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Friday, April 24, 2009

Depreciation on new commercial vehicles – date extended

Income-tax (Eleventh Amendment) Rules, 2009 - Amendment in New Appendix 1
\NOTIFICATION NO. 37/2009 [F.No.142/01/2009-TPL],
DATED 21-4-2009

In exercise of the powers conferred by section 295 of the 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. (1) These rules may be called the Income-tax (Eleventh Amendment) Rules, 2009.
     (2) They shall come into force with effect from the 1st day of April, 2010.

2. In the Income-tax Rules, 1962, in the Table to New Appendix 1, in Part-A relating TANGIBLE ASSETS, under the heading III, MACHINERY AND PLANT, in sub-item (via) of item (3), for the words and figures “1st day of April, 2009”, the words and figures “1st day of October, 2009” shall be substituted at both the places.

Thursday, April 16, 2009

Amendment in Form 3CD - Notification No. 36/2009 dtd. 13/4/2009

Income-tax (Tenth Amendment) Rules, 2009 - Amendment in Form No. 3CD
NOTIFICATION NO. 36/2009, DATED 13-4-2009

In exercise of the powers conferred by section 295 read with section 44AB of the 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. (1) These rules may be called the Income-tax (Tenth Amendment) Rules, 2009.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, after item 17, the following shall be inserted, namely :–

“17A. Amount of interest inadmissible under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.”

[F.No. 149/86/2008 –TPL]

Wednesday, April 15, 2009

Most Important Announcement for Audit firms of Listed Companies - (08-04-2009)

Most Important Announcement for Audit firms of Listed Companies - (08-04-2009)

Members may be aware that the Council had accepted the recommendation of Securities & Exchange Board of India (SEBI) that audit of listed companies shall be carried out by the auditors who have undergone Peer Review Process and have been issued Peer Review Certificate by the Peer Review Board

The above decision is effective for accounting periods commencing on or after April 1, 2009.

Consequent to the above decision, all the auditors of Listed Companies are required to undergo Peer Review Process and get Peer Review Certificate issued from the Peer Review Board.
The Peer Review Board is making all out efforts to cover those audit firms, which are not yet selected for Peer Review Process. While the Board will be sending a letter to each such audit firm, it will be in the professional interest of such firms to immediately get selected for Peer Review by emailing us the following information at email id peerreviewboard@icai.org;

- Name of the Firm
- FRN or Membership No. in case of Proprietor firm.
- Latest Contact details i.e. complete address, Tel No with STD Code, Mobile No. & email id.

The Firms who have already been selected under the Peer Review Process and their review is in progress at different stages may also hasten up their Peer Review Process and ensure that their Final report is submitted by the Reviewer to the Board. Such firms are requested to furnish the above details at S.No.1 to 3. along with their present status of review.

In order to complete the Peer Review Exercise timely and smoothly all the audit firms of listed companies and their Reviewers are hereby requested to expedite their Peer Review Process.

For any assistance or guidance, please feel free to contact:
CA. K. RaghuChairman,
Peer Review Board

CA. Uttam Prakash Agarwal
President, ICAI

Monday, April 6, 2009

CBDT has notifed new Income Tax forms for FY 2008-09 (AY 2009-10)

The CBDT has notified new Income Tax Forms for F.Y. 2008-09 Income Tax Forms A.Y. 2009-10. via vide notification No. 32/2009 (Income-tax 9th Amendments) Rules, 2009.

New ITR Forms Form ITR 1, Form ITR 2, Form ITR 3, From ITR 4, Form ITR 5, Form ITR 6, Form ITR 7, Form ITR 8, and ITR V, will be available on Income Tax website very soon. The detail notification is as under.

Notification - Income Tax - AllIncome-tax (9th Amendment) Rules, 2009
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES
NOTIFICATION NO. 32/2009 Dated: March 27, 2009
INCOME-TAX
SO. (E).- In exercise of the powers conferred by section 295 of the 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 (9th Amendment) Rules, 2009.
(2) They shall come into force on the 1st day of April, 2009.
2. In the Income-tax Rules, 1962,
(a) in rule 12,-
(i) in sub-rule (1), for the words, figures and letters "on the 1st day of April, 2008", the words, figures and letters "on the 1st day of April, 2009" shall be substituted;
(ii) in sub-rule (5), for the words, figures and letters "on the 1st day of April, 2007", the words, figures and letters "on the1st day of April, 2008" shall be substituted;
(b) in Appendix- II, for Form ITR 1, Form ITR 2, Form ITR 3, From ITR 4, Form ITR 5, Form ITR 6, Form ITR 7, Form ITR 8, and ITR V, the following forms shall be substituted