| CBDT restores TDS/TCS rules prevailing prior to 1 April 2009 Posted: 12 Mar 2010 07:54 PM PST The Central Board of Direct Taxes (CBDT) had last year amended Rules 30, 31, 31A, 31AA, 37A, 37CA and 37D (rules) pertaining to tax deducted/collected at source (TDS/TCS) vide Notification No.31/2009 dated 25 March 2009. The amended rules were to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Advance Ruling on taxability of income from offshore supplies Posted: 12 Mar 2010 07:10 PM PST Hence, no income from offshore supplies accrues or arises or can be deemed to accrue or arise to the Applicant in India under the Indian Tax Law (ITL). The AAR also ruled that the Applicant does not have a Permanent Establishment (PE) in relation to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | CBDT instructed its officials to Charge Maximum Penalty for TDS default Posted: 12 Mar 2010 06:09 PM PST CBDT on Friday directed its field formation to levy the highest penal rate of tax on TDS (tax deducted at source) defaulters.Following a sharp shortfall in revenue from TDS collection, the Income Tax Department has launched a massive drive across... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | A Primer on Proposed Tax System on Goods and Services Part-I: Basic Concept and Framework Posted: 12 Mar 2010 05:45 PM PST GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer's / service provider's point up to the retailer's level i.e. up to the last level in the chain. It is essentially a tax only on value... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | No relief for Indian Companies with Majority Foreign Shareholding in respect of rules governing foreign Donation Posted: 12 Mar 2010 09:18 AM PST Indian companies with a majority foreign shareholding will not get relief from the stringent norms that govern their contributions and donations within the country. A Parliamentary Standing Committee on Home Affairs had recommended relaxing the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | FM asked Revenue Service officials to administer taxes with a human approach Posted: 12 Mar 2010 08:59 AM PST Finance Minister Shri Pranab Mukherjee has asked Indian Revenue Service officials to consider tax payers as important stakeholders in nation building and to administer taxes with a human approach. He was addressing the 63rd batch of IRS trainees... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | TDS under section 194C not applicable on contract for sale: Bombay High Court Posted: 12 Mar 2010 08:55 AM PST In an oral judgement pronounced today 12th March 2010, the Court held that while "works contracts" were subject to TDS under section 194C, "sales contracts" were not. It upheld the arguments of the pharmaceutical companies that the contract... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Pledge of Shares held in dematerialized form Posted: 12 Mar 2010 04:06 AM PST Pledge of shares is a common practice adopted in the securities market by investors and intermediaries to raise finance. Banks and financiers have their own method of advancing money in pledge transactions. They keep a margin against the quotations... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
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