RECENT INCOME TAX CASE LAWS: 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...

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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...

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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...

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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,...

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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....

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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...

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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...

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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....

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