Notification

e-Intrmedary shall
*hv PAN&ClassII DigtlSignCertfct
*properly secure confidntl info of assessee
*hv necssry archival,retrievl&securtypolicy
*No default

Notification

W.r.t.139(1B),qualifctn of e-ReturnINTERMEDIARY
it must b pub sectrCompnyORcompny hvngNtWrth of1croreORfirm ofCA/CS/AdvctOR CA/CS/AdvctOR DDOofGovtDept

Notification

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

Finance Act 2009

*S208limit increasd4liab of AdvncTax frm5000to10000
*S200A procssng ofTDSReturn same asProcsng ofITRu/s143(1)
*ZeroCouponBond cn b issued bySchedldBnk

Finance Act 2009

*Valid declaration u/s197A requires PAN of payee on it
*Application by institutions4approval of exemption u/s10(23) now can b made upto30thSep ofA.Y.

Finance Act 2009

*Valid declaration u/s197A requires PAN of payee on it
*Application by institutions4approval of exemption u/s10(23) now can b made upto30thSep ofA.Y.

Finance Act 2009

S206AA:ifPayee not furnishesPAN,den hisTDSrate wl b highr of
*rate mentiond inSection
*rate of Finance Act
*@20%
If incorrectPAN,den presumed as No PAN

Finance Act 2009

Sec80G-Approval 1ce granted will continue2b valid in perpetuity w.e.f.1.10.2009.
Approvals expiring bfore1.10.2009will hv2b renewed only once.

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/-