Notification & Circulars

Profession Tax

Circular No: 16 Date of Issue: 18/2/1969 Section(s) Referred: 37(1) Statute: Income-Tax Act [15] Professional tax-Admissibility of professional tax as revenue expenditure under section 37(1) of I.T. Act, 1961. It has been represented to the Board that the professional tax is not being allowed ..

Posted in Community & General

CBDT Order of Extension

October, 24th 2006 F.No. 133/38/2006-TPL (Pt) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 24th October, 2006 Order under Section 119 of the Income Tax Act In exercise ..

Posted in Audit

Business Expenditure

Jt. C.I.T. Vs. Mukund Ltd. 02/15/2007 [2007] 291 ITR 249 (MUMBAI)[SB] Case Fact: Whether Non-refundable `Premium` paid for obtaining land on lease of 99 years at the annual rent of Re. 1 for factory use in industrial area to State Development Corporation is advance rent? Decision: Held by the Hon`bl..

Posted in Income Tax

Amendments to Rule 6DD!

INCOME-TAX (EIGHTH AMENDMENT) RULES, 2007 NOTIFICATION NO. 208/2007, dated 27-6-2007 In exercise of the powers conferred by section 295, read with proviso to sub-section (3) of section 40A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rule..

Posted in Income Tax

Consignee to issue TDS certificate to truck operators-Clarification by CBDT

Note : Last Alert was No 129 dated 26-6-2006 Alert -1- Tax Deduction at Source - Issue of TDS Certificate under section 203 of the Income-tax Act - Cases of Truck/Goods-carriage Operators - CIRCULAR NO 6/2006 Dated 23-6-2006 As per the provisions of section 203 of the Income-tax Act, read with rule ..

Posted in Income Tax

New Return Forms for Assessment Year 2007-08 matters connected thereto

New Return Forms for Assessment Year 2007-08 matters connected thereto reg. CIRCULAR NO. 5 / 2007, DATED 26-7-2007 The Central Board of Direct Taxes, vide notification S.O. No.762(E) dated 14th May, 2007 have notified following new return forms for assessment year 2007-08 under a new..

Posted in Income Tax

NOTIFICATION NO. 210/2007, DATED 27-7-2007

NOTIFICATION NO. 210/2007, DATED 27-7-2007 In exercise of the powers conferred by sub-section (1B) of sections 139 and 139D of the Income-tax Act, 1961 (43 of 1961) read with sub-rule (3) of rule 12 of the Income-tax Rules, 1962 and in supercession of the Electronic Furnishing of Return of Income Sc..

Posted in Income Tax

Cost Inflation Index for FY 2007-08

NOTIFICATION NO. 214/2007, DATED 3-8-2007 Notified Cost Inflation Index for financial year 2007-08 In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to seventy-five per cent of the aver..

Posted in Income Tax

ECB Policy Review

RBI/2007-08/112 A. P. (DIR Series) Circular No. 04 August 7, 2007 To All Category – I Authorised Dealer Banks Madam / Sir, Review of External Commercial Borrowings (ECB) Policy Attention of Authorised Dealer Category - I (AD Category – I) banks is invited to A.P. (DIR Series) Circular..

Posted in Miscellaneous

Procedural issues in Service Tax-circular-reg.

CIRCULAR NO 97/6/2007-ST, Dated : August 23, 2007Subject:- Procedural issues in Service Tax-circular-reg. Since the inception of the levy of service tax vide Chapter V of the Finance Act, 1994 (hereinafter called the Act) and rules made thereunder from time to time, a number of circulars/clarificati..

Posted in Service Tax