"18 May 2010" Archive

Section 80-IA(4)(i) of the Income-tax Act, 1961 – Deductions – In respect of profits and gains from infrastructure facility – Clarification regarding widening of existing road –definition of a new infrastructure facility

Circular No. 4/2010-Income Tax (18/05/2010)

Circular No.4/2010-Income Tax Section 80-IA(4)(i) provides for a deduction to an undertaking engaged in developing, or operating and maintaining, or developing, operating and maintaining any infrastructure facility subject to satisfaction of the conditions laid down in the Section. The Explanation to sub-section 80-IA(4)(i) states that ...

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e-filing of I-T returns suspended

The Finance Ministry has suspended the facility of e-filing of income tax returns, as security certification for the Income Tax Department's website is not yet in place. In an official statement here on Monday, the Central Board of Direct Taxes (CBDT) said: “Pending completion of the certification procedure, ...

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Posted Under: Income Tax |

Credit History will have impact on your future borrowing

Your credit history is accessible to lenders and can affect whether you get a loan on more favourable or more difficult terms, or if you can get a loan at all. Here we share with you details of the changes sweeping the credit landscape in India, why they are important for you and how you can benefit from this....

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Posted Under: Income Tax |

Prohibition on Export of Non-basmati Rice-exemption regarding

Notification No. 42/2009-2014 (21/05/2010)

Following shall be added at the end of Para 2.1.12 of the Notification No. 93 (RE-2007)/2004-09 dated 1st April, 2008: “2.1.13 With immediate effect, ban on export of Non-basmati rice shall also not be applicable to export of 1,00,000 MTs of non basmati rice (Parboiled) to Bangladesh as follows:...

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Notification No. 41/2009-2014, Dated: 18.05.2010

Notification No. 41/2009-2014 (18/05/2010)

With immediate effect, existing entry against ITC (HS) code 1101 pertaining to wheat products, at Sl. No. 46A of the table in Paragraph 1 of Notification No. 33(RE-2007)/2004-2009, dated 08.10.2007 read with Notification No. 116 (RE-2008)/2004-2009, dated 3.7.2009....

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Senior official filed petition against Sebi for denial of promotion

Securities and Exchange Board of India has been dragged to the court by one of its employees for the first time in its history. Nagendar Parakh, the senior-most chief general manager of Sebi, filed a petition in the Mumbai High Court on May 3 challenging Sebi's decision of denying him a promotion as an executive director even while juni...

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Posted Under: Income Tax |

VAT Cir – 18T of 2010 – Amendment to Maharashtra Value Added Tax Rules, 2005

Trade Circular No. 18 T of 2010 (18/05/2010)

To give effect to announcement in the Budget Speech of Hon’ble Finance Minister for the year 2010-11, amendments have been made to the Maharashtra Value Added Tax Rules, 2005, published in the Official Gazette referred to above. These amendments have come into effect from 1st May 2010....

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Amendments in the Handbook of Procedures, Vol. 1 relating to Free Sale and Commerce Certificate

Public Notice No. 64/2009-14 (18/05/2010)

PUBLIC NOTICE NO. 64/2009-14, NEW DELHI: DATED THE 18th MAY, 2010. In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes, with immediate effect, the following amendments in the Handbook of Procedures, Vol. 1:...

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Amendment in Paragraph 1 of Notification No. 33(RE-2007)/2004-2009 dated 08.10.2007

Notification No. 41/2009-2014 (18/05/2010)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendment, with immediate effect, in Paragraph 1 of Notification No....

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Section 206AA- A Nightmare for Non-Residents? (TDS Rate without pan)

Currently, tax department is issuing more than 7.5 million permanent account numbers (PANs) in a year through NSDL and, nowadays, PAN is being allotted in less than a week time. With increased modernisation of the Tax Department and electronic processing of tax returns non- quoting of PANs by deductees is creating serious problems in proc...

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Posted Under: Income Tax |

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