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Attention is invited to DGFT Policy Circular No. 1 dated 27.8.2009 to be read with Policy Circular No. 77 dated 31.03.09 on the above subject. Representations have been received from Trade and Industry to clarify as to whether the requirement of disbursement of minimum 15% stated at Sl. No. 3(c) of the Circular No. 1 dated 27.8.2009, is to be adhered for each consignment of precious metal being imported by the Nominated agencies (other than the designated banks) mentioned in Paragraph 4A.4 of FTP.
The CBDT issued a press release on 29th January stating that the first installment of FBT advance tax paid by tax payers for the current financial year (relevant to Assessment Year 2010-11) can be adjusted against the advance income-tax liability of the tax payer.
Speedy resolution of tax disputes and certainty in tax aspects has been a long-standing demand of foreign companies doing business with/in India. The Indian Government finally reacted to this demand and announced alternate dispute resolution mechanism in the form of a Dispute Resolution Panel (DRP) in the last budget.
It has come to the notice of the Institute that an email is being circulated amongst the members alleging the Institute and its Past President CA. Ved Jain for purchasing the computers against the practices of Good Governance in order to tarnish their image.
ITAT Ruling: The Tribunal held that the Transfer Pricing Officer cannot exceed his limitation by following any method to determine the arm’s length price which is not authorized by the Income Tax Act or the Income Tax Rules [CA Computer Associates Pvt. Ltd. V. DCIT (2010-TIOL-68-ITAT-MUM)].
The petitions maintained at Jaipur High Court & Andra High courts praying for restraining the new council to take over have been dismissed by the respective Honorable courts. Now there is no hurdle at present in taking over charge of the institute affairs from 12th February 2010.
The Thirteenth Finance Commission was constituted by the President on 13th November, 2007 to give recommendations on specified aspects of Centre State fiscal relations during 2010 -2015. The Commission has submitted its report covering all aspects of its mandate on 30thDecember, 2009.
Click here to Know your Unique Code Number for Bank Branch Auditors’ Panel for the year 2009-2010. For more details click below:- http://www.meficai. org/new_unique_ codes.jsp
TDS on transport contractors :-Finance Act 2009 has made an important change in respect of applicability of TDS on transport contractors. Section 194C has been replaced and the following two sub sections provide for non deduction of TDS on transport contractors.
Interest not to be allowed as deduction from income. – Notwithstanding anything contained in the Income-tax Act, 1961, the amount of interest payable or paid by any buyer, under or in accordance with the provisions of this Act, shall not, for the purposes of computation of income under the Income-tax Act, 1961, be allowed as deduction.
