Rule 36 of Punjab VAT rules which deals with the filing of VAT returns has been amended w.e.f 18/05/2010 vide notification No. G.S.R. /P.A.8/2005/S.70/Amd.( )/2010. s. The second and third Proviso to Rule 36 (1) have been amended to provide that the monthly VAT returns are now required to be filed by only those dealers whose annual tax liability was Rs 2 Lakh or more in the previous Year
Please use Ink Jet /Laser printer to print the ITR-V Form. The ITR-V Form should be printed only in black ink. Do not use any other ink option to print ITR V.
Section 10AA was inserted in the Income-tax Act, 1961 (“the Act”) by the Special Economic Zones Act, 2005 (“the SEZ Act”) with effect from 10-2-2006. The section was enacted specially with respect to provide tax exemption to the newly established units in the Special Economic Zone (“the SEZ”).
The Finance Act, 2008 had amended the definition of charitable purpose contained in section 2(15), by adding a proviso to the effect that advancement of an object of general public utility would not be a charitable purpose, if it involved the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other consideration, irrespective of the nature of use or application, or retention, of the income from such activity.
The Finance (No. 2) Act, 2009 provided for the taxation of LLPs in the Income-tax Act on the same lines as applicable to partnership firms. Presently LLP is subject to tax @ 30%. There will be no change in this tax rate.. Section 47 – Transactions not regarded as transfer. Section 56 and section 57 of the Limited Liability Partnership Act, 2008 allow conversion of a private company or an unlisted public company (hereafter referred as company) into an LLP.
“Information is power. This is truer now, in this information age, than ever before. In a democracy this power of information which the public authorities possess is to be shared with the people. But at the same time, not every piece of information is to be made public. There is the public interest and democratic purpose in dissemination of information on the one hand and the competing private rights and national interests in general non-disclosure, on the other.”
This study examines the recent debate on the need for a new global reserve currency in the context of the recent global financial crisis, which has, to an extent, eroded the confidence in the US dollar as a numero uno global reserve currency and momentum is building up for reforming the international monetary system. Against this backdrop, China is stepping up efforts to find ways to “internationalize” its currency.
The Delhi high court has dismissed the appeal of Swadeshi Cement Ltd against the order of the Debt Recovery Appellate Tribunal asking it to deposit 25 per cent of the dues before moving the court. The creditor, Asset Care Enterprises, had invoked the power under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act against the cement firm.
The Finance (No.2) Bill, 2009 had introduced a new section 206AA in the Income-tax Act, 1961 (ITA), which provides that every recipient of income is required to furnish its Permanent Account Number (PAN) i.e. tax registration number to the payer. From the new financial year, Assessees will have to pay a higher income tax at source if they do not have a Permanent Account Number (PAN). Tax at higher of the prescribed rate or 20 percent will be deducted on all transactions liable to tax deduction at source (TDS), if the person liable to the tax does not possess a PAN.
Patent Co-operation Treaty (PCT) was entered on June 9, 1970. On 7th December, 1998 India became the 98th contracting state of the PCT. Signatory countries formed a Union for co-operation in filing, searching, and examination of applications for protection of inventions and rendering special technical services.
