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Pranab Mukherjee: Union Budget 2009 Highlights

July 6th, 2009

Finance Minister Pranab Mukherjee on Monday, 6th July 2009, presented the Budget for 2009-10 that contained a series of measures that could be termed popular. For example, who wouldn’t welcome the dismissal of a 10% surcharge on personal income tax? That 10% might go a long way for personal budgets– just that much more to spend on whatever people choose, be it online bingo, school fees, travel, or household bills. You can read more about the 09 Budget here below.

Key Budget ’09 Highlights:

Income Tax exemption limits raised:
- Senior Citizens – by Rs. 15,000
- All other Individual Tax payers including women – Rs. 10,000
10% surcharge on personal income tax scrapped
Fringe Benefit Tax abolished
No change in corporate tax
Commodity Transaction Tax abolished
Minimum Alternate Tax hiked to 15% from 10%
IT returns to be made simpler

Budget highlights 2009

Government plans to bring back economy to high growth of 9%
GDP growth dipped to 6.7% in FY’09
FM to make pre-budget talks with state FMs annual affair
Fiscal deficit up from 2.7% to 6.8% of GDP
Return to fiscal prudence at the earliest
‘Aam admi’ is focus of all program and schemes
For Sr. Citizens IT exemption limit raised by Rs 15,000
Limit raised by Rs 10,000 for tax payers, including women
10% surcharge on personal income tax scrapped
Fringe Benefit Tax abolished
No change in corporate tax
Total fiscal stimulus in 2008-09 amounts to Rs 1,86,000 crore
Funds for housing, amenities for urban poor up Rs 3,973 crore
Funds for JN Urban Renewal Mission up 87% to Rs 12,887 crore
Assistance for storm-water drainage project up by Rs 300 crore
Farm credit target up at Rs 3,25,000 crore from Rs 2,87,000 crore
Interest rates incentive to farmers to repay loans on time
Additional Rs 1,000 crore for accelerated irrigation scheme
Export Credit Guarantee scheme extended till March 2010
2% interest subvention (IS) scheme extended till March 2010
IS scheme to cover 7 job-oriented sectors, including textile, handicrafts and handlooms
Commodity Transaction Tax abolished
New pension system trust exempted from STT; DDT
Minimum Alternate Tax hiked to 15% from 10%
Tax holiday on petro sector extended to natural gas
100% tax deduction on political donation
Stimulus for print media for another six months
Fertiliser subsidy to be nutrient-based, not price
Expert Grp to form viable pricing for imported petro goods
Banks and insurance firms to remain in public sector
Rs 100 crore one-time grant to expand banks in unbanked areas
Government committed to provide Rs 100 a day as wages under NREGA
Allocation of Rs 39,100 crore to be made for NREGA
NREGA coverage increased to 4.74 crore households in FY’09
Work National Food Security scheme has begun
Allocation for Bharat Nirman being raised by 45 percent
Rs 2,000 crore rural housing fund under National Housing Bank
Mission for female literacy with focus on minorities, SC/ST
50% of all rural women to be brought into SHG programs
Full interest subsidy for students in select institutions, Five lakh students to benefit
Modernisation of national employment exchanges
Action for social security to unorganised sector workers
New pension benefits for 12 lakh jawans and JCOs from July
One lakh dwelling units for paramilitary forces personnel
Unique Identification Card to citizens in 12-18 months
Provision of Rs 120 crore for UIC project
Rs 2,113 crore allocated for IITs and new IITs
Rs 3,472 crore for Commonwealth Games from Rs 2,112 crore
Customs, excise and service tax base rates unchanged
For Indira Awas Yojana, allocation increased 63%
IT returns to be made simpler
8 missions being launched under Plan on climate change
Allocation for market development assistance scheme up 148%
Allocation for Rural Health Mission raised by Rs 257 crore above interim budget
Rs 500 crore for rehabilitation of Sri Lankan Tamils
Rs 1,000 crore for infrastructure in cyclone-hit area in WB
Total expenditure crosses Rs 10 lakh crore for first time
Share of direct taxes in revenue increased to 56% in FY’09

CBDT Press Release on Deferment of TDS Rules

July 5th, 2009

Press Release

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.

New procedure for Issue of 195 Certificate

July 5th, 2009

CBDT ON REMITTANCE TO NON-RESIDENTS UNDER SECTION 195.
There is a new procedure for certificate U/s 195, which is changed as per circular of CBDT dated, 29-06-09.

