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Jul 9, 2009



Wealth tax exemption limit raised

Posted: 08 Jul 2009 07:24 PM PDT

Enhancement of the limit for payment of wealth tax under the existing provisions of section 3 of the Wealth-tax Act, wealth tax is charged every year in respect of net wealth, on the valuation date,...

Income Tax department need to allot Document Identification Number (DIN) to each correspondence sent or received by it

Posted: 08 Jul 2009 07:18 PM PDT

It is now well accepted that "tax administration is tax policy". A tax administration designed to foster voluntarily compliance yields higher revenue than a sound tax policy administered by an...

Budget aimed at Rationalisation of provisions related to TDS

Posted: 08 Jul 2009 07:09 PM PDT

Tax deduction at source is a method of collecting taxes on behalf of the Government at the time of payment or credit. The Income-tax Act casts a legal responsibility on the deductor to deduct tax on...

Limit for Liability to pay advance tax increased to 10000 from existing 5000

Posted: 08 Jul 2009 06:51 PM PDT

Under the existing provisions of section 208 the Income-tax Act, liability for payment of advance tax during a financial year arises when the amount of such tax payable during that year...

All business having turnover less than 40 Lakh can claim benefit of presumptive taxation scheme

Posted: 08 Jul 2009 06:47 PM PDT

There has been a substantial increase in small businesses with the growth of transport and communication and general growth of the economy. A large number of businesses and service providers in rural...

Payment in cash to transporters upto 35000 allowed from 01.04.2009

Posted: 08 Jul 2009 06:30 PM PDT

Enhancement of limit for disallowance of expenditure made in the case of transporters Under the existing provisions of the Income-tax Act, where an assessee incurs any expenditure, in respect of...

Service tax on Legal Consultancy, more clarification needed

Posted: 08 Jul 2009 01:41 AM PDT

THE focus of this write up is restricted to `Legal Consultancy Service' which is one of the new services brought into the service tax net in Budget 2009 and the scope of this new levy. This...

CA been allowed to do Excise Audit, Cost Accountant fear their profession may become redundant

Posted: 07 Jul 2009 10:50 PM PDT

Cost accountants fear their profession may become redundant as the budget has allowed chartered accountants to do excise audit, which was their exclusive domain. "Allowing chartered accountants...

Government merged the Authority for Advance Rulings (AAR) for direct and indirect taxes

Posted: 07 Jul 2009 10:46 PM PDT

The government has merged the Authority for Advance Rulings (AAR) for direct and indirect taxes, the two arms of Finance Ministry, where overseas firms and Non-Resident Indians can know their tax...

Announcement of Rules amending Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007

Posted: 07 Jul 2009 09:13 PM PDT

Notification No.23/2009 – Service Tax– New Delhi, the 7th July, 2009 G.S.R. (E).- In exercise of the powers conferred by sections 93 and 94 of the Finance Act, 1994 (32 of 1994), the Central...

Amendment in the Taxation of Services (Provided from outside India and Received in India) Rules, 2006

Posted: 07 Jul 2009 09:04 PM PDT

Notification No.22/2009 – Service Tax–New Delhi, the 7th July, 2009 G.S..R. (E).- In exercise of the powers conferred by sections 93 and 94 of the Finance Act, 1994 (32 of 1994), the Central...

Amendments in Notification No. 1/2002 – Service Tax, dated the 1st March, 2002.

Posted: 07 Jul 2009 08:59 PM PDT

By notification No. 1/2002–ST dated 01.03.2002  the Central Government exempts the taxable services provided, by Government of Rajasthan under Group Personal Accident Scheme, to its employees in...

With Regards, 
CA Sandeep Kanoi 

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