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

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 2006 dated 09/01/06. 2. Trade Circular No.10T of 2006 dated 29/03/06. 3. Trade Circular No.17 T of 2006 .....

Chartered Accoutants Have a Great Future

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 you must read this postclick to read post

Penalty for non deduction of TCS

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 to the credit of the Central Government in accordance with the provisions of sub-section (3).”but w.e.f.1-4-2007sec 206(c)(6a) inserted and it .....

TDS Rates Chart A.Y.2009-10

TDS RATES CHART FOR THE ASSESSMENT YEAR 2009-10: 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 and reviewed by me and my uncle (CA Amit Singla). No involvement of any file submitted in caclubindia .....

Mutual fund’s loss allow or disallow after dividend recieved

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 units of mutual fund for Rs. 5lakhs along with the right to receive dividend. After two days of purchase of .....

Rules Regarding Issue of TDS Certificate

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 issued within one month from the end of the month in which the sum is credited or paid. Where TDS .....

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

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 rebates on interest on housing loans is Rs 1.50 lakh. The Committee of Secretaries, headed by Cabinet Secretary K M .....

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

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 tax at source under section 195 of the Act.

Vodafone International vs. UOI (Bombay High Court)

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 should not be treated as an assessee in default for failure to deduct tax at source and the assessee .....

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

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 states but different products attract different rates in different states,” Minister of State for Food Processing Industries, Subodh Kant .....

Tax evasion cases grow in first half of FY09

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 by the tax authorities, was 1,538 in the first half of 2008-09 till September 30 this year, while it was .....

Aishwarya Rai may have to face charges for evading taxes

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 over Aishwarya’s tax assessment for the financial year 1996-1997. In 1995-96, Aishwarya Rai had sought an income tax exemption on .....