Get ready to shell out more tax up front on any income received if you are unable to provide your permanent account number from April 1. The tax deducted at source, or TDS, on payments could be as high as 20% for those not quoting PAN against the regular rate of 2%-10%.
Importantly, it is an astronomical financial stress if the entire investment process has to be completed within a couple of months. Let’s understand this with a few numbers: Relief under Section 80C — Rs 100,000.Relief under Section 80CCF (for infrastructure bonds) — Rs 20,000. Relief for medical insurance (self) — Rs 15,000 (premium). Relief for dependent (parents) — Rs 20,000 (premium).
Yesterday was the last day for filing income tax returns. Most take comfort from the fact that since tax has been deducted by their companies, filing returns can be delayed. But, the latter is equally important. Income Tax returns for financial year 2009-10 can be filed till July 31 without any penalty. But what if you have not filed returns for 2008-09 as well? The income tax (I-T) department is lenient here and allows you to file back-dated returns for the past two years. In other words, returns of A.Y. 2009-10 can be filed till March 2011.
Here’s some good news for savings account holders. The savings account will yield 30 to 40 basis points more to the account holder from Wednesday with the banks shifting to the new method for calculating interest on savings deposits. Following the Reserve Bank guidelines, the banks would be required to calculate interest on savings deposits on a daily basis beginning April 1.
The Madras High Court has held that an instrument, whether a certificate of sale or sale deed, issued in a public auction of properties, was chargeable with stamp duty under Article 18 read with Article 23 of Schedule I to the Indian Stamp Act, 1899.
Notification No. 20/2010-Service Tax- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.07/2010-Service Tax, dated the 27 th February, 2010, published in the Gazette of India, Extraordinary, vide number G.S.R. 151 (E), dated the 27 th February, 2010, namely:-
Rule 6 of the Cenvat Credit Rules, 2004 provided that the cenvat credit will not be admissible on the inputs or input services which are used in the manufacture of exempted goods or which are used in providing the exempted services. The Rule 6 ibid also said that if the common inputs are used for manufacture of dutiable and exempted goods and the manufacturer is not able to maintain separate inventory then he has to reverse the cenvat credit at specified rate.
The taxpayer, Porrits & Spencers (Asia) Limited, is a public limited company incorporated under the Companies Act, 1956. It is in the business of manufacturing of engineered fabrics and industrial textiles. During the financial year 1990-91 it purchased, on credit, 2.5 million units ofUS64 (the units) of Unit Trust of India (UTI ) on 21 May 1990 at the prevailing market rate of Rs. 15 per unit. As per the certificate issued by UTI, such units were transferred to the taxpayer on 30 May 1990. The taxpayer received a dividend of Rs. 4.5 million on the said units on 6 July 1990.
This is with reference to SEBI circular No. MIRSD/SE/Cir-19/2009 dated December 3, 2009 in terms of which the stock brokers were directed to take necessary steps to implement the circular immediately and ensure its full compliance in respect of all clients – existing and new – latest by March 31, 2010.
In the meeting held on 29th March, 2010, the Core Group deliberated and approved the Roadmap recommended by Sub-Group I in respect of insurance companies, banking companies and non-banking finance companies. The Roadmap recommended by Sub-Group I for such classes of companies is as under:-
