Notification No. 41/2010-Income Tax Time and mode of payment to Government account of tax deducted at source or tax paid under sub-section (1A) of section 192. Mode of payment . Certificate of tax deducted at source to be furnished under section 203.Statement of deduction of tax under sub-section (3) of section 200.Statement of collection of tax under proviso to sub-section (3) of section 206C.
Everyone is anxious to know from which date, New services covered by Union Budget 2010 will be taxable as CBEC has not yet issued any circular/Notification or press release on the same. We learnt from our sources that CBEC will notify the dates, from which new services will be taxable on 01st June 2010. It is also learnt that New services will be taxable from 15th June 2010.
The Department of Revenue, Ministry of Finance, has released the draft Amendment Bill (“Bill”) containing the proposed amendments in the Indian Stamp Act, 1899 (“Act”). Changes are proposed in numerous provisions of the century old enactment. The Bill has been sent to all the State Governments for obtaining their views and the same has also been posted on the Finance Ministry’s website i.e. www.finmin.nic.in
In terms of sub-regulation (1) of regulation 3 of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 (the Regulations), the Board is empowered to require, by notification, any category of associated persons as defined in the Regulations to obtain requisite certification.
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14 and Paragraph 1.1 of Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following correction to Public Notice No. 64/2009-14 dated 18th May, 2010 related to grant of Free Sale and Commerce Certificate.
Notification No. LAD-NRO/GN/2010-11/11/6769, dated 31-5-2010 – The Securities and Exchange Board of India, having considered the application for renewal of recognition made under Section 3 of the Securities Contracts (Regulation) Act, 1956 by U.P. Stock Exchange Limited having its registered office at Padam Towers, 14/113, Civil Lines, Kanpur-208001 and being satisfied that it would be in the interest of the trade and also in the public interest so to do
The Income Tax Department has started scrutiny of the assets and expenditure details furnished to the Election Commission by the candidates and MPs who fought Lok Sabha polls last year. The Election Commission (EC) has recently informed the department to take “appropriate action” with regard to the financial details furnished by the candidates after it finished uploading the affidavits from all the states and Union Territories (UTs) on its official website.
BACHA MOTORS (P) LTD Vs CST, AHMEDABAD (CESTAT Ahemdabad)- It was also submitted that in several decisions of the Tribunal, reliance was placed on the decision of Hon’ble Supreme Court in the case of M/s MIL India Ltd. 2007 (210) ELT 188 (S.C.) = (2007-TIOL-30-SC-CX) to support the view that the Commissioner has no power to remand. After considering all these decisions, I find that in the case of M/s MIL India, the main issue before Hon’ble Supreme Court was entirely different and hence it was only observation during the course of discussion of the issue wherein Hon’ble Supreme Court mentioned about the amendment of the Section.
The finance ministry may drop a provision in the draft direct taxes code that allows local tax laws to override India’s tax treaties with other countries, as it looks to avoid uncertainties over existing bilateral tax arrangements. The finance ministry has formed a special task force within the Central Board of Direct Taxes to rework the draft, which is expected to be made public next month.
The existing provisions contained in subsection 3 of Section 203 states that there is no requirement to issue a certificate by the deductor to the deductee if TDS has been deducted and paid as per the provisions of chapter XVII B. Similarly the first proviso to subsection 5 of Section 206C of the Act prescribes that there is no requirement of TCS certificate to be issued in case the tax has been collected and paid as per Section 206C.
