CBDT u/s 119 of IT, Act 1961, extends the due date of filing of returns of income for the AY10-11 from 30.09.2010 to 15th October 2010
F.No. 225/72/2010-ITA.II
Order under Section 119 of the Income Tax Act, 1961
On consideration of the reports of disturbance of general life caused due to floods and heavy rains, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date of filing of returns of income for the Assessment Year 2010-11 from 30.09.2010 to 15th October 2010. Accordingly the due date for Tax Audit report u/s. 44AB of the Income Tax Act is also extended to 15th October, 2010.
Tuesday, September 28, 2010
Tuesday, August 31, 2010
Highlights of The New direct Tax code
Highlights of The New direct Tax code is given below
1.Tax exemption Limit enhanced for Individuals to 200000
2.For senior Citizen limit is 250000.
3.There is no addition limit for Women.
4.200000-500000=10% ,500000-1000000=20% and more than 1000000 30 %
5.Company tax rate is 30%
6.There is no cess and surcharge new direct tax code
7.MAT(minimum alternative tax ) proposed at 20% present rate is 18% plus cess and surcharge
8.Capital gain Long term is now from asset hold more than one years.
9.Indexation Base year to be changed to 01.04.2000 from 01.04.1981 so no tax on gains realised between 1981 to 2000.
10.Tax applicable on capital gain from long term sale of securities ,presently it is exempted.
11.Proposed applicable date is 01.04.2012 (FY 2012-13)
12.The Government has also proposed to restore back the taxation of retirement savings, in the nature of provident fund contributions and pure life insurance and annuity products, to the Exempt-Exempt-Exempt scheme from the earlier proposition of Exempt-Exempt-Tax scheme under the revised discussion paper in the DTC
13.specified percentage deduction from income / indexation benefit depending on the nature of security on assets held for long term
14.in case of short term assets, there is no relaxation to the tax payer and tax will be required to paid as in case of any other ordinary income
15.The code introduces a Rs 50,000 enhanced deduction for savings in addition to old 100000 deduction.
16.Interest on house loan benefit continues ,HRA benefit also have a place in DTC .
You may download the Direct Tax code Bill from Link given below .
Download Direct tax code Bill as introduced in LokSabha On 30.08.2010
The government on Monday introduced in Parliament a bill to overhaul its archaic direct tax codes, a key reform aimed at simplifying procedures for investors and bring in more revenue by widening the tax net.
This switchover to DTC with higher exemption limits and lower corporate tax, Revenue Secretary Sunil Mitra says, will cost the government a revenue loss of Rs 53,172 crore on reduced rates and a loss of Rs 38,829 crore in the first year from corporate tax rate. “India's direct tax collection for 2011-12 is expected to be at Rs 5.27 lakh crore in the first year, if current rates hold,” he adds.The bill proposes to cut tax rates, replace profit-linked exemptions for companies with investment-linked incentives and simplify rules on corporate mergers, aimed at creating a tax code that can support growth in Asia's third-largest economy.
The dividend distribution tax (DDT) for holding companies has been removed up to any level and the securities transaction tax (STT) rate has been kept same at 0.25%. The new code would also scrap cess and surcharge.
The bill will now be applicable from April 1, 2012, instead of the earlier proposed March 1, 2011. This delay, Mitra says will allow time for switchover.
1.Tax exemption Limit enhanced for Individuals to 200000
2.For senior Citizen limit is 250000.
3.There is no addition limit for Women.
4.200000-500000=10% ,500000-1000000=20% and more than 1000000 30 %
5.Company tax rate is 30%
6.There is no cess and surcharge new direct tax code
7.MAT(minimum alternative tax ) proposed at 20% present rate is 18% plus cess and surcharge
8.Capital gain Long term is now from asset hold more than one years.
9.Indexation Base year to be changed to 01.04.2000 from 01.04.1981 so no tax on gains realised between 1981 to 2000.
10.Tax applicable on capital gain from long term sale of securities ,presently it is exempted.
11.Proposed applicable date is 01.04.2012 (FY 2012-13)
12.The Government has also proposed to restore back the taxation of retirement savings, in the nature of provident fund contributions and pure life insurance and annuity products, to the Exempt-Exempt-Exempt scheme from the earlier proposition of Exempt-Exempt-Tax scheme under the revised discussion paper in the DTC
13.specified percentage deduction from income / indexation benefit depending on the nature of security on assets held for long term
14.in case of short term assets, there is no relaxation to the tax payer and tax will be required to paid as in case of any other ordinary income
15.The code introduces a Rs 50,000 enhanced deduction for savings in addition to old 100000 deduction.
16.Interest on house loan benefit continues ,HRA benefit also have a place in DTC .
You may download the Direct Tax code Bill from Link given below .
Download Direct tax code Bill as introduced in LokSabha On 30.08.2010
The government on Monday introduced in Parliament a bill to overhaul its archaic direct tax codes, a key reform aimed at simplifying procedures for investors and bring in more revenue by widening the tax net.
This switchover to DTC with higher exemption limits and lower corporate tax, Revenue Secretary Sunil Mitra says, will cost the government a revenue loss of Rs 53,172 crore on reduced rates and a loss of Rs 38,829 crore in the first year from corporate tax rate. “India's direct tax collection for 2011-12 is expected to be at Rs 5.27 lakh crore in the first year, if current rates hold,” he adds.The bill proposes to cut tax rates, replace profit-linked exemptions for companies with investment-linked incentives and simplify rules on corporate mergers, aimed at creating a tax code that can support growth in Asia's third-largest economy.
The dividend distribution tax (DDT) for holding companies has been removed up to any level and the securities transaction tax (STT) rate has been kept same at 0.25%. The new code would also scrap cess and surcharge.
The bill will now be applicable from April 1, 2012, instead of the earlier proposed March 1, 2011. This delay, Mitra says will allow time for switchover.
Thursday, August 19, 2010
IFCI INFRASTRUCTURE BOND U/S 80CCF CLOSING DATE 31/08/2010
The finance minister announced a new income tax section — 80CCF — which entitles a tax payer to exemptions on money invested in infrastructure bonds.On an investment of Rs 20,000, an individual in the 30% tax bracket can save Rs 6,000 of tax and earn an annual interest of 7.85-7.95%. So, it is a double benefit.the bonds will have a minimum tenure of 10 years, and investors will be locked in for five years.
