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Jun 4, 2009



Highlight of Maharashtra State Additional Budget 2009

Posted: 04 Jun 2009 11:13 AM PDT

As Maharashtra braces up for polls and celebrates its golden jubilee year, it tabled a revenue-deficit budget for the year 2009-10 on 4th June 2009 that focuses on infrastructure development and...

Submission of ITR V and Issues related thereto

Posted: 04 Jun 2009 10:58 AM PDT

It has been proposed under the IT Circular 3/2009 that if the return is electronically furnished under a digital signature, the tax-payer is not required to furnish the Form ITR-V with the Income-tax...

Quoting of Unique transaction Number (UTN) in ITR and practical issues

Posted: 04 Jun 2009 10:54 AM PDT

It has been directed that ITR-1 to ITR-8 shall require the quoting of the relevant UTN for every TDS or TCS claim made by an assessee and that the credit for any TDS/TCS claim will be allowed only if...

ITAT Mumbai Bench Funtioning Notice From 08.06.09 to 13.06.09

Posted: 04 Jun 2009 10:46 AM PDT

NOTICE The following Benches will function during the period 08.06.09 to 12.06.09 " A, B, C, D, E, E-1, F, G, H, SMC " & SPECIAL BENCH ON 09.06.09 Sd/- (M.A.Bakshi) (Vice-President(...

RBI ask banks to clear local cheques within a day and of outstation cheques within 14 days

Posted: 04 Jun 2009 09:35 AM PDT

Banks were told by the Reserve Bank of India  on Tuesday to ensure clearance of all local cheques within a day and of outstation cheques within 14 days. Compliance is to be reported within a...

ITAT - The Bench shall Pronounce the Order! – Deemed Pronouncement

Posted: 04 Jun 2009 01:26 AM PDT

AS per Rule 34 of the Income-tax (Appellate Tribunal) Rules, 1963,  (1) The order of the Bench shall be in writing and shall be signed and dated by the Members constituting it.  (2) The Members...

AAR on importance of the transfer pricing provision over the capital gains provision

Posted: 04 Jun 2009 01:09 AM PDT

The AAR upholds the importance of the transfer pricing provision over the capital gains provision in case of an international transaction  In a recent ruling in case of Canoro Resources Limited1....

Deemed dividend cannot be taxed in the hands of non-shareholder

Posted: 04 Jun 2009 12:46 AM PDT

Closely-held group companies that frequently borrow money from each other should make a mental note of a recent ruling by the income tax appellate tribunal (ITAT), a quasi-judicial tax authority. The...

Delays in cheque clearing - case no. 82 of 2006 before National Consumer Disputes Redressal Commission

Posted: 04 Jun 2009 12:32 AM PDT

NOTIFICATIONS NO. DPSS.CO. (CHD) NO. 873 / 03.09.01/ 2008-09, DATED 24-11-2008 As you may be aware, during August 2006, a case was filed before National Consumer Disputes Redressal Commission, New...

LLP conversion - Notifications for making conversion effective

Posted: 04 Jun 2009 12:15 AM PDT

In exercise of the powers conferred by sub-section (3) of section 1 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby appoints 31-5-2009 as the date on which...

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