 November 2009" Archive

MVAT Circular on Clarification regarding levy of tax on cutting of transportation charges

Trade Circular No. 31 T of 2009 23/11/2009

The Maharashtra Purchase Tax on Sugarcane Act, 1962 was amended in the year 2002 and year 2003. Thereafter, a Trade Circular cited at reference (1) was issued. By the aforesaid Trade Circular the effects of amendments were explained. In Para 2 of the Trade Circular, it was mentioned that the levy of purchase tax on sugarcane will continue...

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Exposure Draft on Financial Instruments: Amortised Cost and Impairment

This Exposure Draft on Financial Instruments: Amortised Cost and Impairment, has been issued by the International Accounting Standards Board with the objective to replace IAS 39 Financial Instruments: Recognition and Measurement with a new standard, to be known as IFRS 9 Financial Instruments. To achieve this, the Board divided its projec...

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ICAI announcement regarding Receipt of wrong Bio-data of candidates

It has been brought to our notice that while some voters from the Eastern India Regional Constituency have received the correct Election Circular, meant for the forthcoming elections to be held in December, 2009, containing the details of Polling Booth allotted to them, however, they have received along with that Circular letter, the wron...

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Public Notice No. 20/2009-2014, Dated: 23.11.2009

Public Notice No. 20/2009-2014 23/11/2009

In exercise of power conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in Appendix 2 of the Handbook of Procedures....

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Public Notice No. 19/2009-2014, Dated: 23.11.2009

Public Notice No. 19/2009-2014 23/11/2009

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.II), 2009-2014, as amended from time to time, amendments/corrections at appropriate places against SION C1708 & C1789, as mentioned in ANNEXURE "A” to this Public Notice, are made....

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Income tax raid on real estate developers, hoteliers, politicians

In a major operation against alleged tax evasion, officials of the Department of Income Tax carried out simultaneous raids at 20 offices and residences of four industrialists, including a Congress leader, and scrutinised their property details here on Friday. Income Tax department unearthed several cases of Income Tax evasion by them. Th...

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Scope for rectifying Income Tax assessments limited: SC

The Supreme Court (SC) last week set aside the judgement of the division bench of the Madras high court in a case raising the question of the power of the Income Tax authorities to ‘rectify mistakes’ in assessment under Section 154 of the Income Tax Act....

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Vodafone seek time to reply Income Tax Department notice

On October 30, 2009, the Income-Tax Department issued a notice to Vodafone International Holdings BV (VIH BV) over its 11.2-billion dollar purchase of Hutchison Telecom’s Indian operations (Vodafone Essar) in 2007. “Vodafone International Holdings BV (VIH-BV) was required to file its explanation by November 16, 2009. However VIH BV ha...

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Tax profit on sell of license by new mobile operators at high rate

The Member of Parliament and former owner of BPL Mobile, Mr Rajeev Chandrasekhar, has written to the Prime Minister suggesting the Government should impose a windfall (Extra) tax on new mobile players if they sold their licences....

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Government considering proposal to impose a new tax on vehicle with low fuel efficiency

It could soon be a tough road ahead for vehicles with low fuel efficiency. The Government is considering a proposal to introduce a new tax on such vehicles to ensure that they are phased out. This tax could be a deterrent against manufacture of fuel-guzzling vehicles. The proposal simultaneously suggests a ban on vehicles older than 15 ye...

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