IFCI has already begun a private placement of unsecured redeemable, non-convertible long-term infrastructure bonds of up to Rs 20,000 for this financial year. The interest rate is 7.85% for buyback option and 7.95% for non-buyback option, under cumulative and non-cumulative (September 15 yearly) interest schemes. However, under the 7.85% bonds with a buyback option, the investor can redeem the bonds after the fifth year. The buyback starts from 2015 to 2019. The 5-year lock-in is compulsory to avail of the 80 CCF benefit.Those who have already exhausted their annual tax savings limit of Rs 1 lakh will be keenly looking at these bonds. The exemption for investments in infrastructure bonds is in addition to the investments of Rs 1 lakh in tax-saving instruments under Section 80C, 80CCC, 80CCD. After the lock-in period, an investor can take loans against these bonds.
IFCI has already begun a private placement of unsecured redeemable, non-convertible long-term infrastructure bonds of up to Rs 20,000 for this financial year. The interest rate is 7.85% for buyback option and 7.95% for non-buyback option, under cumulative and non-cumulative (September 15 yearly) interest schemes. However, under the 7.85% bonds with a buyback option, the investor can redeem the bonds after the fifth year. The buyback starts from 2015 to 2019. The 5-year lock-in is compulsory to avail of the 80 CCF benefit.Those who have already exhausted their annual tax savings limit of Rs 1 lakh will be keenly looking at these bonds. The exemption for investments in infrastructure bonds is in addition to the investments of Rs 1 lakh in tax-saving instruments under Section 80C, 80CCC, 80CCD. After the lock-in period, an investor can take loans against these bonds.
Friday, August 13, 2010
Guidelines for selection of cases for Scrutiny During 2010-11
Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection for scrutiny this year will be limited only to a few cases listed below
2. List of cases selected during each month in accordance with selection criteria mentioned below shall be submitted by the Assessing officers to their respective Range heads by the 15th of the following month and also displayed on the notice Board of their offices .
3. These guidelines are meant only for the use of officers of the Income Tax Department .These are not to be disclosed even if a request is made under Right to Information Act, In view of the decision of the Central Information Commission in the case of Shri Kamal Vs Director (ITA-II),CBDT(order no CIC/AT/2007/00617 dated 21.02.2008)
Selection criteria Applicable to all return at all stations
a) Value of International transaction as defined in 92B exceeds 15 Crore.
b) Cases involving addition in an earlier assessment year in excess of Rs 10 lacs on a substantial and recurring question of law or fact which is confirmed in appeal or is pending before on appellate authority.
c) Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs 10 Lakh or more.
d) Assessment in survey cases for the financial year in which survey was carried out. This criteria will not apply if all of the following conditions are fulfilled:
i. There are no impounded books or documents.
ii. There is no retraction of disclosure, if any, made during the survey.
ii. Declared income, excluding any disclosure made during the survey, is not less than the declared income of the preceding year.
e) Assessment in search & Seizure cases to be made under section 158B, 158BC, 158BD, 153A, 153C & 143(3) of the IT Act.
f) Assessment Initiated under section 147/148 of the IT Act.
g) Assessing officer may select any return for scrutiny after recording he reason and obtaining approval of the CCIT/DGIT. The cases under this category should be selected if, there are compelling reasons and the case is not selected through CASS. These cases should be watched by CCIT/CIT in respect of the quality of assessment.
(F.NO.225/93/2009/ITA.II)
2. List of cases selected during each month in accordance with selection criteria mentioned below shall be submitted by the Assessing officers to their respective Range heads by the 15th of the following month and also displayed on the notice Board of their offices .
3. These guidelines are meant only for the use of officers of the Income Tax Department .These are not to be disclosed even if a request is made under Right to Information Act, In view of the decision of the Central Information Commission in the case of Shri Kamal Vs Director (ITA-II),CBDT(order no CIC/AT/2007/00617 dated 21.02.2008)
Selection criteria Applicable to all return at all stations
a) Value of International transaction as defined in 92B exceeds 15 Crore.
b) Cases involving addition in an earlier assessment year in excess of Rs 10 lacs on a substantial and recurring question of law or fact which is confirmed in appeal or is pending before on appellate authority.
c) Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs 10 Lakh or more.
d) Assessment in survey cases for the financial year in which survey was carried out. This criteria will not apply if all of the following conditions are fulfilled:
i. There are no impounded books or documents.
ii. There is no retraction of disclosure, if any, made during the survey.
ii. Declared income, excluding any disclosure made during the survey, is not less than the declared income of the preceding year.
e) Assessment in search & Seizure cases to be made under section 158B, 158BC, 158BD, 153A, 153C & 143(3) of the IT Act.
f) Assessment Initiated under section 147/148 of the IT Act.
g) Assessing officer may select any return for scrutiny after recording he reason and obtaining approval of the CCIT/DGIT. The cases under this category should be selected if, there are compelling reasons and the case is not selected through CASS. These cases should be watched by CCIT/CIT in respect of the quality of assessment.
(F.NO.225/93/2009/ITA.II)
Monday, August 2, 2010
Income Tax Return Date Extended to 4th August 10
The CBDT has decided to extend the due date of filing of Income Tax returns from 31st July 2010 to 4th August 2010. All paper returns or e-returns filed on or before 4th August, 2010 would be considered as filed within the due
press Release
The Central Board of Direct Taxes (CBDT) has decided to extend the due date of filing of income tax returns to 4th August 2010 for taxpayers for whom the due date ends today, which is 31st July 2010. All paper returns or e-returns filed on or before 4th August 2010 will be considered as filed within the due date.
The decision was taken in view of some technical snags in the e-filing computer system, and inclement weather at various locations, due to which taxpayers have reported difficulties in filing or uploading income tax returns.
press Release
The Central Board of Direct Taxes (CBDT) has decided to extend the due date of filing of income tax returns to 4th August 2010 for taxpayers for whom the due date ends today, which is 31st July 2010. All paper returns or e-returns filed on or before 4th August 2010 will be considered as filed within the due date.
The decision was taken in view of some technical snags in the e-filing computer system, and inclement weather at various locations, due to which taxpayers have reported difficulties in filing or uploading income tax returns.
