"November, 2009" Archive - Page 21

TDS rates changed for rent and contracts with effect from October 01, 2009

TDS rates in case of Section 194-C and 194-I gets simplified this year. With several deductors requesting the department to ease the rates in these cases, department has finally take a call to streamline these rates.Contract Payments:Earlier, contract payments were attracting 2% TDS rate. If such contract is an advertisement contract then...

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Posted Under: Income Tax |

No Surcharge and Cess on TDS, in case of Non-Salaries

Finance Act (2) of 2009 comes with major amendment in TDS provisions, where it withdraws additional deductions of surcharge and cess for Non-Salaried, Resident Payments. This would give a slight relax to the deductors in calculating the rate of tax. Applicable only on Non-Salaried, Resident Payments.The withdrawal of Surcharge and Cess is...

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Posted Under: Income Tax |

Privatisation of tax administration

In the present scenario, tax is a burden imposed by law. Since our present state rest on the Principles of Rule of Law, the tax administration does not remain a mere revenue collection exercise, it take the shape of administration of a branch of law. Thus the ideal taxation is execution of a well defined law with defined burden, legal-pro...

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Posted Under: Income Tax |

Departmental Adjudication under excise laws

Under Indian tax regime, disputed taxes amounting to hundreds of crores is collected by the state, goods worth crores of rupees is confiscated by the state, penalties worth hundred of crores are imposed on citizens by the state through the process of departmental adjudication. I was thinking whether there is any procedure, which the adjud...

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Posted Under: Income Tax |

Salary, corruption & accountability

They are called “Public Servants”, for they are expected to serve the public. But what is being done in the name of serving the public is not even an “open secret”, it is available live on electronic media. Everyday we see some or the other so called public servants extracting money from the hapless citizens in the name of suvidha...

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Posted Under: Income Tax | ,

Waiver of the Principles of Natural Justice under excise laws

Once it is found that “Right to Natural Justice” is a “personal & individual right”, the person concerned can always waive such right. But the moot question is “whether principles of natural justice are personal individual rights?” This paper attempts to examine this question and waiver of such right if it is not a personal in...

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Posted Under: Income Tax |

926 Branches of Public and Private sector bank authorised to receive advance income tax in Mumbai

Reserve Bank of India (RBI) and 926 computerized branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai, apex bank said in a statement.These arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HD...

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Posted Under: Income Tax |

Insurance Law Amendment Bill and Banking Regulation Amendment Bill unlikely to taken up in the winter session of Parliament

Major financial sector bills such as the Insurance Law Amendment Bill seeking to increase the FDI cap in private insurance firms and the Banking Regulation Amendment Bill to raise the voting rights of foreign entities in private sector banks are unlikely to be taken up in the Winter session of Parliament that begins today....

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Posted Under: Income Tax |

Main attraction of the Direct Taxes Code 2009, simplicity of the provisions

The main attraction of the Direct Taxes Code 2009 will be the simplicity of the provisions, Mr P.V. Bhide, Secretary-Department of Revenue, Ministry of Finance, said.The level of understating between the assessees and department will be higher, Mr Bhide said at a presentation on the code organised by the Indian Chamber of Commerce and Ind...

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Posted Under: Income Tax |

Section 25 Companies, Charitable Trust, NGO, Societies under the purview of Prevention of Money Laundering Act (PMLA) 2002

Earlier, the entities that fell under the ambit of the law included only chit fund companies, banking companies, financial institutions and housing finance companies. The amendment now says any company registered under section 25 of the Indian Companies Act, 1956, and/or as a trust or society under the Societies Act, 1860, or any similar...

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Posted Under: Income Tax |

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