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LAW

DIRECT TAX

DOUBLE TAXATION AVOIDANCE AGREEMENT WITH THE GOVERNMENT OF THE SYRIAN ARAB REPUBLIC {179 TAXMAN (St.) 227}

The Central Government vide its Notification No. 33/2009-FTD-II [F. No. 503/7/2005-FTD-II] dated 30/03/2009 has notified that all the provisions of the said Agreement and Protocol annexed thereto shall be given effect to in the Union of India with effect from 1st day of April, 2009.

INCOME TAX (NINTH AMENDMENT) RULES, 2009 - CORRIGENDUM {179 TAXMAN (ST.) 268}

Certain corrections have been notified in the Income Tax Return Forms - ITR-2 and ITR-5 for the Assessment Year 2009-2010 as per the notification no. 35/2009 (F. No. 142/02/2009-TPL) dated 13/04/2009.

INCOME TAX (ELEVENTH AMENDMENT) RULES, 2009 – AMENDMENT IN NEW APPENDIX-I {179 TAXMAN (ST.) 272}

The CBDT vide its Notification No. 37/2009 (F. No. 142/01/2009-TPL) dated 21/04/2009 has extended the benefit of higher depreciation to truck owners by another six months. Accordingly, truck owners can claim 50 per cent depreciation for vehicles that are brought and put to use before 1st October, 2009.

PRESS RELEASE – NEW TDS RULES MADE EFFECTIVE FROM 1st JULY, 2009 {180 TAXMAN (STOP PRESS) 18}

As per the press release dated 11/05/2009, the CBDT has decided to defer the implementation of Notification No. 31/2009 dated 25-03-2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income tax Rules, 1962. The amended/substituted Rules will now come into effect on 1st July, 2009 instead of 1st April, 2009. Tax deductors/collectors may continue to deposit TDS/TCS tax and file TDS/TCS returns as per the pre-amended provisions in the interim period.

Contributed by CA. Haresh P. Kenia, CA. Deepak Lala

FEMA

SUMMARY OF RBI – A.P. (DIR Series) Circulars RBI/2008-09/ 502 A. P. (DIR Series) Circular No. 68 June 17, 2009

Exim Bank’s Line of Credit of USD 37.65 million to the Government of the Republic of Cameroon

RBI/2008-09/ 502 A. P. (DIR Series) Circular No. 69 June 18, 2009

Exim Bank’s Line of Credit of USD 166.23 million to the Government of the Federal Democratic Republic of Ethiopia

Contributed by CA. Manoj C. Shah, CA. Hinesh Doshi

MAHARASHTRA VAT

Maharashtra Value Added Tax Act, 2002

b) i)

Notifications

A Notification u/s.8(5) dated 29.6.2009 is issued by which tax on sale to Government of India of Satellite Launch System is exempted.

ii)

A Notification u/e A-56 dated 29.6.2009 is issued specifying Solar Energy Devices for the said entry.

iii)

A Notification u/e C-82 dated 29.6.2009 is issued by which certain items are deleted from the list of renewable energy devices.

iv)

A Notification u/e C-107(8) dated 29.6.2009 is issued specifying further medical instruments etc. to be covered by said entry.

v)

A Notification u/s.42 dated 29.6.2009 is issued by which the composition rate for Hotels etc. is reduced to 5% with other specifications.

vi)

A Notification u/e.C-56 dated 29.6.2009 is issued to deleted certain items from the said entry mainly regarding telephones and cameras etc..

a)

Proposals

relating

to

Provisions

of

Act

are

brought

into

operation.

Additional

Interest

u/s.30(4)

and

Intimation

for

Business

Audit

Maharashtra Act No.17 effective from 1.7.2009.

of 2009 dated 27.6.2009 has become By this Amendment Act the Budget

in respect of Penalty for late for revised returns u/s.20(4),

u/s.63(7) etc.. Amendments are also effected in Schedules changes in rates of taxes in respect of certain goods.

for

The amendments include filing of returns u/s.29(8),

changes Provision

Maharashtra Value Added Tax Rules, 2005

28

  • a)

    The Government of Maharashtra has issued Notification dated

      • 1.6.2009

        by which Rule 58 (1A) has been inserted in MVAT Rules,2005. The said rule is for allowing cost of land from the contract value.

  • b)

    The Government has also issued Notification dated 18.6.2009 by which changes are effected in respect of Rules for returns and in rule 53(2)(b) and 53(6) regarding set off.

Circulars Commissioner of Sales Tax has issued following Circulars:

  • a)

    Circular No.19T of 2009 dt.20.6.2009 by which it is clarified that the ‘I’ forms, even issued by Sales Tax Department, will be valid for one more year.

  • b)

    Circular No.20T of 2009 dt.23.6.2009 by which some more clarifications are given in respect of Administrative relief for unregistered dealers.

Profession Tax Act, 1975

The entry 1 in Schedule to P.T. Act is amended whereby Salary upto Rs.5000/- get exempted from Profession Tax from 1.7.2009.

Contributed by CA. C.B. Thakar

CORPORATE LAWS

IRDA FINANCIAL STATEMENTS DISCLOSURES 92 SEBI & Corporate Laws (SCL) (Statutes) (St.) 13

The Insurance Regulatory and Development Authority (IRDA) has issued Circular No. 5/IRDA/F&A/CIR/MAY-09 dtd. 07.05.2009 providing for additional disclosures apart from those required by the financial statements as per Schedules A and B of the IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002. Now, insurers are required to disclose details of various penal actions taken by various government authorities from financial year 2008-09 onwards in a specific format as available at the above citation. This would be required to be incorporated in the annual report with effect from 2009-10 onwards. This disclosure is to be made through a separate filing with the IRDA.

PROCEDURAL DIFFERENCES ON LLP PORTAL 92 SCL (St.) 132

The Ministry of Corporate Affairs has issued Instructions listing out procedural differences in LLP (Limited Liability Partnership) portal from MCA-21 which would be available on the LLP website to avoid problems faced by users.

CONVERSION OF FIRM TO LLP 92 SCL 133

The Ministry of Corporate Affairs has issued detailed Instructions in relation to application and statement for the conversion of a firm into an LLP (Form 17). The instructions contain in a user friendly manner check- list of methodology to be adopted for filling-up the forms apart from uploading the documents on the website. Similar instructions are also issued in relation to conversion of a private company / unlisted public company into an LLP (Form 18). One may refer to the above citation for further details.

INSTRUCTIONS FOR FILLING UP VARIOUS FORMS UNDER LLP ACT, 2008 92 SCL 100

The Ministry of Corporate Affairs has issued detailed Instructions in a check list manner in relation to the following forms :

  • a)

    How to incorporate a new LLP

  • b)

    How to register a DSC in LLP

  • c)

    Instructions for filling of application form for reservation or change of name (Form 1)

  • d)

    Instructions for filling of application form for filing of incorporation document or statement (Form 2)

  • e)

    Instructions for filling of form for information regarding LLP Agreement and changes, if any (Form 3)

  • f)

    Instructions for filling of form for notice of appointment of partners / designated partners and changes among them, intimation of DPIN by LLP to Registrar and consent of partner to become partner / designated partner (Form 4)

  • g)

    Instructions for filling of form for application for allotment of designated partner identification number (Form 7)

AMENDMENT TO LLP ACT 92 SCL 128

The Ministry of Corporate Affairs has issued Notification NO. 386(E) dtd. 04.06.2009 amending the Second Schedule to the LLP Act, 2008 by

July 2009 | Western India Chartered Accountants Newsletter

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