Wednesday, July 28, 2010
Income Tax Return Compulsory if gross Total Income more than Exemption limit
Due date to file Income tax for Non -audit cases for assessment year 2010-11 is 31.07.2010.But many of us has not filed their return And few person have a impression that there is no need to do so If their employer has deducted the TDS from Salary Income or their taxable Income is less than the exemption limit after taking the benefit of Section 80C to 80U benefit.
But leagal position is different.As per section 139(1) proviso ,income tax return is to be filed if person gross total income not net taxable income , is More than exemption limit means if you have earned 2,50000 in Fy 2009-10 and saved 100000(u/s 80C) and your net taxable income is 250000-100000=150000 Rs even then as per Income tax act,you have to file return as your Gross total income(250000) is more than 160000 .
So as per above rule to check whether Income is more than exemption limit or not for Income Tax return filing purpose ,we should consider income before giving effect to deduction under Chapter VIA ie deduction u/s 80C to 80U.
More over while considering income for Income tax tax return purpose person should not give effect to exemption under section 10A and 10B and 10BA.
So be ready for filing of return if your Gross total Income Is more than exemption limit or even your employer has deducted due tds on your income. As it is mandatory to file retrun of income to such persons .
But leagal position is different.As per section 139(1) proviso ,income tax return is to be filed if person gross total income not net taxable income , is More than exemption limit means if you have earned 2,50000 in Fy 2009-10 and saved 100000(u/s 80C) and your net taxable income is 250000-100000=150000 Rs even then as per Income tax act,you have to file return as your Gross total income(250000) is more than 160000 .
So as per above rule to check whether Income is more than exemption limit or not for Income Tax return filing purpose ,we should consider income before giving effect to deduction under Chapter VIA ie deduction u/s 80C to 80U.
More over while considering income for Income tax tax return purpose person should not give effect to exemption under section 10A and 10B and 10BA.
So be ready for filing of return if your Gross total Income Is more than exemption limit or even your employer has deducted due tds on your income. As it is mandatory to file retrun of income to such persons .
RBI likely to raise key policy rates today : Experts
RBI likely to raise key policy rates today: Experts
The Reserve Bank is likely to increase key policy rates by at least 25 basis points in its first quarterly review of the monetary policy on Tuesday to tame inflationary expectations.
"I think there could be a small hike in the repo and reverse repo rate of say 25 basis points," HDFC Managing Director Renu Sud Karnad told.
High inflation may prompt the RBI to tighten money supply by raising the short-term lending (repo) and borrowing (reverse repo) rates on Tuesday, say bankers.
"There is a clear bias for policy rates to move up for the reason that inflation is still very high and inflationary expectation is to be contained. The bias is going to be upward," Union Bank of India Chairman M V Nair said.
"At that point in time, if the funding cost goes up, then the base rate will also go up. During the year, there is a clear bias for interest rates to move up," he added.
Punjab National Bank Chairman K R Kamath said whatever decision the RBI takes, the banks will respond accordingly.
Kamath further said that if the RBI raises the cash reserve ratio, that would put pressure on the cost of funds.
Earlier this month, RBI had raised the repo and reverse repo rates by 25 bps to tame inflation.
Inflation is still in double-digits, led by high food prices, and stood at 10.55 per cent in June.
But food inflation eased marginally to 12.47 per cent for the week ended 10th July from 12.81 per cent in the previous week.
Meanwhile, the Prime Minister's economic panel PMEAC has also pitched for tightening money supply, as current inflation rate is more than double the comfort level and can hurt high economic growth in the medium-term.
"A bias towards (monetary) tightening is necessary," the Prime Minister's Economic Advisory Committee (PMEAC) said.
PMEAC head C Rangarajan said that if the RBI does not take strong monetary action to contain inflation, it can opt for a series of "baby steps" after its 27th July monetary review.
"Evidence on the funds flow side, as well as on the output side, clearly shows a strong economic recovery. In the backdrop of inflation rates that are more than twice the comfort-zone, it is important that monetary policy completes the process of exit and move towards a bias on tightening," he said.
Royal Bank of Scotland Managing Director and Head of Markets Ramit Bhasin said the RBI is likely to hike its short-term lending rate by 0.5 per cent to 6 per cent and the short-term borrowing rate by 1 per cent to 5 per cent through 2010.
"As we go forward, there would be higher capital inflows and the current liquidity crunch will ease much sooner than expected. According to our estimates, the RBI is likely to up the repo by 0.5 per cent and reverse repo by 1 per cent by December," Bhasin said.
Kotak Mahindra MF's Lakshmi Iyer said it is widely expected that RBI is going to hike rates by 25 bps.
Echoing similar view, Crisil Chief Economist D K Joshi said the focus for the RBI in the near-term would remain on curbing inflation. "We expect the RBI to hike the repo and reverse repo rates by 25 bps at on 27th July," Joshi said.
The Reserve Bank is likely to increase key policy rates by at least 25 basis points in its first quarterly review of the monetary policy on Tuesday to tame inflationary expectations.
"I think there could be a small hike in the repo and reverse repo rate of say 25 basis points," HDFC Managing Director Renu Sud Karnad told.
High inflation may prompt the RBI to tighten money supply by raising the short-term lending (repo) and borrowing (reverse repo) rates on Tuesday, say bankers.
"There is a clear bias for policy rates to move up for the reason that inflation is still very high and inflationary expectation is to be contained. The bias is going to be upward," Union Bank of India Chairman M V Nair said.
"At that point in time, if the funding cost goes up, then the base rate will also go up. During the year, there is a clear bias for interest rates to move up," he added.
Punjab National Bank Chairman K R Kamath said whatever decision the RBI takes, the banks will respond accordingly.
Kamath further said that if the RBI raises the cash reserve ratio, that would put pressure on the cost of funds.
Earlier this month, RBI had raised the repo and reverse repo rates by 25 bps to tame inflation.
Inflation is still in double-digits, led by high food prices, and stood at 10.55 per cent in June.
But food inflation eased marginally to 12.47 per cent for the week ended 10th July from 12.81 per cent in the previous week.
Meanwhile, the Prime Minister's economic panel PMEAC has also pitched for tightening money supply, as current inflation rate is more than double the comfort level and can hurt high economic growth in the medium-term.
