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Circular 1/2010: TDS on Salary u/s 192

January 18, 2010 Leave a comment

After the releasing the notification regarding valuation of perquisites for determining the taxable salary u/s 17 in the hands of employees.

CBDT has come up with a new Circular 1/2010 to determine the TDS on salary u/s 192 as the end of the previous year draws nearer.

The circular illustrates in detail as to how to calculate the amount of TDS on salary paid during F.Y. 09-10. Various declaration forms like 16AA etc. are also annexed to the circular.

Apart from this there is also a detailed illustration to elucidate as to how calculations should be done.

To download the circular click here.

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Categories: Categories, Direct Tax Tags: , , , ,

Treatment of goods w/o for CENVAT Credit

December 22, 2009 Leave a comment

Its common amongst the manufacturers to write off the value inputs and capital goods in the books of accounts, when they get obsolete, non-moving etc.

But manufacturers used to exploit this situation to their own benefit by w/o the value of stock in the books and still availing the CENVAT credit under excise.

To counter this, earlier this year Rule 3(5B) was added to the CENVAT Credit Rules, 2004. The provision read:

“that writing off the value of inputs and capital goods before putting them to use would entail reversal of the full Credit taken on them and that subsequent use of the inputs or capital goods would enable taking the Credit again”

The Circular No. 907/27/2009-CX dated December 7, 2009 also iterates the same position.

To read the full circular click here.

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