Trade Notice on Procedure for Surrendering Registration Certificate (ST-2)

April 1st, 2006

OFFICE OF THE COMMISSIONER OF SERVICE – TAX, MUMBAI

5TH FLOOR, NEW CENTRAL EXCISE BUILDING, 115, M.K. ROAD,

CHURCHGATE MUMBAI- 400 020

Tel No. 22060619 Fax No. 22060618, email id:- commissioner_stax@mtnl.net.in

TRADE NOTICE NO. 03/2007 -ST DATED 30.03.2007.

Sub: Procedure for surrendering Registration Certificate (ST-2)

in view of the amendments in Finance Bill 2007. – reg.

Attention of the Trade and all concerned is invited to Govt. of India’s Notification No.6/200S-ST dated 01-03-2005 as amended by Notification No.4/2007-ST dated 01-03-2007 and Notification Nos. 26/2005-ST and 27/2005-ST both dated 07-06-2005 as amended by Notification Nos. 5/2007-ST and 6/ 2007-ST both dated 01-03-2007 respectively.

2(a). 1n view of the above amendments, it is clarified that the taxable services of aggregate value not exceeding Rs.8 lakhs are exempted from the whole of service tax leviable subject to fulfillment of the provisions of the Notification No.6/2005-ST dated 01-03-2005 as amended by Notification No.4/2007-ST dated 01-03-2007. The limit for obtaining service tax registration under Service Tax (Registration of Special Category of Persons) Rules, 2005 has also been increased from Rs. three lakhs to Rs. seven lakhs with effect from 01-04-2007 subject to the provisions of Notification Nos. 26/2005-ST and 27/2005-ST both dated 07-06-2005 as amended vide Notification Nos. 5/2007-ST and 6/ 2007-Si both dated 01-03-2007 respectively.

2(b). As per the provisions of sub-rule (7) of Rule 4 of Service Tax Rules, 1994 every registered assessee, who ceases to provide the taxable service for which he is registered, shall surrender his registration certificate immediately to the Superintendent of Central Excise.

3. Consequently, a registered service provider who either opts for exemption or otherwise ceases to provide taxable services may surrender his registration by furnishing an undertaking to comply with the conditions specified under Notification No. 6/2005 dated 1.3.2005 as amended by Notification No. 4/2007 dated 1.3.2007 and Notification Nos. 26/2005 and 27/2005 both dated 7.6.2005 as amended by Notification Nos. 5/20Q1 and 6/ 2007-Si both dated 01-03-2001 respectively and under sub-rule (8) of Rule 4 of Service Tax Rules, 1994, as the case may be to the Superintendent of Service Tax. To meet the said requirement an undertaking in the proforma enclosed is prescribed which shall be filed along with registration certificate in original.

4. All the Trade Associations are requested to bring the contents of this Trade Notice to the attention of their members in particular and the trade in general.

Sd/-

30.03.2006

(S.J. SINGH)

COMMISSIONER, SERVICE TAX, MUMBAIATESTED

(JHAMMAN SINGH)

ASSISTANT Commissioner (TECH)

SERVICE TAX: MUMBAI

End: As above.

Click the below link to download the form in word format

Form of Declaration & Surrender of ST-2

Cashless ESOP Benefits are not Taxable:- ITAT

May 19th, 2013

Bomi S. Billimoria vs. ACIT (ITAT Mumbai)

The assessee, an employee of Johnson & Johnson (“J&J”) India, received from J&J, USA, on 12.7.1989 a “cashless” option to buy 2500 shares at the then prevailing market price of $ 57.88 per share. The options were exercisable in installments over 10 years starting 11.7.1991. On 13.8.1992 (AY 1993-94), the assessee ‘sold’ the options and made a gain of Rs. 5,44,925. The AO held that the said gain was assessable in AY 1993-94 as

Pranab Mukherjee: Union Budget 2009 Highlights

Key Budget ’09 Highlights:

CBDT Press Release on Deferment of TDS Rules

Press Release

New procedure for Issue of 195 Certificate

CBDT Circular Section 195 and Foreign Remittances (pdf)

Click here to fill the form online.

Trade Notice on Procedure for Surrendering Registration Certificate (ST-2)

Sub: Procedure for surrendering Registration Certificate (ST-2)

Form of Declaration & Surrender of ST-2

Cashless ESOP Benefits are not Taxable:- ITAT

Bomi S. Billimoria vs. ACIT (ITAT Mumbai)

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