"A bias towards (monetary) tightening is necessary," the Prime Minister's Economic Advisory Committee (PMEAC) said.
PMEAC head C Rangarajan said that if the RBI does not take strong monetary action to contain inflation, it can opt for a series of "baby steps" after its 27th July monetary review.
"Evidence on the funds flow side, as well as on the output side, clearly shows a strong economic recovery. In the backdrop of inflation rates that are more than twice the comfort-zone, it is important that monetary policy completes the process of exit and move towards a bias on tightening," he said.
Royal Bank of Scotland Managing Director and Head of Markets Ramit Bhasin said the RBI is likely to hike its short-term lending rate by 0.5 per cent to 6 per cent and the short-term borrowing rate by 1 per cent to 5 per cent through 2010.
"As we go forward, there would be higher capital inflows and the current liquidity crunch will ease much sooner than expected. According to our estimates, the RBI is likely to up the repo by 0.5 per cent and reverse repo by 1 per cent by December," Bhasin said.
Kotak Mahindra MF's Lakshmi Iyer said it is widely expected that RBI is going to hike rates by 25 bps.
Echoing similar view, Crisil Chief Economist D K Joshi said the focus for the RBI in the near-term would remain on curbing inflation. "We expect the RBI to hike the repo and reverse repo rates by 25 bps at on 27th July," Joshi said.
Monday, July 26, 2010
GST rate structure proposed by FM
The race to implement a countrywide goods and services tax (GST) has entered its final lap.
Finance Minister Finance Minister Pranab Mukherjee on Wednesday proposed a threerate structure for the GST, which if adopted through an impending constitutional amendment, can dramatically alter tax administration by giving a one-shot solution to a welter of levies such as excise, value added tax and octroi.
At a meeting with state finance ministers, Mukherjee proposed a rate structure under which goods will attract a maximum levy of 20 per cent, services 16 per cent and essential items a concessional 12 per cent.
A broad consensus has been thrashed out.
The peak effective rate or the overall weighted average rate will be about 15 per cent.
Mukherjee also proposed the constitution of an empowered group chaired by Nandan Nilekani, chairman of the Unique Identification Authority of India (UIDAI) to hammer out an appropriate technology solution for its implementation.
A Constitution amendment Bill to give effect to the structure is likely to be introduced in the monsoon session of Parliament that begins July 26.
The Centre and states will evenly share the revenue from GST. The government proposes to roll it out from next April.
This means that the Centre will collect 10 per cent and the state where it is sold will collect another 10 per cent for a good that attracts a 20 per cent GST.
Likewise, for services, the Centre and the states at which the service in question is rendered will collect 8 per cent each as GST.
The Centre plans to have a corpus from which states that lose out revenue as a result of the simplification are compensated. Mukherjee said the Centre was open to setting up a corpus higher than the Rs 50,000 crore recommended by the 13th Finance Commission.
“GST, a landmark reform of indirect taxes, is well within our reach. It is now for us to convert it into reality,“ the finance minister said.
West Bengal finance minister Asim Dasgupta, who is the chairman of empowered committee of state finance ministers, said “there has been remarkable progress and a there is a convergence process between states and Centre.“
The Centre has also agreed to fully compensate the states for their revenue losses on account of a reduction in the Central sales tax in 2009-10.
The state finance ministers, scheduled to meet next on August 4, will decide on the final rates after consulting their respective chief ministers.
Alchohol and petroleum products would be kept outside the GST ambit, Dasgupta said.
Experts welcomed the move, but said its success would depend on ironing out differences among states.
Finance Minister Finance Minister Pranab Mukherjee on Wednesday proposed a threerate structure for the GST, which if adopted through an impending constitutional amendment, can dramatically alter tax administration by giving a one-shot solution to a welter of levies such as excise, value added tax and octroi.
At a meeting with state finance ministers, Mukherjee proposed a rate structure under which goods will attract a maximum levy of 20 per cent, services 16 per cent and essential items a concessional 12 per cent.
A broad consensus has been thrashed out.
The peak effective rate or the overall weighted average rate will be about 15 per cent.
Mukherjee also proposed the constitution of an empowered group chaired by Nandan Nilekani, chairman of the Unique Identification Authority of India (UIDAI) to hammer out an appropriate technology solution for its implementation.
A Constitution amendment Bill to give effect to the structure is likely to be introduced in the monsoon session of Parliament that begins July 26.
The Centre and states will evenly share the revenue from GST. The government proposes to roll it out from next April.
This means that the Centre will collect 10 per cent and the state where it is sold will collect another 10 per cent for a good that attracts a 20 per cent GST.
Likewise, for services, the Centre and the states at which the service in question is rendered will collect 8 per cent each as GST.
The Centre plans to have a corpus from which states that lose out revenue as a result of the simplification are compensated. Mukherjee said the Centre was open to setting up a corpus higher than the Rs 50,000 crore recommended by the 13th Finance Commission.
“GST, a landmark reform of indirect taxes, is well within our reach. It is now for us to convert it into reality,“ the finance minister said.
West Bengal finance minister Asim Dasgupta, who is the chairman of empowered committee of state finance ministers, said “there has been remarkable progress and a there is a convergence process between states and Centre.“
The Centre has also agreed to fully compensate the states for their revenue losses on account of a reduction in the Central sales tax in 2009-10.
The state finance ministers, scheduled to meet next on August 4, will decide on the final rates after consulting their respective chief ministers.
Alchohol and petroleum products would be kept outside the GST ambit, Dasgupta said.
Experts welcomed the move, but said its success would depend on ironing out differences among states.
Friday, July 23, 2010
Cost Inflation Index for Financial year 2010-11
Cost Inflation Index for Financial year 2010-11 has been notified by CBDT vide his circular 59/2010 dated 21.07.2010. This New index figure is to be used to calculate Long term capital gain on the sale of capital assets during Financial Year 2010-11.Further I have complied Cost inflation index from 1981-2011 in sheet shown below ,which can also be downloaded in pdf format from the link given in the sheet.
