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Archive: 07 September 2010

Posts in 07 September 2010

Amends Notification No.153/2009-Customs, dated the 31st December, 2009 – Exempts goods, when imported into India from the countries as specified in Appendix I, from so much of the duty of customs leviable thereon as is in excess of the prescribed rate

September 7, 2010 552 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the 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. 153/2009-Customs, dated the 31st December, 2009.

DTC No taxes break on payment of Home Loan Principal amount

September 7, 2010 318 Views 0 comment Print

The simplified Direct Tax Code (DTC) Bill introduced in Parliament on Monday, which will become effective from April 1, 2012, holds a few surprises, including the withdrawal of tax deduction on the principal component of housing loans. The bill, that

Amendment of Appendix 22A related to Bank Realization Certificate (BRC)

September 7, 2010 1816 Views 0 comment Print

Banks referred in this Appendix shall also include other authorized dealers who have been permitted by RBI to issue BRC. Applicant should be required to furnish a copy of RBI permission circular/letter to this effect.

More provisions will be added to Companies Bill, says Khurshid

September 7, 2010 366 Views 0 comment Print

The Bill will have substantial and significant provisions regarding corporate social responsibility, protection of minority shareholders and redefinition of promoters. The Government will incorporate certain additional provisions in the proposed Companies Bill on the basis of the report submitted by the Parliamentary Standing Committee on Finance this week.

Special Bench can not adjudicate the issue when the same issue is pending adjudication for the earlier years before the

September 7, 2010 611 Views 0 comment Print

In Tivoli Investment & Trading the question whether notional income can be taken into account for computing annual value was referred to the Special Bench. However, as the High Court has already admitted the assessee’s appeal on the issue for earlier

Penalty u/s 271 on disallowance u/s 40(a)(ia)

September 7, 2010 2349 Views 0 comment Print

Penalty under section 271(1)(c)-Concealment-Disallowance of expenses due to delay in payment of TDS-The disallowance of expenditure does not amount to concealment of income or furnishing of inaccurate particulars of income.

Income deemed to accrue or arise in India

September 7, 2010 2379 Views 0 comment Print

Income deemed to accrue or arise in India-Under section 9(1)(vi)-Income from supply of software to clients in India-Where assessee was engaged in sale of copyright software then income from such sale cannot be treated as royalty under section 9(1)(vi) particularly where assessee did not have any PE in India.

DTC- NRI staying in India for more then 59 days in a year have to pay tax on income earned outside India

September 7, 2010 1146 Views 0 comment Print

The new legislation, introduced in Parliament on Monday, says an individual shall be resident in India in any financial year if he is in the country for more than 59 days in that year and has been in India for more 365 days in the four preceding fina

Finmin slaps Rs 758 cr service tax notice on DDA

September 7, 2010 345 Views 0 comment Print

The finance ministry has slapped a tax notice of about Rs 758 crore on Delhi Development Authority (DDA) for allegedly not paying service tax since 2007. “We have issued demand-cum-show cause notice to DDA on August 31, 2010 for not paying service tax on lease of immovable property and club or association service,” a revenue department source told PTI.

At this SBI branch, it takes Rs 1 crore to open an account

September 7, 2010 595 Views 0 comment Print

After wooing the urban poor here with its ‘One Rupee Bank’ account, State Bank of India (SBI) is now aggressively targeting the crorepatis. The government lender has inaugurated first-of-its-kind branch for high net worth individuals (HNIs), where it

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