Taxation of gifts-in-kind: property gifts above the monetary threshold are taxable as income from other sources and must be disclosed.
With effect from 1 October 2009, immovable property and other property received as gifts by an individual or HUF whose value exceeds the statutory monetary threshold are includible as income from other sources; the donee must pay tax on and disclose the taxable value in the income tax return for the assessment year beginning 2010 11 and thereafter.

Due date extension for income tax returns in specified districts extended to late October, affecting local filers.
An administrative extension of the filing due date for income tax returns was announced for taxpayers in Pune, Sangli and Kolhapur, moving filings due at the end of September 2009 to 31st October 2009, with an official notification to follow.

Customs duty exemption applies to imports under export promotion schemes, covering capital goods, inputs and duty credit scrip imports.
Finance ministry notifications grant exemption from duties of customs for imports under multiple Foreign Trade Policy export promotion schemes. Exemptions cover EPCG (including Common Service Providers), Advance Authorisations, Duty Free Import Authorisations, DEPB, and duty credit scrips under schemes such as Vishesh Krishi and Focus Market/Product schemes. Specified exemptions extend to whole of customs duty and, in relevant notifications, to additional duty, safeguard duty and anti dumping duty, and apply to inputs, capital goods, consumables and items imported for service sector exports under the Served From India Scheme.

Depreciation eligibility for licences limited to intellectual property related rights; stock exchange membership card excluded from allowance.
Depreciation under Section 32 is limited to specified categories of intangible assets closely related to intellectual property; the expression licences must be construed with noscitur a sociis to restrict its scope to such intellectual property related licences. A stock exchange membership card does not constitute a business or commercial right relating to intellectual property and therefore does not qualify for depreciation merely because it is a capital asset liable to capital gains on sale.

GST administration preparedness drives conference to evaluate departmental readiness and strengthen indirect tax compliance and border management.
Conference of senior customs and central excise officials will focus on departmental readiness for Goods and Service Tax administration, covering procedural adaptations, IT initiatives, audit controls, revenue collection strategies, border management, and measures to improve indirect tax compliance and strengthen tax administration.

Advance tax instalment requirement for corporate and non corporate taxpayers due mid September; pay via net banking or Challan ITNS 280.
Direct tax receipts rose modestly in the first five months, with Corporate Tax growing more slowly and Personal Income Tax growing faster; increased tax refunds significantly offset net growth. Advance tax instalments for corporate and non corporate taxpayers are due in mid September, calculated as a proportion of estimated annual tax liability reduced by amounts deductible or collectible at source, and must be paid via Challan No. ITNS 280 or electronic net banking to avoid penalties.

Charitable purpose: paid research and consultancy for public bodies can remain charitable when it advances public utility.
The High Court held that an educational institution's research and consultancy projects commissioned by government bodies, undertaken due to the institution's expertise to improve public systems, can constitute the advancement of general public utility and remain charitable; receipt of remuneration for such projects does not automatically make them commercial, and a charity may have income from gifts or business without losing charitable character.