Section 48, Explanation (v) of the Income-tax Act, 1961 - Capital gains - Computation of - Notified Cost Inflation Index for financial year 2009-10 - Amendment in Notification No. S.O. 2292(E), dated 9-9-2009
Notification No. 59/2010 [F.No.142/11/2010-TPL], dated 21-7-2010
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 hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes number S.O. 2292(E), dated the 9th September, 2009, namely:-
In the said notification, in the Table, after serial number 29 and the entries relating thereto, the following serial number and entries shall be inserted, namely :-
Financial Year (CII) Financial Year (CII)
1981-82 100 1995-96 281
1982-83 109 1996-97 305
1983-84 116 1997-98 331
1984-85 125 1998-99 351
1985-86 133 1999-2000 389
1986-87 140 2000-2001 406
1987-88 150 2001-2002 426
1988-89 161 2002-2003 447
1989-90 172 2003-2004 463
1990-91 182 2004-2005 480
1991-92 199 2005-2006 497
1992-93 223 2006-2007 519
1993-94 244 2007-2008 551
1994-95 259 2008-2009 582
2009-10 632
2010-11 711
Section 48, Explanation (v) of the Income-tax Act, 1961 - Capital gains - Computation of - Notified Cost Inflation Index for financial year 2009-10 - Amendment in Notification No. S.O. 2292(E), dated 9-9-2009
Notification No. 59/2010 [F.No.142/11/2010-TPL], dated 21-7-2010
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 hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes number S.O. 2292(E), dated the 9th September, 2009, namely:-
In the said notification, in the Table, after serial number 29 and the entries relating thereto, the following serial number and entries shall be inserted, namely :-
Financial Year (CII) Financial Year (CII)
1981-82 100 1995-96 281
1982-83 109 1996-97 305
1983-84 116 1997-98 331
1984-85 125 1998-99 351
1985-86 133 1999-2000 389
1986-87 140 2000-2001 406
1987-88 150 2001-2002 426
1988-89 161 2002-2003 447
1989-90 172 2003-2004 463
1990-91 182 2004-2005 480
1991-92 199 2005-2006 497
1992-93 223 2006-2007 519
1993-94 244 2007-2008 551
1994-95 259 2008-2009 582
2009-10 632
2010-11 711
Friday, July 16, 2010
New Rupee Symbol announced by Indian Govt
AFTER A long period of time, the Union government of India approved the new Indian rupee symbol which is a mix of Devanagri ‘Ra’ and Roman symbol ‘R’. India rupee will be the fifth currency in the world to have a distinct identity. With its own distinct identity or symbol Indian rupee will join the elite club of US dollar, British pound-sterling, Euro and Japanese yen.
The symbol is designed by an IIT post-graduate student D Uday Kumar and later was approved by the Union Cabinet on Thursday (July 15, 2010).
A competition was organised for design of the currency symbol. There were more than 3000 entries of the designs among which Kumar's entry was chosen. Kumar will receive an award of Rs 2.5 lakh for his design.
Information and Broadcasting Minister Ambika Soni told reporters after the cabinet meeting that the symbol will be printed or embossed on currency notes or coins.
Soni also stated that the symbol will be featured on the computer key and software so that it can printed and displayed in electronic and print media.
The Information and Broadcasting Minister said that the symbol will be adopted within six months and gradually will be permanently seen globally within two years.
Saturday, July 10, 2010
e-Filing Mandatory - Income-tax (Seventh Amendment) Rules, 2010 – Amendment in rule 12
Income-tax (Seventh Amendment) Rules, 2010 – Amendment in rule 12
Notification No. 49/2010[F.No.142/15/2010-TPL], dated 9-7-2010
In exercise of the powers conferred by section 295 read with section 139 of Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely : -
(1) These rules may be called the Income-tax (7th Amendment) Rules, 2010.
(2) They shall come into force from the date of their publication in the Official Gazette.
In the Income-tax Rules 1962, in rule 12, in sub-rule (3), in the proviso, for clause (a), the following clauses shall be substituted, namely :-
“(a) a firm required to furnish the return in Form ITR-5 and to whom provisions of section 44AB are applicable shall furnish the return in the manner specified in clause (ii) or clause (iii);
(aa) an individual or HUF required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable shall furnish the return for Assessment Year 2010-11 and subsequent Assessment Years in the manner specified in clause (ii) or clause (iii);
(ab) a company required to furnish the return in Form ITR-6 shall furnish the return for Assessment Year 2010-11 and subsequent Assessment Years in the manner specified in clause (ii)’
Notification No. 49/2010[F.No.142/15/2010-TPL], dated 9-7-2010
In exercise of the powers conferred by section 295 read with section 139 of Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely : -
(1) These rules may be called the Income-tax (7th Amendment) Rules, 2010.
(2) They shall come into force from the date of their publication in the Official Gazette.
In the Income-tax Rules 1962, in rule 12, in sub-rule (3), in the proviso, for clause (a), the following clauses shall be substituted, namely :-
“(a) a firm required to furnish the return in Form ITR-5 and to whom provisions of section 44AB are applicable shall furnish the return in the manner specified in clause (ii) or clause (iii);
(aa) an individual or HUF required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable shall furnish the return for Assessment Year 2010-11 and subsequent Assessment Years in the manner specified in clause (ii) or clause (iii);
(ab) a company required to furnish the return in Form ITR-6 shall furnish the return for Assessment Year 2010-11 and subsequent Assessment Years in the manner specified in clause (ii)’
Friday, July 9, 2010
Online view of Tax Credit Statement (Form 26AS) of taxpayer is also available to net banking account holders of registered banks for the benefits of the tax payer.
Introduction:
The Tax credit Statement (Form 26AS) helps to taxpayers
1.Preparing income tax returns
2.Verify detail of tax deducted at source (TDS)
3.Verify detail of tax collected at source
4.Verify detail of tax payment made by taxpayer (advance tax/self assessment tax)
5.Detail of refunds
The Tax Credit Statement (Form 26AS) are generated wherein valid PAN has been reported in the TDS returns as well as in the OLTAS challans.
One of the modes through which tax payer can avail view of Tax Credit Statement (Form 26AS) is through net banking facility provided by banks. To avail this facility, the PAN holder is required to have net banking account with any of authorized bank, where in view of Tax Credit Statement (Form 26AS) can be made available to PAN holder which is mapped to that particular account. To provide this facility to net banking account holder, bank should get registered them self with National Securities Depository Limited (NSDL).
List of banks registered with NSDL for providing view of Tax Credit Statement (Form 26AS) are as below
1.Citibank N.A.
