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Archive: 23 March 2010

Posts in 23 March 2010

Corrigenda to TDS Rules – Amendment in IT (First Amendment) Rules, 2010

March 23, 2010 361 Views 0 comment Print

Notification No. 18/2010-Income Tax In the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct taxes), number 9/2010 dated 18-02-2010 bearing S.O. 424(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated 18th February, 2010 –

Procedure for electronic filing of Central Excise and Service Tax returns and for electronic payment of excise duty and service tax.

March 23, 2010 529 Views 0 comment Print

Attention is invited to Circular No. 791/24/2004 dated 01.06.2004 and No. 52/1/2003 dated 11.03.2004 (modified by Circular No. 71/1/2004-ST dated 02.01.2004) prescribing the procedure for electronic filing of Central Excise and Service Tax returns. Attention is also invited to Notification No. 04/2010-Central Excise (NT) and No. 01/2010-ST both dated 19.02.2010 providing for mandatory electronic filing of Excise and Service Tax returns

Periodicity of meetings of Committees of Write off of irrecoverable demands and raising of monetary ceiling – Modification of Instruction No. 16/2003, dated, 18-11-2003

March 23, 2010 1479 Views 0 comment Print

The Committees will meet at least once a quarter. The Committees would discuss not only the cases which are ripe for write off/scaling down but also the cases which are being processed for write off and cases which have recommended to the Directorate of Income Tax (Recovery), New Delhi, for further processing. This will ensure a continuous review of the unrealizable demand on the registers of the department.”

Government will rethink key change to definition of ‘vanishing company’

March 23, 2010 504 Views 0 comment Print

A regulatory co-ordination committee of the government will rethink a key change to the definition of ‘vanishing company’, which could have watered down the law in respect of such companies. According to the new rule, an entity cannot be called a ‘vanishing company’ if any of its directors — executive or non-executive — can be traced at a later date.

Minimum Alternate Tax – Enhancement: Budget 2010

March 23, 2010 369 Views 0 comment Print

Presently, the corporate entities are liable to pay 15% tax on its book profits u/s. 115JB of the Act, if the said amount is more than the tax computed under the other normal provisions of the Act. Due to the effect of surcharge, education cess and secondary and higher education cess, the effective rate of MAT worked out to be 16.995%.

Disallowance on account of non-deduction / non-payment of TDS- Budget 2010

March 23, 2010 453 Views 0 comment Print

As per existing provisions of Section 40(a)(ia) of the Act, certain payments made to residents were not allowable as deduction where tax was not deducted or after deduction, was not paid before end of the year. In case where the tax was deducted in the last month of the year, then no disallowance u/s. 40(a)(ia) would be made, so long as the tax was deducted during the year and paid before the due date of filing the return of income.

Computation of Income of Non-Resident providing services in respect of extraction or production of Mineral Oil

March 23, 2010 648 Views 0 comment Print

The income of Non-resident from fees for technical services or from royalty is chargeable to tax as per section – 9(1)(vi) and (vii). In case the non-resident has permanent establishment in India the income shall be computed in accordance to the provisions of the Section – 44DA.

Mistakes in filling up Income Tax Return which results in reduction of refund or additional tax demand

March 23, 2010 43298 Views 17 comments Print

A. Reasons for mistakes in calculation of Income:- The accurate and complete filling up of the relevant column or detail in the Income Tax Return (ITR) form is most crucial for correct calculation of income by the Income Tax Department. As a general principle during processing, in case of any inconsistency between the values as entered in the Schedules and the cross-referenced values in other Schedules or Totals / Summary in PART B-TI,

No capital gains on intra-group transfer of shares in an Indian company for no consideration: AAR

March 23, 2010 1080 Views 0 comment Print

Authority for Advance Rulings (AAR) [2010-TIOL-07- ARA-IT] in the case of Amiantit International Holding Ltd. (Applicant) on the issue of whether the transfer of shares held by the Applicant in an Indian company, to its Cyprus-based 100% subsidiary under a re-organization scheme, is taxable as per the provisions of the Indian Tax Law (ITL)

Discount retained by distributors of SIM cards and recharge coupons liable for TDS

March 23, 2010 1081 Views 0 comment Print

Delhi High Court (HC) [2010-TIOL-139-HC-DEL-IT] in the case of Idea Cellular Ltd. (Taxpayer) on the issue whether the discount retained by Prepaid Market Associates (PMAs) on sale of Subscriber Identification Module (SIM) cards or recharge coupons belonging to the Taxpayer is liable for withholding tax, under the provisions of Indian Tax Law (ITL)

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