Mauritius imposed stringent conditions on Mauritius-based companies investing in India

In a bid to allay the Indian government's fears about round tripping, the Financial Services Commission of Mauritius has imposed a stringent set of conditions on Mauritius-based companies investing in India. THE Financial Sevices Commission of Mauritius has imposed a stringent set of conditions on Mauritius-based companies investing in India in a bid to allay fears about round-tripping of funds....

Income-tax deduction from salaries during the financial year 2009-2010 under section 192 of the Income-tax act, 1961

  Highights of CBTD Circular CIRCULAR NO.1/2010     Method of tax calculation Payment of tax on non-monetary perquisites by employer Computation of average income tax Relief when salary paid in arrear or advance: Adjustment for excess or shortfall of deduction TDS on payment of balance under provident fund and superannuation fund: Persons responsible for deducting tax and their duties...

Companies act Secretarial Records checklist..

Hi All, Please Find attached Companies act  & Secretarial Records checklist Click Here to Download...

IT Department wants to tax inter-corporate loans given to unrelated companies, but with common shareholders as deemed dividend

The Income Tax (I-T) Department has decided to put an end to the contentious issue of taxation of deemed dividend or inter-company loans given to common shareholders of unrelated companies. The department proposes to amend the I-T Act in this regard. Inter-company loans, known as ‘deemed dividends’, are used by companies to route dividend in the form of loans to companies which have common shareholders...

INDIVIDUAL/HUF/AOP/HUF-IT RATES AY 2010-11

Income Level / Slabs - Male/ HUF/AOI/BOP 1.Where the total income does not exceed Rs.1,60,000/--- NIL 2.exceeds Rs.1,60,000/- but does not exceed Rs.3,00,000/--- 10% of amount exceeding Rs. 1,60,000/- 3.exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/--- 20% of amount exceeding Rs. 3,00,000/ +Rs.14000/- 4.exceeds Rs.5,00,000/--- 30% of amount exceeding Rs. 5,00,000/ +Rs.54000/- ...

TN Works Contract Tax

Actual Labour Deduction Option A-1 Option (Levy of VAT on Works Contracts in the hands of the Contractor) Under the legal option A-1, the VAT is payable on the `Material Value’ of the Contract. The Contractor determines the Material Price after adding Material Cost and Margin to such cost . The 4% or 12.5% VAT would be applicable on such Material Value /Price, depending upon the classification of...