LEGAL & FINANCIAL UPDATES FROM TAX GURU 02.04.2009

Reverse mortgage created under a scheme made and notified by the Central Government shall not be regarded as a transfer U/s. 2(47) Posted: Thu, 02 Apr 2009 02:43:39 +0000 15 Amendment to give effect to reverse mortgage scheme 15.1 The Finance Minister, in paragraph 89 of his speech, while presenting the Union Budget, 2007-08, had announced that the National Housing... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Commodities Transaction Tax is applicable w.e.f. 01.04.2009 Posted: Thu, 02 Apr 2009 02:31:10 +0000 45. Commodities Transaction Tax 45.1 Chapter VII of the Finance Act, 2008 has introduced a new tax called Commodities Transaction Tax (CTT) to be levied on taxable commodities transactions entered... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Even if Income is exempt Assessee need to adjust written down value of fixed Assets with depreciation as per Income tax Act, 1961 Posted: Thu, 02 Apr 2009 02:09:33 +0000 14 Clarification regarding definition of written down value under subsection(6) of section 43. 14.1 Clause (ii) of sub-section (1) of section 32 provides that depreciation shall be allowed at the... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Expenses paid or credited in the month of March are allowable if TDS paid on or before due date of filing Income Tax Return Posted: Thu, 02 Apr 2009 02:00:23 +0000 12 Amendment to the provisions of sub-clause (ia) of clause (a) of section 40 of the Income-tax Act. 12.1 As per the provisions of sub-clause (ia) of clause (a) of section 40, any interest,... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Preliminary expenses after commencement of business allowed to non industrial undertaking too Posted: Thu, 02 Apr 2009 01:47:10 +0000 11. Extending the provision of section 35D relating to amortization of preliminary expenses to all undertakings 11.1 Section 35D provides for deduction of certain specified preliminary expenses.... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Stock brokers cannot set off losses in the trading business against their other income : Bombay High Court Posted: Thu, 02 Apr 2009 01:34:39 +0000 Stockbrokers who have been taking advantage of the ambiguity in the Income Tax Act rules to reduce their tax payouts could be in for a rude shock. The Bombay high court has ruled that brokers cannot... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Excel Format of New Form No. 16 (Salary Certificate), Form No. 16A (TDS Certificate), TCS Challan No. 17 & Form No.27D applicable w.e.f. 1-4-09 Posted: Thu, 02 Apr 2009 01:19:46 +0000 Keeping in view the latest amendment made by Income Tax department rgarding TDS/TCS Forms, Returns and procedures w.e.f. 01-04-2009 vide notification S.O. 858(E) Dated 25th March 2009. We have... This is just a content summary for Full details on above topic visit my website www.taxguru.in. 66% Indian Companies do not have policy for rotation of the members of their audit committees Posted: Thu, 02 Apr 2009 00:10:17 +0000 In the case of one third of every mid cap company in India, the roles of the chairman and managing director or CEO were played by the same person. A majority of such companies (66%) do not have a.... This is just a content summary for Full details on above topic visit my website www.taxguru.in. With Regards, http://www.taxguru.in/ Email: info@taxguru.in Subscribe Now! ...with web-based news readers. Click your choice below: ...with other readers: (Choose Your Reader)FeedDemonNetNewsWireNewsFireNewsGator Outlook EditionRSSOwlShrookUniversal Subscription Mechanism (USM) Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email View Feed XML

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