June 2009

Section 195 of the Income-tax Act, 1961 mandates deduction of income tax from payments made or credit given to non-residents at the rates in force. For any remittance to non-resident, except in the case of certain personal remittances which have been specifically exempted by RBI, the following revised procedure will

In a Press Release dtd.30-Jun-09, CBDT has indefinitely deferred the implementation of the new Rules for TDS/TCS that were introduced vide Notification No.31/2009 dtd.25-Mar-09. Resultantly – Taxpayers filing their income tax returns for assessment year (AY) 2009-10, or any other earlier AY, may continue to file their returns without mentioning

(as on 5-Jun-2009) Background Income Tax Department has introduced a new scheme for centralized processing of annual income-tax returns which envisages no interface with the tax payer and processing of returns to be done in an automated jurisdiction-less manner. Implementation of such scheme requires having a robust system for information

Good News for traders who are trading in MCX Stock Exchange (MCX-SE) in forward contracts of currency. As per new notification of CBDT MCX-SE is now a recognised stock exchange for the purpose of section 43(5). This means that income from trading done in MCX-SE will now be treated a