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Archive for June, 2009

Procedure for all remittances to non-residents w.e.f. 1-Jul-09

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 be required before remittance: The […]

New Scheme of TDS/TCS deferred

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 the Unique Transaction Number (UTN) […]

Pre-Budget `09 Whispers

When the FM presents his full Budget on 6th July `09, his priorities will be clear – Bridge the fiscal deficit Garner funding for infrastructure Put economy back on high growth trajectory Promote Equitable Growth Inflation – Even as WPI falls, consumer price index is very high Need for simplified, revised income-tax regulations Here is […]

Clarity on LLP tax issue only next year

Corporate Affairs Minister Salman Khursheed has said, contrary to expectation, the Budget will not address the taxation issue related to limited liability partnerships (LLPs). The issue will be clarified only next year, he added. “It is too short a time for us to sort out the issue, but it is flagged, Print this page

FAQ on AS 11 by MCA

Relaxations were given in Accounting Standard 11 (AS-11) on “The Effects of Changes in Foreign Exchange Rates Print this page

Submission of obtained Form “C

You are aware that as per the provisions of sub-rule 7 of Rule – 12 of the Central Sales Tax (Registration and Turnover) Rules, 1957, the dealer must submit obtained statutory forms “C Print this page

Temporary facility upto 30-Jun-09 to procure Additional Forms Form “C

We have informed you earlier that the Government of Gujarat has introduced E-return facility for CST return with Appendix I & II for obtaining statutory declaration Form and also totally stopped the facility of advance issuing statutory declaration Forms. The department will send the declaration in pre-printed form by post to the Dealer as per […]


(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 relating to payment of TDS […]

Trading in MCX-SE will now be Business Income & not Speculation

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 business income rather than speculation […]

Tax commissioners worldwide join hands to tackle evasion

Tax authorities from around the world have agreed on a new co-operation plan to encourage compliance and to counter evasion and abusive avoidance, with special focus on wealthy individuals and offshore activities. The pact comes at a time when governments, facing soaring budget deficits, seek to combat the global economic slump. The co-operation pact was […]