"23 June 2010" Archive

Impact of revised Direct Tax Code on your salary, budget, retirement benefits, property income, capital Gain and wealth tax

Draft Provisions of DTC: DTC proposed to do away with the exemption available in respect of Leave encashment received at the time of retirement (presently Rs 3 lakh in specified cases and fully exempt in case of government employees)....

Posted Under: Income Tax |

Audit firms may be asked to financially compensate investors for losses resulting from their lapses

Audit firms may be asked to financially compensate investors for losses resulting from their lapses, with the government planning to strengthen the mechanism for fixing responsibility for corporate frauds and protecting investors from their ill-effects. To make this feasible, an audit firm would be held accountable for its actions regardl...

Posted Under: Income Tax |

End proceeds of New Pension Scheme (NPS) under Revised DTC will be exempt from tax

The New Pension Scheme (NPS) for the unorganised sector got a much-needed fillip with the revised discussion paper on the Direct Taxes Code proposing that the end proceeds under this scheme be exempt from tax. Under the existing tax structure, the maturity proceeds under the NPS are taxed. That is, an EET (exempt-exempt-tax) method is fo...

Posted Under: Income Tax |

Financial intermediaries will have to maintain specific information about their clients’ political links

All financial intermediaries, including banks and stocks brokers, will have to maintain specific information about their clients’ political links, if any. This is due to the amendment to the Prevention of Money Laundering Act (PMLA) 2002, notified by the Reserve Bank of India (RBI) on June 9 and the Securities and Exchange Board of Indi...

Posted Under: Income Tax |

Employee can be dismissed for forging rent receipt: Delhi High Court

Forging rent receipt can cost an employee his job as the Delhi High Court has held that such a person can be dismissed from service even in the absence of any rules. ...

Posted Under: Income Tax |

PE Profits not taxable as FTS u/s 9(1)(vii): ITAT Delhi

Rio Tinto Technical Services Vs DCIT (ITAT Delhi)

The assessee, an Australian company, set up a permanent establishment (PE) in India to render technical services for evaluation of coal deposits and conducting feasibility studies for transportation of iron ore. The AO accepted that the income was business profits under Article 7 of the DTAA ...

Service Tax (Removal of Difficulty) Order, 2010

M.F.(D.R.) ORDER NO. 1/2010 22/06/2010

M.F.(D.R.) ORDER NO. 1/2010 For the purposes of sub-clauses (zzq) and (zzzh) of clause (105) of section 65 of the Finance Act, the expression ‘authority competent’ includes, besides any Government authority,- 1. architect registered with the Council of Architecture constituted under the Architects Act, 1972( 20 of 1972); or 2. chart...

Filing of MVAT returns as per the periodicity displayed on web site for 2010-11

Trade Circular No. 19 T of 2010 23/06/2010

All the registered dealers are expected to file the returns under the Maharashtra Value Added Tax Act, 2002 (MVAT Act) and Central Sales Tax Act, 1956 as per the applicable periodicity, based on the tax liability or refund entitlement for the previous year. The principles regarding the periodicity have been explained in the ...

Customs Notification No 69/2010, Amends Notification No. 21/2002-Customs, dated the 1st March, 2002

Notification No. 69/2010-Customs (N.T.) 23/06/2010

Notification No. 69/2010-Customs Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002 which was published i...

All about Non-Resident External (NRE) Account and Non-Resident Ordinary (NRO) Account

Meanwhile, an NRO (non-resident ordinary) account gives one the privilege of depositing overseas earnings as well as Indian earnings. An NRO account can be in the form of saving, current and term deposit account....

Posted Under: Income Tax |

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