Archive for
September, 2009
By admin at 26 September, 2009, 11:49 am
THE Karnataka High Court has ruled that technology firms are subject to withholding taxdeduction of tax at sourceon purchase of software from global vendors such as Microsoft. This would push technology firms and branded software distributors into a corner as they will be required to withhold 10-20 % of their software purchase payments in the future. The division bench of Justice DV Shylendra Kumar and Justice Arvi [...]
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By admin at 25 September, 2009, 9:33 pm
The Securities and Exchange Board of India (Sebi) is trying to ensure that mutual fund (MF) investors get the best deal from distributors. The regulator, in a circular on Wednesday amending the code of conduct for MF intermediaries, directed distributors to disclose to clients all information, involving commissions received for competing schemes of various MFs, of which the scheme was recommended. The move is an ex [...]
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By admin at 24 September, 2009, 9:20 pm
Income tax department has recently issued a circular that preference will be given to person who has filed their returns online .With this assurance the voluntary e filing of returns has been increased many fold.But before giving this assurance department has not done any home work.The software for processing the returns filed online is not fully operationalize so refund for the ay 2008-09 may take time up to [...]
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By admin at 24 September, 2009, 8:59 pm
Taxes paid by Indian companies more than doubled in the three months through September, suggesting growth in Asia’s third biggest economy may be strengthening. Advance taxes paid by local companies rose to Rs44,010 crore in the July-September quarter from Rs20,720 crore in the previous three months and 14.7% more than the same quarter last year, said a finance ministry official who declined to be identified. Comp [...]
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By admin at 24 September, 2009, 8:26 pm
Good News for the person who are working with the Govt Canal Projects,as the CBEC has clarified in its circular that this is not covered under services under service tax act.Further as the circular is clarification in nature so the given rule is applicable from the the introduction of the service itself.
Circular No. 116/10/2009-S.T., dated 15-9-2009
On a reference being received by the Board, two following [...]
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By admin at 23 September, 2009, 8:58 pm
The insurance claims paid to policy holders in the event of death or disability will be subject to payment of income tax if the new Direct Taxes Code proposals are implemented. The Code proposes that contributions by the insured are subject to the EET method of taxation of savings. This means that the sum received under a life insurance policy, including any bonus, is taxed. Only a pure life insurance policy is exe [...]
number of view: 1102
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By admin at 23 September, 2009, 8:54 pm
The government is considering a proposal to authorise the country’s three statutorily recognised institutes in the fields of accounting, company secretaryship and cost accounting to expand their ambit of functioning by providing services in all three areas. The proposal, however, is being opposed by the regulators themselves as many feel that it would lead to the end of specialisation and loss of functional and r [...]
number of view: 1265
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