"July, 2010" Archive

Income Tax Return Filing last date extended to 4th August 2010

NA (31/07/2010)

The CBDT has decided to extend the due date of filing of Income Tax returns from 31st July 2010 to 4th August 2010. All paper returns or e-returns filed on or before 4th August, 2010 would be considered as filed within the due....

Read More

Instruction regarding issue of certificate of lower collection of tax at source u/s 206C(9).

Instruction No. 4/2010 (21/07/2010)

Section 206C of the Income-tax Act, 1961 - Collection of tax at source - Profits and gains from business of trading in alcoholic liquor, forest produce, scrap, etc. - Instruction regarding issue of certificate of lower collection of tax at source u/s 206C(9)....

Read More

MVAT return filing date for quarter ended 30.06.2010 extended

DUE DATE FOR FILING RETURNS FOR THE PERIOD ENDING 30TH JUNE 2010 IS EXTENDED UP TO 7TH AUGUST 2010."...

Read More
Posted Under: Income Tax |

India, Switzerland agreed to widening the ambit of tax treaty

The government has concluded the renegotiation for widening the ambit of its tax treaty with Switzerland to access information on swissbank accounts, a big step towards tracing Indian money stashed away overseas. The tax treaty has been amended on the lines of the OECD Model Tax Convention, which means it will not provide for roving enqu...

Read More
Posted Under: Income Tax |

Accoune Restatement may cost Mahindra Satyam in excess of 50 crore

Mahindra Satyam may end up paying a huge fee for restatement of its book of accounts that were allegedly fudged by its former Chairman Mr B. Ramalinga Raju. Indications are that the Hyderabad-based company will shell out close to Rs 60 crore by September when the accounts are expected to be restated....

Read More
Posted Under: Income Tax |

Clarification from Minister of State for Finance on Processing of PAN Card

The service providers are required to issue Permanent Account Number Cards within 15 calendar days for fresh applicant and within 20 calendar days for reprint/ correction, excluding the time taken by the department and the applicant. The weighted average number of days for issue of Permanent Account Number Card is much less than 15 days....

Read More
Posted Under: Income Tax |

ICAI President's Message – August 2010

Values and morals if practised only within profession may bring in dangerous consequences. The virtues of our values, morals, ethics and skills need to spill over to the society at large, to the entire nation and to the whole world. We as professionals cannot be mute spectators to the ills plaguing the world but instead be responsive and ...

Read More
Posted Under: Income Tax |

Service Tax on Services provided by state governments under Centrally Sponsored Schemes

Service Tax Circular No.125/7/2010 – ST (30/12/2015)

Service Tax Circular No.125/7/2010 – ST In the recent past, instances have come to the notice of the Board, where field formations have demanded service tax from State governments or their departments/ agencies, for providing certain services under the centrally sponsored schemes (CSS). ...

Read More

Taxation of Banks – Press Release

India has not agreed to a “one size fits all” solution in the European Union Plan of taxing banks and has emphasized that such a tax is not appropriate for India, even though it may be appropriate for other countries e.g. in some European countries....

Read More
Posted Under: Income Tax |

Sebi/RBI allows exchanges to introduce currency options on US dollar pairing with rupee

RBI/2010-11/ 147 A.P. (DIR Series) Circular No. 05 (30/07/2010)

Market regulator the Securities and Exchanges Board of India (Sebi) today allowed exchanges to introduce currency options on US dollar pairing with rupee, a development that provides another alternative to corporates for hedging against currency fluctuations....

Read More