CBDT circular no 7 of 2009

CBDT has issued circular no 7 of 2009 by which it has withdrawn earlier circular no 23 dated 23rd July, 1969 and two related ciruclar nos 163 and 786.

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Exemption of services referred to in sub-clause (zzzza) of clause (105) of section 65

The Central Government exempts the taxable service referred to in sub-clause (zzzza) of clause (105) of section 65 of the said Act, in relation to execution of a works contract in respect of canals, other than those primarily used for the purposes of commerce or industry, from the whole of service tax leviable thereon under section 66 of the said Act.

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Payment of interest on saving bank account on a daily product basis

All state and Central co-op banks are required to pay interest on a daily prodcut basis from April 1, 2010. Click the title for the text of notification by RBI.

DTAA with Government of Grand Duchy of Luxembourg

Section 90 of the Income-tax Act, 1961 - Double taxation agreement - Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries - Agreement with Government of Grand Duchy of Luxembourg

NOTIFICATION NO. 78/2009/F.NO.503/I/96-FTD-I, DATED 12-10-2009

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CBDT has issued amendments in Income Tax Act 1962 (the Act) - Press Release

The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand).

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The CBDT has issued Notification for CPC Jurisdiction

In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes (CBDT) has issued following notifications. The four notifications gives powers to Chief Commissioner and Commissioner of Centralised Processing Centre (CPC) Begaluru for processing returns, rectifying mistakes, issue of notice of demand etc.

1. Notification No. 72/2009/ F.No.142/18/2009-TPL

2. Notification No. 73/2009/ F.No.142/18/2009-TPL

3. Notification No. 74/2009/ F.No.142/18/2009-TPL

4. Notification No. 75/2009/ F.No.142/18/2009-TPL

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Extension of date of filing of the tax audit report under section 44AB

CBDT has extended due date for obtaining tax audit report u/s 44AB and filing the return of income in cases of assessees in Pune, Satara, Kolhapur and Sangli districts of Maharashtra to 31st October 2009. Click the title for the text of the Notification.  

Notification no. 40/2009 - Service Tax, dated 30-09-2009

CBEC has Amended Notification No.17/2009-Service Tax, dated 7th July, 2009 vide notification no. 40/2009 - Service Tax, dated 30-09-2009. Click the title for the text of the notification.

  

Issue of Bank Guarantee on behalf of service importers

RBI has increased limit of bank guarantee given by authorised dealers to service importers to USD 5,00,000 from USD 1,00,000 vide A.P. (DIR Series) Circular No.11. Click the tille for the text of the circular.

Advance Remittance for import of Services

Foreign Exchange Management Act, 1999 - Advance Remittance for import of Services A.P. (DIR Series) Circular No.10. Click the title for the text of the notification.