2.Corporation Bank
3.IDBI Bank Limited
4.Indian Overseas Bank
5.State Bank of India
6.Union Bank of India
Introduction:
The Tax credit Statement (Form 26AS) helps to taxpayers
1.Preparing income tax returns
2.Verify detail of tax deducted at source (TDS)
3.Verify detail of tax collected at source
4.Verify detail of tax payment made by taxpayer (advance tax/self assessment tax)
5.Detail of refunds
The Tax Credit Statement (Form 26AS) are generated wherein valid PAN has been reported in the TDS returns as well as in the OLTAS challans.
One of the modes through which tax payer can avail view of Tax Credit Statement (Form 26AS) is through net banking facility provided by banks. To avail this facility, the PAN holder is required to have net banking account with any of authorized bank, where in view of Tax Credit Statement (Form 26AS) can be made available to PAN holder which is mapped to that particular account. To provide this facility to net banking account holder, bank should get registered them self with National Securities Depository Limited (NSDL).
List of banks registered with NSDL for providing view of Tax Credit Statement (Form 26AS) are as below
1.Citibank N.A.
2.Corporation Bank
3.IDBI Bank Limited
4.Indian Overseas Bank
5.State Bank of India
6.Union Bank of India
Thursday, July 8, 2010
FORMAT OF HUF CREATION DEEDS
FORMAT-I
DECLARATION
I, ____________________________ son Of ___________________________________
Residing at ____________________________________________ aged ___Adult do
hereby declare-
That I am Karta of ____________________________________________
That I received on behalf of the H U F gift of Rs. ___________ by way of CASH/
CHEAUE from my FATHER ________________________________(name of relative
of karta of HUF) on dt. _______________ this formed the corpus of the HUF.
That the HUF at present is consisting of the followings members-
I) Shri _____________________, Adult, Residing at _________________
II) Smt. _____________________, Adult, Residing at _________________
III) Kumari _________________-Minor, Residing at ___________________
That the above statements are true to the best of my knowledge & belief. Declare
this on _________________
WITNESS: Signature
1. _______________________________________
2. _________________________________(_____________________)
FORMAT- II
[To be executed on Rs. 100 Stamp Paper in Maharashtra]
DECLARATION OF GIFT MADE BY ________________________
TO THE HINDU UNDIVIDED FAMILY OF ___________________
I, _____________________________, residing at _______________________
____________________________________________________________, do hereby
declare and affirm as under:
1. That out of natural love and affection borne by me towards the Hindu Undivided
Family of ______________________________, I have made a gift of Rs.______
(Rupees _________________ only) as per the following details:
By Cheque No.________, dated __________, drawn on Bank ____________________,
________________ Branch, in favour of ________________________ HUF.
2. The above Gift has been duly accepted by ________________________, as Karta of
his Hindu Undivided Family and has been duly acknowledged hereunder.
3. This Declaration of Gift is made to record the fact that I have made this Gift in favour
of the Donee as above, who now has the absolute right, title and interest in the gifted
amount.
Date: ___________, 200__ ___________________
(Signature of the Donor)
ACKNOWLEDGEMENT OF GIFT
I, ________________________, hereby acknowledge having received the above gift
made to my Hindu Undivided Family by _________________________.
Date: ___________, 200__ ___________________
(Signature of the Donee as Karta of his HUF)
SUBSEQUENT DEEDS
HUF GIFT DEED
This deed of gift is made and executed at Jaipur on this 30th day of November, 2007 by
and between:
1. -------------------- W/o/S/O ------------------------- aged about ------- years resident
of .....................( hereinafter reffered to as the DONOR and the party on the FIRST
PART )
and :
2. -------------------------- HUF, ADDRESS............. comprising the family
members ....................(Karta), his wife ------------------------, his
son .....................AND...................RESIDENT..............(Hereinafter reffered to as the
DONEE and the party on the SECOND PART)
WHEREAS the Donor is the wife of brother in law of karta of the Donee and is highly
affectionate to him;
AND WHEREAS the Donor out of natural love and affection towards the Donee
have made a gift of Rs.........................../-- (in words...............) by way of account
payees Cheque no ................dated ............. drawn on .........................Bank
Ltd, ........................... ;
AND WHEREAS the Donee has accepted the said Cheque;
AND WHEREAS the Donor and Donee desires to deduce the covenants of this gift into
writing ;
THIS DEED NOW WITNESSETH AS UNDER
1. That the gift so made is without any material consideration and is absolute.
2. That the donee has accepted the same by his free will.
3. That the gift is irrevocable in any circumstances.
IN WITNESS WHEREOF the donor and the within mentioned donee put their respective
hands in taken of their having accepted the terms and conditions on the day, month and
year first mentioned.
Witnesses Signature
1.
DONOR
Accepted
2.
DONEE
COMPLETE PARTITION OF A HINDU JOINT FAMILY
This deed of partition is made on the ___________ day of ___________ the month
of ___________ of the year 200__. Between ___________ s/o ___________ resident
of ___________ (hereinafter called the first party) of the first part ___________
___________s/o resident of ___________ (hereinafter called the second party) of the
second part ___________ s/o ___________ resident of ___________ (hereinafter called
the third party) of the third part: and ___________ widow of ___________ resident of
(hereinafter called for fourth party) of the fourth part.
Where as the further of the second and third parties and husband of the fourth party,
namely late Shri ___________ and the first party were brothers, being the sons of late
Shri ___________.
And whereas they all constituted a Hindu joint family governed by the ___________ of
Hindu law.
And whereas the said Shri ___________ died of the year ___________ leaving him
surviving the parties and entitled to claim partition of the joint family estate.
And whereas the family has continued to remain joint and to hold and enjoy all the
properties jointly.
And whereas the parties hereto are all the members of the joint family entitled to claim
partition and also competent to contract, the other coparceners being the minor sons of
the second and third parties.
And whereas the parties hereto have mutually agreed to divided the entire joint family
properties into two equal parts and to allot one part to the first party and the other to the
second, third and fourth parties.
And whereas the second, third and fourth parties have also mutually agreed among
themselves to further divided and one-half part of the joint property allotted to them into
three equal parts and to allot a part each of the said three parts to each one of them.
