Notification No. 858/2009 – Income Tax The Board has amended the rules relating to Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) vide Notification No. S.O.858 (E) dated 25th March 2009
Lucent Technologies International Inc. 1(“the assessee”) is a company incorporated in the USA. It is a tax resident of USA. It is a leading supplier of hardware and software used for GSM cellular radio telephone system. The assessee had supplied telecommunications hardware and software to its customers in India through its subsidiary Lucent Technologies India Limited (“LTIL”) (formerly known as AT&T India Private Limited).
Notification No.31/2009 – Income Tax , Amendment in rules related to payment of TDS, Mode of Payment and time period for furnishing of TDS certificate. Form No.16 shall be furnished to the deductee within one week after the date on which the sum of tax deducted at source is paid to the credit of the Central Government if the payment in respect of which the tax so deducted is by way of crediting on the date upto which the accounts of the deductor are made;
Background The Mumbai Tribunal has recently held in the case of Schenectady Specialities Asia Pvt. Ltd. that the difference between the sales tax collected but not deposited by the assessee with the Government under a sales tax deferral scheme, and the amount settled by the assessee under the premature payment option, is to be treated […]
Notification No. 30/2009 – Income Tax S.O. 857(E) – In exercise of the powers conferred by section 295 read with sub-section (6) of section 195 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Seventh Amendment) Rules. 2009. (2) They shall come into force with effect from 1st July 2009. 2. In the Income-tax Rules. 1962. after rule 37BA, the following rule shall be inserted, namely:- “Furnishing of information under sub-section (6) of section 195.
In a recent ruling in the case of Punjab Financial Corporation (“the assessee”)1, the Punjab and Haryana High Court (“the Court”) held that credit for withholding tax (“WHT”) would be available in the same proportion in which the parties share the income under the provisions of section 1992 of the Income Tax Act, 1961 (the “Act”).
Revenue authorities have done banks a good turn towards the close of the financial year. By clarifying that the deposit insurance premium, collected by the Deposit Insurance and Credit Guarantee Corporation (DICGC), is not taxable, the authorities have saved banks, which ultimately would have borne this burden, from paying taxes totting up to a few […]
The principal notification No. 21/2002-Customs, dated the 1st March, 2002, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 118(E), dated the 1st March, 2002 and was last amended by notification no. 20/2009-Customs, dated the 24th February, 2009 which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.121(E), dated the 24th February, 2009.
In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Board hereby makes the following amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 21/2009-CUSTOMS (N. T.), dated the 25th February, 2009 [S.O. 549(E), namely
It is clarified that the position limits shall be specific to an Exchange and not to the Exchange Traded Currency Derivatives market as a whole
