To address the overall macroeconomic slowdown, the Central Government allowed the States to raise additional market borrowings to the extent of 0.5 per cent of GSDP during 2008-09 and increase the limit of fiscal deficit to 3.5 per cent of GSDP for undertaking capital expenditure, thereby providing them additional fiscal space. Further in the Union Budget 2009-10, States have been allowed to raise additional market borrowings of 0.5 per cent of GSDP, thus increasing the limit of GFD to 4.0 per cent of GSDP during 2009-10.
“At the outset, let me congratulate the 33 officers, who have been selected for the Presidential Certificate of Appreciation for the year, 2009. An award such as this recognizes the exceptional diligence, dedication, and abiding faith of officers in their service to the nation.
Student who are desires to register for Common Proficiency Course (CPC) and become eligible for appearing in the ensuing Common Proficiency Test (CPT) to be held on 20th June, 2010 are hereby advised to have the CPT registration application downloaded from the following link
relaxation for submission of Information Technology Training (ITT) and Orientation Programme completion certificate and relaxation of nine months study course period for converted students of Intermediate/ Professional Education (Course – II)/ Professional Competence Course (PCC) to Integrated Professional Competence Course (IPCC) and their eligibility to appear in May, 2010 IPCC Examination.
Section 15 of PVAT Act 2005 deals with the Net Tax Payable by a taxable person. Sub section 1 of Section 15 provides that the output tax under PVAT Act shall be adjusted from the Input Tax Credit for determining Net Tax Payable by a taxable Person. If any excess ITC is still left then it is to be adjusted from the CST liability under CST Act 1956 at the option of the taxable person as per section 15(2) of PVAT Act.
Notification No.11/2010-Income Tax S.O. It is hereby notified for general information that the organization Asian Health Care Foundation, Hyderabad, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2008-09 onwards
Notification No. 12/2010-Income Tax S.O. It is hereby notified for general information that the organization Mahila Mandal Barmer Agor (MMBA), Barmer, Rajasthan has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) from Assessment year
* No hikes in passenger fares and freight tariff. 52 new train services to meet increasing demand of passengers, increase in frequency of 12 train services, extension of 21 trains and introduction of some special trains. Railways will not be privatized, but private sector participation welcomed through PPP route. A Special Task Force to clear proposals for investments within 100 days to be set up
There will be no increase in the passenger fares of any class or category of trains. Freight tariffs will also remain the same for 2010-11. Service charges for e-tickets and freight charges for food-grains will be reduced. This was announced by the Minister of Railways, Ms. Mamata Banerjee in Parliament today while presenting Railway Budget for the new financial year.
In order to claim a bad debt as a deduction under section 36(1)(vii) of the Income tax Act (Act) it has been a long drawn controversy between the Taxpayer and the Revenue whether in addition to write-off the debt in the books of account, it is obligatory on the Taxpayer to establish that such debt has become a bad debt, especially after the amendment brought in by the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 1 April 1989.