NOW THIS DEED WTINESSES as follows:
(1) That the parties hereto do hereby mutually agreed and declare that they have actually
divided the hitherto joint property of the Hindu joint family of the descredants of Late
Shri ___________(here give the name of the father of the first party) among themselves
into the four Parts specified herein below, as Part I, Part II, Part III and Part IV, and
that henceforth the first party shall be the separate owner of the properties specified
and included in Part I and second party shall be the separate owner of the properties
specified and included in Part II and the third party shall be the separate owner of the
properties specified and included in Part IV and each of them shall hence forth hold and
enjoy the properties specified and included in his Part in severalty and to the exclusion
of the parties other than himself; and the parties hereto do hereby mutually release
and relinquish to the other all their respective right, title and interest in the properties
specified in the Part other than the Part allotted to himself.
(2) That the parties hereto do hereby mutually covenant with each other that:
(I) The property specified and included in the Parts allotted to each party shall be entered
upon and henceforth held and possessed in severalty by each one of them, respectively,
without any interruption or disturbance by any party other than himself.
(ii) The parties will, at the cost of one requiring the same, do every such act or thing as
may reasonably be required for further or more perfectly assuring the property hereby
allowed to each one of them.
(iii) That the parties hereto hereby declare that despite some disparity in the value given
which hare against each of the Part II, III and IV given for purposes of payment of stamp
on the said Parts, II, III and IV and the value given against Part I which is also given for
the purpose of payment stamp duty and registration charges, the partition hereby made is
fair and equitable and that while of the one hand the agreed real value of each of Parts II,
III and IV is equal on the other hand, the total of the agreed real value of Parts II, III and
IV is equal to the agreed real value of Part I.
(iv) That the expression first party, second party, third party and fourth party, shall,
unless there by anything contrary thereto in the context, mean and include, their
respective heirs, survivors, successors, representatives and assigns.
Part I
Part II
Part III
In witness whereas the parties hereto have executed this deed on the date first
hereinabove mentioned.
Witnesses:
1.
(First Party)
2.
(Second Party)
(Third Party)
DECLARATION
I, ____________________________ son Of ___________________________________
Residing at ____________________________________________ aged ___Adult do
hereby declare-
That I am Karta of ____________________________________________
That I received on behalf of the H U F gift of Rs. ___________ by way of CASH/
CHEAUE from my FATHER ________________________________(name of relative
of karta of HUF) on dt. _______________ this formed the corpus of the HUF.
That the HUF at present is consisting of the followings members-
I) Shri _____________________, Adult, Residing at _________________
II) Smt. _____________________, Adult, Residing at _________________
III) Kumari _________________-Minor, Residing at ___________________
That the above statements are true to the best of my knowledge & belief. Declare
this on _________________
WITNESS: Signature
1. _______________________________________
2. _________________________________(_____________________)
FORMAT- II
[To be executed on Rs. 100 Stamp Paper in Maharashtra]
DECLARATION OF GIFT MADE BY ________________________
TO THE HINDU UNDIVIDED FAMILY OF ___________________
I, _____________________________, residing at _______________________
____________________________________________________________, do hereby
declare and affirm as under:
1. That out of natural love and affection borne by me towards the Hindu Undivided
Family of ______________________________, I have made a gift of Rs.______
(Rupees _________________ only) as per the following details:
By Cheque No.________, dated __________, drawn on Bank ____________________,
________________ Branch, in favour of ________________________ HUF.
2. The above Gift has been duly accepted by ________________________, as Karta of
his Hindu Undivided Family and has been duly acknowledged hereunder.
3. This Declaration of Gift is made to record the fact that I have made this Gift in favour
of the Donee as above, who now has the absolute right, title and interest in the gifted
amount.
Date: ___________, 200__ ___________________
(Signature of the Donor)
ACKNOWLEDGEMENT OF GIFT
I, ________________________, hereby acknowledge having received the above gift
made to my Hindu Undivided Family by _________________________.
Date: ___________, 200__ ___________________
(Signature of the Donee as Karta of his HUF)
SUBSEQUENT DEEDS
HUF GIFT DEED
This deed of gift is made and executed at Jaipur on this 30th day of November, 2007 by
and between:
1. -------------------- W/o/S/O ------------------------- aged about ------- years resident
of .....................( hereinafter reffered to as the DONOR and the party on the FIRST
PART )
and :
2. -------------------------- HUF, ADDRESS............. comprising the family
members ....................(Karta), his wife ------------------------, his
son .....................AND...................RESIDENT..............(Hereinafter reffered to as the
DONEE and the party on the SECOND PART)
WHEREAS the Donor is the wife of brother in law of karta of the Donee and is highly
affectionate to him;
AND WHEREAS the Donor out of natural love and affection towards the Donee
have made a gift of Rs.........................../-- (in words...............) by way of account
payees Cheque no ................dated ............. drawn on .........................Bank
Ltd, ........................... ;
AND WHEREAS the Donee has accepted the said Cheque;
AND WHEREAS the Donor and Donee desires to deduce the covenants of this gift into
writing ;
THIS DEED NOW WITNESSETH AS UNDER
1. That the gift so made is without any material consideration and is absolute.
2. That the donee has accepted the same by his free will.
3. That the gift is irrevocable in any circumstances.
IN WITNESS WHEREOF the donor and the within mentioned donee put their respective
hands in taken of their having accepted the terms and conditions on the day, month and
year first mentioned.
Witnesses Signature
1.
DONOR
Accepted
2.
DONEE
COMPLETE PARTITION OF A HINDU JOINT FAMILY
This deed of partition is made on the ___________ day of ___________ the month
of ___________ of the year 200__. Between ___________ s/o ___________ resident
of ___________ (hereinafter called the first party) of the first part ___________
___________s/o resident of ___________ (hereinafter called the second party) of the
second part ___________ s/o ___________ resident of ___________ (hereinafter called
the third party) of the third part: and ___________ widow of ___________ resident of
(hereinafter called for fourth party) of the fourth part.
Where as the further of the second and third parties and husband of the fourth party,
namely late Shri ___________ and the first party were brothers, being the sons of late
Shri ___________.
And whereas they all constituted a Hindu joint family governed by the ___________ of
Hindu law.
And whereas the said Shri ___________ died of the year ___________ leaving him
surviving the parties and entitled to claim partition of the joint family estate.
