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Showing posts from January, 2010

FBT ADJUSTMENT AGAINST ADVANCE TAX-CBDT CIRCULAR

CIRCULAR NO2/2010, Dated: January 29, 2010Sub: Adjustment of "Advance Tax in respect of Fringe Benefits" for Assessment Year 2010-11 against "Advance Tax" – matter regarding.The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII H (Sections 115 W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115 WM was inserted to abolish the FBT with effect from Assessment Year (A.Y.) 2010-11. Consequently, benefits given to employees are taxed as perquisites in the hands of employees in terms of amendments to Clause 2 of Section 17 of Income Tax Act, 1961. However, during the current Financial Year 2009-10 some assessees have paid "advance tax in respect of fringe benefits" for Assessment Year 2010-11. In such cases the Board has decided that any installment of "advance tax paid in respect of fringe benefits" for A.Y. 2010-11 shall be treat…

VAT Cir - 5T of 2010 - Extension of date for Submission of Audit Report for the year 2008-09 upto 31/03/2010

TRADE CIRCULAR Date: 28th January, 2010No. VAT/ AMD-1009/IB/ADM-06TradeCir.5 T of 2010Sub:Extension of date for Submission of Audit Report for the year 2008-09.Ref.:1.Notification No. VAT/AMD-1009/IB/ADM-6 dated 21st August 2009.2.Notification No. VAT/AMD-1009/IB/ADM-6 dated 26th August 2009.3. Trade Circular No. 27T of 2009 dated 1st October 2009.4. Representations received from various Trades and Associations.5. Letter received from Finance Department bearing No. VAT-1510/C.R.-17/Taxation-l dated 28th January 2010.Gentlemen/Sir/Madam,You may recall that the existing Form-704 was replaced by New Form-704 by notification cited at Ref.-2. A notification cited at Ref.-1 was issued and it was made mandatory for all dealers to submit Audit Report for year 2008-09, electronically. Further, vide Trade Circular cited at Ref.3 this office had explained the procedure for filing Form-704 electronically. The date for filing Form-704 is 31st January, 2010.2. Representations from various Trades and…

DATE FOR FILING ITR-V FORM EXTENDED

Wednesday, January 27, 2010Ministry of Finance
DATE FOR FILING ITR-V FORM EXTENDED 17:59 IST Central Board of Direct Taxes has decided to extend the time limit for filing ITR-V form relating to income-tax returns filed electronically (without digital signature) on or after 1st April 2009, up to 31st March 2010 or within a period of 120 days from the date of uploading of the electronic return data, whichever is later. The ITR-V form should continue to be sent by ordinary post to Post Bag No.1, Electronic City Post Office, Bengaluru – 560100 (Karnataka). However, in cases where email acknowledgement for ITR-V form is not received by the taxpayer from the CPC Bengaluru, the taxpayer may send another duly signed ITR-V form by speed post to Centralized Processing Centre, Electronic City Post Office, Bengaluru, Karnataka – 560100.

This has been done in relaxation of the stipulation in Circular No. 3/2009 dated 21.05.2009 which allows taxpayers who file their income tax returns in electronic …

Revenue Dept Comments on GST

Comments of the Department of Revenue (DoR) on the First Discussion Paper on GSTSr. No.Para No. of the Discussion PaperIssuesComments of the DoR13.1It is important to take note of the significant administrative issues involved in designing an effective GST model in a federal system with the objective of having an overall harmonious structure of rates.Together with this, there is a need for upholding the powers of Central and State Governments in their taxation matters.Further, there is also the need to propose a model that would be easily implementable, while being generally acceptable to stakeholders.Agreed.23.2Keeping in view the report of the Joint Working Group on Goods and Services Tax, the views received from the States and Government of India, a dual GST with defined functions and responsibilities of the Centre and the States is recommended.An appropriate …