Minimum Alternate Tax: Schedule VI compliant audited accounts can determine book profit even if different from AGM adopted accounts.
Minimum Alternate Tax question: where a set of accounts prepared in accordance with Parts II & III of Schedule VI and certified by chartered accountants differs from the AGM approved profit and loss account, the Schedule VI compliant audited accounts may be used to compute book profit for section 115J; the assessing officer has no jurisdiction to discard such accounts except as permitted by the Explanation to section 115J.

Permanent establishment test: supportive liaison activities that do not earn locally or conclude contracts do not create taxable presence.
Whether income of a UAE remittance company accrued or was deemed to accrue in India and whether its liaison offices constitute a permanent establishment under the India-UAE DTAA, where contracts and fee collection occurred in the UAE while Indian liaison offices only downloaded remittance particulars, prepared drafts/cheques and dispatched them under RBI licence without earning local fees, and the High Court found those supportive activities did not directly or indirectly contribute to profit-earning in the UAE.

Tribunal status of advance ruling authority enables writ jurisdiction and judicial review for jurisdictional and apparent errors.
The Authority for Advance Rulings qualifies as a tribunal because it has civil court powers and the procedural 'trappings of a court', including powers to summon and examine witnesses, compel production of books, an obligation to afford hearing and give reasons; accordingly its advance rulings are amenable to supervisory writ jurisdiction and certiorari for errors apparent on the face of the record or for decisive errors of fact or law that affect jurisdiction.

Enhanced depreciation for commercial vehicles extended, allowing higher depreciation for qualifying purchases within the revised qualifying period.
Vehicles acquired on or after 1 January 2009 and put to use before 1 October 2009 are eligible for enhanced depreciation at the rate of 50 percent; a notification substitutes the earlier cut off date to extend the qualifying period and thereby expands eligibility for the enhanced allowance under the Income Tax Rules.

Loan repayment procedures: maturity payable at par with electronic payment mandate or advance tendering for absent mandates.
Outstanding principal of the 7.00 per cent Loan, 2009 is repayable at par on May 25, 2009 and interest ceases from that date; if a State holiday is declared the Loan will be repaid on the previous working day. Payment to registered holders in Subsidiary General Ledger, Constituent Subsidiary General Ledger or Stock Certificate form shall be by pay order with bank particulars or by credit to the holder's bank account through electronic means, subject to submission of bank account particulars in advance. Absent such particulars, holders may tender duly discharged securities at Public Debt Offices, Treasuries/Sub Treasuries or designated bank branches 20 days before the due date for repayment.

Interest inadmissible under MSMED Act: now required to be reported in tax audit form as a new entry.
The Income-tax (Tenth Amendment) Rules, 2009 add entry 17A to Form 3CD requiring assessees to disclose the amount of interest inadmissible under the Micro, Small and Medium Enterprises Development Act, 2006, creating an express audit reporting obligation in the particulars furnished under the tax audit statement.

Income tax return forms for AY2009 10: eligibility, annexure less filing methods, tax computation and schedules explained.
Corrigendum and consolidated instructions for ITR forms for assessment year 2009-10 set eligibility for each ITR, mandate annexure less filing, prescribe filing modes (paper, electronic with digital signature, electronic transmission plus ITR V, bar coded paper), provide filing/status and transaction codes, and detail schedules and procedures for computing total income, Chapter VI A deductions, tax computation (including slabs, surcharge and cess), loss set off/carry forward, TDS/UTN reporting, verification/ITR V acknowledgement, and Tax Return Preparer rules.

Income tax Notification prescribes ITR 1-ITR 8 and ITR V for AY2009 10, eligibility rules, annexure less filing, and electronic verification.
The Notification prescribes ITR 1 to ITR 8 and ITR V for Assessment Year 2009 10, allocating each form to defined taxpayer classes, requiring annexure less returns, and specifying filing methods (paper, electronic with digital signature, electronic transmission plus ITR V, bar coded). Forms include detailed schedules for headwise income computation, Chapter VIA deductions, tax calculation (including surcharge and education cess), interest provisions, TDS/advance tax reconciliation and codes for reporting specified transactions; ITR V serves as the electronic verification/acknowledgement.

TDS and TCS compliance: revised electronic deposit timelines, consolidated return filing, and indemnity bond credit rule.
TDS and TCS procedures are revised to require electronic deposit-generally within one week of month end, or within two months if credited on the accounting year end-with specified quarterly payment exceptions permitted by the assessing officer; certificate issuance and credit on loss of certificate are allowed subject to an indemnity bond. Quarterly and annual TDS/TCS return procedures are consolidated, merging separate rules into a unified filing framework and updating Form 16/Form 16A formats.

Withholding tax information filing required before remittance; electronic remittance form and chartered accountant certificate mandated.
Payers of sums chargeable to tax to non-residents must furnish prescribed information prior to remittance: an electronic information return and a chartered accountant's certificate must be submitted, with an electronic filing followed by a signed printout, to enable timely monitoring and replace manual undertakings previously routed through banking channels.

TDS and TCS payment rules: new challan form governs post-effective date; procedural and credit provisions clarified.
The new Form 17 is prescribed for payment of TDS/TCS on or after 1st April 2009 while payments for TDS/TCS made before that date remain payable using Form 281. The dematerialisation scheme for TDS/TCS certificates is deferred to 1st April 2010. Rules will govern the manner of giving credit for TDS/TCS, effective 1st April 2008. Amendments clarify that failure to deduct or to pay deducted tax will render the person an assessee in default, with related explanatory substitutions given retrospective effect.