And whereas the family has continued to remain joint and to hold and enjoy all the
properties jointly.
And whereas the parties hereto are all the members of the joint family entitled to claim
partition and also competent to contract, the other coparceners being the minor sons of
the second and third parties.
And whereas the parties hereto have mutually agreed to divided the entire joint family
properties into two equal parts and to allot one part to the first party and the other to the
second, third and fourth parties.
And whereas the second, third and fourth parties have also mutually agreed among
themselves to further divided and one-half part of the joint property allotted to them into
three equal parts and to allot a part each of the said three parts to each one of them.
NOW THIS DEED WTINESSES as follows:
(1) That the parties hereto do hereby mutually agreed and declare that they have actually
divided the hitherto joint property of the Hindu joint family of the descredants of Late
Shri ___________(here give the name of the father of the first party) among themselves
into the four Parts specified herein below, as Part I, Part II, Part III and Part IV, and
that henceforth the first party shall be the separate owner of the properties specified
and included in Part I and second party shall be the separate owner of the properties
specified and included in Part II and the third party shall be the separate owner of the
properties specified and included in Part IV and each of them shall hence forth hold and
enjoy the properties specified and included in his Part in severalty and to the exclusion
of the parties other than himself; and the parties hereto do hereby mutually release
and relinquish to the other all their respective right, title and interest in the properties
specified in the Part other than the Part allotted to himself.
(2) That the parties hereto do hereby mutually covenant with each other that:
(I) The property specified and included in the Parts allotted to each party shall be entered
upon and henceforth held and possessed in severalty by each one of them, respectively,
without any interruption or disturbance by any party other than himself.
(ii) The parties will, at the cost of one requiring the same, do every such act or thing as
may reasonably be required for further or more perfectly assuring the property hereby
allowed to each one of them.
(iii) That the parties hereto hereby declare that despite some disparity in the value given
which hare against each of the Part II, III and IV given for purposes of payment of stamp
on the said Parts, II, III and IV and the value given against Part I which is also given for
the purpose of payment stamp duty and registration charges, the partition hereby made is
fair and equitable and that while of the one hand the agreed real value of each of Parts II,
III and IV is equal on the other hand, the total of the agreed real value of Parts II, III and
IV is equal to the agreed real value of Part I.
(iv) That the expression first party, second party, third party and fourth party, shall,
unless there by anything contrary thereto in the context, mean and include, their
respective heirs, survivors, successors, representatives and assigns.
Part I
Part II
Part III
In witness whereas the parties hereto have executed this deed on the date first
hereinabove mentioned.
Witnesses:
1.
(First Party)
2.
(Second Party)
(Third Party)
Saturday, July 3, 2010
No overwriting on cheques after December 1 - RBI
The Reserve Bank of India (RBI) directive to banks, asking them not to honour cheques with overwriting, will come into effect from December 1 instead of the earlier scheduled date of July 1, the apex bank said in its latest circular. The new rule is intended to prevent fraudulent withdrawal of money and expedite clearance of cheques. Meanwhile, telecom company Bharti Airtel subscribers received an SMS on June 28 that said "as per RBI, cheques with changes in amount or payee name (despite signature next to them) will not be cleared with effect from July 1."
However, Airtel today said that it is in the process of sending a revised advisory to its customers informing them about the change in the deadline to December 1. The RBI has also advised banks to create awareness among customers about the new norms, which were aimed at preventing fraud, besides expediting clearance of cheques where CTS (Cheque Truncation System) is used. Under CTS, image of cheque is sent to clearing house for transfer of funds. When contacted, an RBI spokesperson said, "The notification regarding cheque truncation system which prohibits alteration will come into effect from December 1, 2010. There is no mention of July 1."
The central bank in February had come out with circular on 'Standardisation and enhancement of security features in cheque forms' detailing the norms for image-based processing of cheques. RBI had said that fresh cheques should be issued by customers in case of change in payee's name or amount (whether in figures or words). Changes, however, could be made with regard to date. The new norms will not apply to those cheques, which are cleared by clearing houses that use Magnetic Ink Character Recognition (MICR) or non-MICR system. Also, it added, the norms will not be mandatory for over the counter collection of funds or for direct collection of cheques outside the Clearance House Arrangement.
Saturday, June 26, 2010
Tax Lavy on 8 new services to come into effect from July 1
The Finance Ministry has specified July 1 as the date from which service tax levy would be applicable on the eight new services brought under the tax net in Budget 2010-11. The eight new services include services of promoting, marketing or organising of games of chance, including lottery, health services undertaken by hospitals for employees of business organisation and health services provided under health insurance schemes offered by insurance schemes, services provided for maintenance of medical records of employees of a business entity and promoting a ‘brand' of goods, services, events and business entity etc.
New services included
The other new services include services provided by electricity exchanges and special services provided by builder to the prospective buyers such as providing preferential location.
Tax exemption
Meanwhile, the Finance Ministry has exempted from service tax the distribution of electricity by an authorised person under the Electricity Act. It has also given service tax exemption on construction services provided for Jawaharlal Nehru National Urban Renewal Mission and Rajiv Awaas Yojana
25% abatement
The Revenue Department has also provided 25 per cent abatement on construction of complex services as well as commercial or industrial construction services. The abatement would not be available in cases where the cost of land has been separately recovered from the buyer by the builder or his representative.
New services included
The other new services include services provided by electricity exchanges and special services provided by builder to the prospective buyers such as providing preferential location.
Tax exemption
Meanwhile, the Finance Ministry has exempted from service tax the distribution of electricity by an authorised person under the Electricity Act. It has also given service tax exemption on construction services provided for Jawaharlal Nehru National Urban Renewal Mission and Rajiv Awaas Yojana
25% abatement
The Revenue Department has also provided 25 per cent abatement on construction of complex services as well as commercial or industrial construction services. The abatement would not be available in cases where the cost of land has been separately recovered from the buyer by the builder or his representative.
Thursday, June 24, 2010
TNVAT
As per the Amendment to sub Rule 9(4) of TNVAT Rules 2007 in G.O.Ms.No.50, Commercial Taxes and Registration (B1) Department, dated: 19.4.2010,you are directed to furnish the Permanent Account Number (PAN) along with the proof of the same to the Registering Authority immediately.
Thank You
Thank You
Saturday, January 2, 2010
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