Finance Act 2009

Sec194-I TDS w.e.f. 01.10.2009
*for use of P&M-2%
*for use of Land,Building,F&F-10%

Finance Act 2009

Sec194C TDSonPymnt2ResiContractor
*now no diff betwn contrct/subcontrct
*TDS@1%if paid to indl/HUF &2%for others
*No TDS if pmt2transportr gvs hisPAN

Finance Act 2009

*LLP
S140:sign on ROI byDesignatedPartnr/anyPartnr
S167C:Partnrs vl b jointly&sevrly liable4pymnt of tax unless proved othrwise

Finance Act 2009

Sec2(15):nw charitble purpose include preservtn of envirnmnt eg watrshed,forest,wildlife etc&preservtn of monumnts/places/objects ofart/historic intt

Finance Act 2009

Sec115BBC amended : now anonymous donation is not taxable upto *5%of total donation recd
OR
*1lac
W.e.higher.

Finance Act 2009 - important amendment

SHAYVIDZ
Very impNew/Amended BIG Sections
*35AD,73A,28,50B &Explntn13toSec43(1)
*GiftTax-56(2)(vii),49(4),50C
*80IB
*80A
*2(15)
But these cnt b explained in SMS

Finance Act 2009

*Employer'sContri toSAF above1Lac=Perq
*ESOP: Perq=FMV on ExrciseDt-AmtPaid byEmployee
*10(10C) Vs S-89:if exmptn claimd u/s10(10C),then NO RELIEFu/s89

Finance Act 2009

ElectoralTrust
*2(22AAA)madeByCG,aprvdByCBDT
*13B-Incm ofET=exmpt,if95%of(C/y+PastYrs)incm distrbutd2PoliticlParties
*80GGB&80GGC-Dedctn of donatn toET

Finance Act 2009

S-80CCD:dedctn of amt(max10%ofGTI)depositd in notifiedNPS
*Amt recd bk frmNPST-taxble4indl/nominee.
*NotTaxable if invested in AnnuityPlan in SAME F.Y.

Finance Act 2009

NPS Trust
S10(44):Incm of NPST exempt
S115-O(1A):if Dividend to NPST,then DDTax nil for this
S80CCD: [in next SMS]
S197(1E):No TDS on pymt to NPST

Finance Act 2009

LibertyIndia(SC)
Xport incntv CCS,DutyDrwbck shall nt b formpart of"Prfit ofBusnes of undrtkng"So nt dedctble u/s10A,10AA,10B,80IA,80IB,80IC,80ID,80IE

Finance Act 2009

Sec40A(3)&(3A)amended. Pymt to TRANSPORTER of GOODS above 35000/- othrwise than a/c payee chq/DD/BnkDrft shall be disallowd. Pymt to others-20,000/-

Finance Act 2009

*MAT Credit u/s115JAA-now10yrs
*Sec10BA-notAvlble frmAY10-11
*Sec10A&10B-extnded uptoAY11-12
*Sec80DD&80U-SevrDisab now 1lac frm 75k
*Sec80E-VocatnlStudies included

Finance Act 2009

Remuneration toPartners allowd u/s40(b)revised
*on 1st 3lacs of B.P. or in case of loss-1.5lacs or 90%of B.P. w.e.h.
*on bal B.P.-60%
LLP-all provisions are same as PartnrshpFirm

Finance Act 2009

Intt of Compnstn/EnhncdCompntn
S145A-Taxable in yr of Receipt
S56(2)(viii)txble u/H IOS
S57-50%Dedcn & no other dedcn
Imp-this is only for INTEREST

Finance Act 2009

S36(1)(viii)ded in redpct of special resrv creatd by SPECIFIED ENTITYengagd in providing LongTrm financ4constrn/purchse ofResiHouse inIndia.NwNHB covrd

Finance Act 2009

Explntn7toS43(6)
(Assessees ofRule7A,7B&8)Dep shall b allowd frm composite income i.e.Agri incm&BGBP.Dep so allowd shall b reducd frmWDVofBlock ofAsset

