LEGAL & INCOME TAX UPDATES FROM TAX GURU 08.04.2009

LEGAL & FINANCIAL UPDATES FROM TAX GURU Correction of arithmetical mistakes and adjustment of incorrect claim in Income Tax Return filed can now be done Posted: Wed, 08 Apr 2009 03:13:51 +0000 Correction of arithmetical mistakes and adjustment of incorrect claim under sub-section (1) of section 143 through Centralised Processing of Returns   Generally, tax administrations across countries... Assessing Officer (AO) has been given power extend the time for completion of special audit Posted: Wed, 08 Apr 2009 03:02:19 +0000 Granting of power to the assessing officer to extend the time for completion of special audit under sub-section (2A) of section 142   Sub-sections (2A) to (2D) of section 142 deal with power of... CHECKLIST FOR PREPARATION AND FILING OF INCOME TAX RETURNS FOR F.Y. 08-09 i.e. A.Y.09-10 OF INDIVIDUAL AND HUF ASSESSEE Posted: Wed, 08 Apr 2009 02:30:58 +0000 Most of the chartered firms may have completed there bank audits or will be on the verge of completion of the same. As you may be aware that Income Tax department has notified the Income Tax Return... Government imposed 5% Income tax on Non Resident Indian (NRI) over their world-wide income w.e.f.. A.Y. 2009-10 Posted: Tue, 07 Apr 2009 14:06:07 +0000 Income that is already taxed in India has been kept out of the purview to avoid double taxation. No double taxation benefits would be available for this 5% tax, meaning even if you are paying tax on... CBDT set up special task force to suggest ways to prevent abuse of double taxation avoidance agreements especially with Mauritius and Cyprus Posted: Tue, 07 Apr 2009 13:31:10 +0000 With global and political will turned against tax havens, New Delhi is looking to turn the heat on Mauritius and Cyprus to amend tax treaties with these countries or bring in anti-abuse provisions in... Limited Liability Partnership Act comes into effect from 01.04.2009 but legal and tax hurdles remain Posted: Tue, 07 Apr 2009 07:52:54 +0000 The Ministry of Corporate Affairs (MCA) has started registering firms under the newly-enacted Limited Liability Partnership (LLP) Act. However, a flow of applications is unlikely till tax laws are... Satyam ex-CFO gives clean chit to auditors S Gopalakrishnan and Talluri Srinivas of audit firm Price Waterhouse Posted: Tue, 07 Apr 2009 07:49:11 +0000 In a significant development, former Satyam Computer CFO Vadlamani Srinivas has told representatives of the Institute of Chartered Accountants of India (ICAI) — the apex regulatory body for... CBDT set up special task force to suggest ways to prevent abuse of double taxation avoidance agreements Posted: Tue, 07 Apr 2009 07:42:48 +0000 With global and political will turned against tax havens, New Delhi is looking to turn the heat on Mauritius and Cyprus to amend tax treaties with these countries or bring in anti-abuse provisions... No evidence suggesting involvement of PWC Auditors in Satyam Scam Posted: Tue, 07 Apr 2009 07:37:55 +0000 There is no ready evidence that the jailed Price Waterhouse (PW) auditors in the Satyam Computer Services scandal had also colluded, says Uttam Prakash Agarwal, president of the Institute of... Download ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7, ITR 8, and ITR V in Excel & PDF Format for A.Y. 2009-10 Posted: Tue, 07 Apr 2009 02:53:36 +0000 The CBDT has notified new Income Tax Forms for F.Y. 2008-09 & A.Y. 2009-10 vide notification No. 32/2009 ( Income Tax 9th Amendments) Rules, 2009. I am uploading here ITR 1, Form ITR 2, Form ITR... CBDT notified Income Tax Return Forms (ITR ) for A.Y. 2009-10/ Financial Year 2008-09 Posted: Sun, 05 Apr 2009 14:42:17 +0000 The CBDT has notified new Income Tax Forms for F.Y. 2008-09 & A.Y. 2009-10 vide notification No. 32/2009 ( Income Tax 9th Amendments) Rules, 2009. New ITR Forms Form ITR 1, Form ITR 2, Form ITR...

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