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Recent Online Process for All C-forms Application – Maharashtra VAT Department

January 25, 2009

Recent Online Process for All C-forms Application -  Maharashtra VAT Department
Trade Circular No. 2 T of 2009, dated – 23.01.2009

Sub.: Procedure for online submission of application [Statement ofRequirement] for the statutory forms (C/F/H/EI/EII) under the CentralSales Tax Act, 1956 and delivery at the place of business of the dealer.

Ref.: 1. Trade Circular No.4T of [...]

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Chartered Accoutants Have a Great Future

January 16, 2009

All Corporate Sector Effects of global recession now days, but do not worry Chartered Accountancy have a great future. If don’t believe than read this post and decide. Have a patience and remain hopeful for future.I have read this wiki written by careerage.com. If you are CA and want to enter most demanded profession then [...]

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Penalty for non deduction of TCS

January 11, 2009

Some of my friend says that if any person fails to deduct TCS then no penalty will be raised because section 206(C)(6) says ” Any person responsible for collecting the tax who fails to collect the tax in accordance with the provisions of this section, shall, notwithstanding such failure, be liable to pay the tax [...]

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TDS Rates Chart A.Y.2009-10

January 3, 2009

TDS RATES CHART FOR THE ASSESSMENT YEAR 2009-10:if (WIDGETBOX) WIDGETBOX.renderWidget(‘6834a2b6-f5aa-4330-af5d-7fca839e1c08′);Get the TDS RATES CHART FOR A.Y.2009-10 widget and many other great free widgets at Widgetbox!
Download TDS Rates Chart for F.Y. 2008-09
See Also : TDS Calculator for F.Y. 2008-09
Note: All calculator on this site has made by me and my friend (Harvinder Singh). All are checked [...]

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Mutual fund’s loss allow or disallow after dividend recieved

January 2, 2009

Whether assessee was entitled to claim deduction of loss incurred on sale of unitsof mutual fund purchased by the assessee for two days to get the benefit of thedividend income under section 10(33)?Vaneet Jain v. CIT, Panchkula (2007) 158 Taxman 410 (Punj. & Har.) 13Relevant section: 28(i)“The assessee had made investment for the purchase of [...]

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Rules Regarding Issue of TDS Certificate

January 2, 2009

Issue of TDS CertificatesAfter deduction TDS of some one. we have a duty to issue TDS certificate to that person so that he will get refund of that TDS. So Income Tax Act provide some rules for the issuance of TDS Certificate that are as follows.AS per Rule 31(3) , Tds certificate should, generally be [...]

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Limit for tax rebate on home loans may go up to Rs 2 lakh

December 18, 2008

NEW DELHI: In the second and last stimulus package to revive the economy, the government is likely to raise the cap on income tax exemption on interest on home loans to Rs 2 lakh and is working on measures to “ring fence” the country from cheap imports, particularly from China.
The present limit for tax [...]

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Data Processing Fees Paid to Non Resident is in the nature of fees for technical services

December 8, 2008

The Delhi Bench of the Income-tax Appellate Tribunal, in the case of Dr. Hutarew & Partner (I) Pvt. Ltd., held that the data processing charges paid to a German company were in the nature of fees for technical services under section 9(1)(vii) of the Income-tax Act, 1961 (the Act) and was subject to deduction of [...]

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Vodafone International vs. UOI (Bombay High Court)

December 5, 2008

Vodafone has been ordered to pay up $2 billion in capital gains tax by an Indian court.
Where the assessee, a Dutch company, purchased shares of a Cayman Company (which in turn held shares of an Indian company ‘Hutch Essar’) from another foreign company (HTIL) and the AO issued a notice asking the assessee why it [...]

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Govt for uniform VAT in all states between 0-4 pc: Sahai

December 4, 2008

Type your summaThe Government is endeavouring to bring about uniform value added tax (VAT) in all states at between 0-4 per cent which would benefit the food processing industry, a senior Central Government Minister said.
“The Central Government has made zero excise duty. In the case of VAT, it was supposed to be uniform in all [...]

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Tax evasion cases grow in first half of FY09

December 2, 2008

The tax payers’ net in India is widening, but also growing is the tax evaders’ list. The first half of this fiscal saw 69 more cases of tax evasion with assets worth nearly Rs 217.07 crore seized, compared to Rs 171.57 crore last fiscal. The number of cases of income tax evasion, i.e. warrants executed [...]

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Aishwarya Rai may have to face charges for evading taxes

December 2, 2008

Former Miss World Aishwarya Rai may have to face charges for evading taxes. The Bombay High Court has admitted an appeal filed by the Income Tax authorities, challenging relief granted to bollywood star Aishwarya Rai Bachchan by Income Tax Appellate Tribunal (ITAT).A Division Bench headed by Justice S Radhakrishnan admitted the appeal by IT authorities [...]

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