Finance Act 2009

*Surchrge is applicable to companies only if TI EXCEEDS 1crore.
*Rate of MAT u/s115JB is increased from 10% to 15%

Finance Act 2009

*WealthTax MinExmptnLimit 30lacs
*FBT abolished w.e.f. A.Y.2010-11.. Hence income head Salary become important for nov2010 exam
*TDS topic is also imp

Finance Act 2009

MinExmptnLimit
indl&HUF-1.6lacs
ResiWomen-1.9lacs
ResiSeniorCtzn-2.4lacs
Surchrge:only for domestic company10%of TI & foreign company2.5% of TI if total income EXCEEDS 1crore
Cost Inflation Index-632

Finance Act 2009

MinExmptnLimit
indl&HUF-1.6lacs
ResiWomen-1.9lacs
ResiSeniorCtzn-2.4lacs
Surchrge:only for domestic company10%of TI & foreign company2.5% of TI if total income EXCEEDS 1crore
Cost Inflation Index-632

SHAYVIDZ Admin Msg

From today onwards we r going2send all amendments of IncomeTax applicable for Nov2010 exams.
1. FinanceAct2009(FA09)
2. Notifications upto 30.04.2010

Case Laws for November 2010 Exams

Select Cases in Direct and Indirect Taxes 2009

Additional Legal Decisions Relevant for November 2010 Examination

Case Laws 2010

• Direct Taxes
  
  
• Indirect Taxes

Wealth Tax - Valuation Officer

New Jurisdiction of Valuatn Officer
*Upto NtWlth of 40Lacs-Assistnt V.O.
*upto 300Lacs-V.O.
*ABOVE 300Lacs-District V.O.

Income Tax - Income from Salary

New rule for taxability of Motor Car Benefits-Rule 3(2)(A) Partly use
Exp-employer1800pm/2400pm
Exp-employee600pm/900pm
+900pm for Chauffeur

Income Tax - Assessment Procedure

Only 139(1) or 142(1) can be revised. 139(4) cant be revised.
KUMAR JAGDISH CHANDRA SINHA (SC)

ICAI News - Admit Card of November 2010 Exams

Examination to be held in November2010
Admit Card is available on http://icai.nic.in/admit.php
IMPORTANT NOTE - Only Three attempts to download admit card.

Income Tax - PGBP

For applicability of S-41(4),the assessee who claimed the deduction of bad debt and the assessee who recovers the bad debt must b same.
P.K.KAIMAL

Income Tax - PGBP

Intt on loan taken for pymt of Income Tax is not allowable since pymt of iTax is personal liability.
East India Parmaceuticals Works Ltd.1997 (SC)

Income Tax - PGBP

PGBP
Co.borrowed money&loaned to director without intt. Intt on borrowed money will b disallowed.if bank loan@13%&loan2dir@3%then10%intt disallowed.

Companies Act - Directors

CLSP Final
S-260 AdditnlDirector
*overrides S-255,258&259
*App byBOD,if empowered by AOA
*Period-upto nextAGM
*MaxStrngth-Counted

Bulk SMS, MMS ban extended till October 4th, 2010

We are not able to send SMS Updates because :-

 
New Delhi, Oct 1 (IANS) The government Friday extended the ban on bulk Short Message Services (SMS) and Multi-media Messaging Services (MMS) in the country for another three days till Oct 4.
 
The ban is to make sure that peace is maintained after the controversial Ayodhya verdict.
The ban on bulk SMS, which is mainly used for marketing, has affected various information-based services such as SMS alerts on cash withdrawal and debit card spending, balance enquiry and transaction details, share-trading alerts and SMS-based Internet banking.
 
It has resulted in inconveniences to those air and rail travellers as they are unable to get updates on travel details.
 
Earlier, the ban was till Sep 24 to check the spread of rumours or hateful messages, which was later extended till Sep 30 again after the Supreme Court deferred the Ayodhya verdict for a week. It was again extended by a day to Oct 1.