"18 December 2009" Archive

Commercial taxes department has conducted 298 raids from April to November this year

The commercial taxes department has conducted 298 raids from April to November this year. These statistics were placed before the House by chief minister Digambar Kamat, who holds the finance portfolio, during Question Hour on Thursday. The additional tax collected from these raids are: Value Added Tax (VAT) from hotels -Rs 27.16 lakh; VA...

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Insurance companies, while settling third party insurance claims, cannot deduct tax at source

Insurance companies, while settling third party insurance claims, cannot deduct tax at source (TDS) on the interest earned on the compensation amount, ruled Bombay high court. A division bench of justice Sharad Bobde and justice SJ Kathawalla, in an interim order, directed the New India Assurance Company not to deduct tax from the amount ...

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Revised rules for valuation of perquisites for F.Y. 2009-10 & amp; onwards

Notification No. 94/2009 - Income Tax (18/12/2009)

Notification No. 94/2009 - Income Tax For the purpose of computing the income chargeable under the head Salaries, the value of perquisites provided by the employer directly or indirectly to the assessee (hereinafter referred to as employee) or to any member of his household by reason of his employment shall be determined in accordance wi...

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Views solicited on the Indian Trusts (Amendment) Bill, 2009

Views and suggestions are solicited on the Indian Trusts (Amendment) Bill, for submission to the Hon’ble Parliamentary Standing Committee. Please click for text of the Indian Trusts (Amendment) Bill, 2009 alongwith statement of Objects and Reasons....

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Simple understanding of GST

Q.1 What does GST seeks to achieve? Ans. GST is a major indirect tax reform in India which takes VAT to its logical conclusion. GST would avoid burden of multiple taxation (tax on tax) with a cascading effect. GST seeks to rule out cascading tax effect. Once it introduced, CST will also be removed....

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Display of information for lodging of ATM related complaints

RBI/2009-2010/266, DPSS No.1316 /02.10.02/2009-2010 (18/12/2009)

The use of Automated Teller Machines (ATMs) has been increasing in the country. We have been receiving complaints from members of the public that at many ATM locations the telephone numbers of help desk/ contact persons are not displayed causing difficulties in lodging complaints. Customers using other bank ATMs are also unclear as to the...

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Permission for export of edible oil in small consumer packs-regarding

Policy Circular No. 19/2009-14 (18/12/2009)

In partial relaxation of ban on export of edible oil imposed vide Notification No.85 dated 17th March, 2008 as amended vide above subsequent Notifications, it has been decided by competent authority that export of edible oil shall be allowed as unde....

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Important Announcement on Empanelment in the panel prepared by Office of C&AG and Bank Branch Auditors’ Panel prepared by ICAI

The Council of the Institute at its 242nd meeting held in April, 2004 had decided that there shall be a cut off date for condonation of cases for empanelment purposes as on 1st January and the cases received beyond the cut off date will not be considered for condonation. Accordingly, members may note as under:...

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Non-Advocates cannot give legal opinions: HC

Lawyers Collective Vs. Bar Council of India (Bombay High Court)

Foreign Law Firms are not eligible to open liaison offices or to practice law in India. Even giving an opinion on a legal matter amounts to “practise of law”. Non-Advocates cannot practise law. ...

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BSE, NSE will open at 9 a.m. from January 4, 2010

The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have decided to postpone new trading timings to January 4, 2010. The two exchanges on Wednesday said that the market would open at 9 a.m. effective December 18 an advancement of nearly an hour from the current practice of market opening at 9:55 a.m....

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