PRESS RELEASE
New Delhi dated 30th June 2009
The Central Board of Direct Taxes have further decided that the Notification No. 31 of 2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962 shall be kept in abeyance for the time being.
Taxpayers filing their income tax returns for assessment year (AY) 2009-10, or any other earlier AY, may continue to file their returns without mentioning the Unique Transaction Number (UTN) as required under the said Notification. The filing of such returns shall be treated as valid and in compliance to the requirements under section 139 of the Income Tax Act, 1961.
Further, the date from which the Notification No. 31 / 2009 shall become applicable on tax deducted at source (TDS) or tax collected at source (TCS) and deposited during the current financial year shall be notified by the Central Board of Direct Taxes subsequently.
All deductors / collectors of TDS / TCS may continue to deposit their TDS / TCS and file their quarterly TDS / TCS returns as per procedure existing prior to issuance of Notification No.31 / 2009 dated 25.3.2009.
Wednesday, July 1, 2009
New TDS rules kept in abeyance
Monday, June 8, 2009
MVAT – Works contract with land (Amendment in MVAT Rules)
FINANCE DEPARTMENT,
Mantralaya, Mumbai 400 032, dated the 1st June 2009
NOTIFICATION
Maharashtra Value Added Tax Act, 2002.
No. VAT-1507/CR-53/Taxation-1.- Whereas the Government of Maharashtra is
satisfied that circumstances exist which render it necessary to take immediate action
further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the
condition of previous publication thereof under the proviso to sub-section (4) of section
83 of the Maharashtra Value Added Tax Act, 2002 (Mah.IX of 2005);
Now therefore, in exercise of the powers conferred by sub-sections(1) and (2)
read with sub-section (3) and the proviso to sub-section (4) of section 83 of the said Act,
and of all other powers enabling it in this behalf, the Government of Maharashtra is
hereby, makes the following rules further to amend the Maharashtra Value Added Tax
Rules, 2005, namely:-
1. These rules may be called the Maharashtra Value Added Tax (Amendment) Rules,
2009.
2. In rule 58 of the Maharashtra Value Added Tax Rules, 2005, after sub-rule (1) the
following sub-rule shall be inserted and shall be deemed to have been inserted with effect
from the 20th June 2006, namely:-
"(1A) In case of a construction contract, where alongwith the immovable
property, the land or, as the case may be, interest in the land, underlying the immovable
property is to be conveyed, and the property in the goods (whether as goods or in some
other form) involved in the execution of the construction contract is also transferred to
the purchaser such transfer is liable to tax under this rule. The value of the said goods at
the time of the transfer shall be calculated after making the deductions under sub-rule (1)
and the cost of the land from the total agreement value.
The cost of the land shall be determined in accordance with the guidelines
appended to the Annual Statement of Rates prepared under the provisions of the Bombay
Stamp (Determination of True Market Value of Property) Rules, 1995, as applicable on
the 1st January of the year in which the agreement to sell the property is registered:
Provided that, deduction towards cost of land under this sub-rule shall not exceed
70% of the agreement value."
By order and in the name of the Governor of Maharashtra.
CHITRA KULKARNI
Officer on Special Duty to the Government.
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