The Ministry of Commerce and Industry (MCI) had issued a letter dated 20 August 2009 requiring all foreign nationals in India holding Business Visa (BV) and working on project/ contract based assignments in India to return to their home countries on expiry of their BV or by 30 September 2009, whichever is earlier. This deadline was subsequently extended to 31 October 2009 by the Ministry of Home Affairs (MHA).
The Budget 2009-10 has introduced the provisions regarding taxation aspect of the newly introduced form of business Limited Liability Partnership. As per the Budget 2009-10 a limited liability partnership (LLP) will be taxed on the same lines as partnership firms — this would mean taxation of profit in the hands of the entity; the partners will be exempted.
ACES stands for Automation of Central Excise and Service Tax. It is a centralized, web based software application which automates various processes of Central Excise and Service Tax for Assessees and Department, and gives complete end to end solution. Any Assessee can register with Department using ACES application, can file tax return, claims & intimations, track its status and get online messages.
Notification No. 42/2009-Service Tax Govt. exempts the taxable service specified in sub-clause (zzb) of clause (105) of section 65 of the Finance Act, provided by a person (hereinafter called the ‘service provider’), to any other person (hereinafter called the ‘service receiver’), in relation to one or more of the specified process during the course of manufacture of parts of cycles or sewing machines, subject to the following conditions, namely :-
Internal Audit is a service to management. Its functions include examining and evaluating internal control and providing assurance to the management. It is a part of the organisation’s system of internal control and its scope includes ALL aspects of internal control, not just financial control.. The scope of internal audit is much wider than statutory/external audit. It should ideally cover all the organisation’s activities. They include:
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.
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.
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).
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
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.
