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NOTIFICATIONS

1.    Notification No. 18/2010 dated 22-03-2010

A Corrigendum to notification 09/2010 bearing S.O. 424 (E) dated 18.02.2010 has been made vide this notification.

The complete text of the said notification can be downloaded from the link below:

http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=NOTF&schT=&csId=54 88e10c-49ce-421a-82fc-f09981b8c6e4&NtN=&yr=ALL&sec=&sch=&title=Taxmann - Direct Tax Laws

2.    Notification No. 21/2010 dated 31-03-2010

Section 118 of the Income-tax Act, 1961 empowers the Board to direct , by way of notification in the official Gazette, that any income-tax authority or authorities specified in the notification shall be subordinate to such other income-tax authority or authorities as may be specified in such notification.

Accordingly, the CBDT has, vide Notification No. 21/2010 directed that for the purpose of the functions under Section 144C of the Income-tax Act, 1961 , Commissioners of Income-tax or Directors of Income-tax being members of the Dispute Resolution Panels [as listed hereunder] would be subordinate to the Director General of Income-tax (International taxation):

1. DRP, Ahmedabad
2. DRP, Bangalore
3. DRP, Chennai
4. DRP- I, Delhi
5. DRP- II, Delhi
6. DRP, Hyderabad
7. DRP, Kolkata
8. DRP- I, Mumbai
9. DRP- II, Mumbai
10. DRP, Pune

This notification shall come into force on the date of its publication in the Official Gazette.

The complete text of the said notification can be downloaded from the link below:

http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=NOTF&schT=&csId=83 e78b4e-b266-4be9-83cf-da41680ab8c8&NtN=&yr=ALL&sec=&sch=&title=Taxmann - Direct Tax Laws

3.    Notification No 23/2010 dated 8-04-2010

The Finance (No. 2) Act, 2009 had inserted clause (vii) in section 56(2) to bring within its scope, the value of any property received without consideration or for inadequate consideration.

The said clause provides that, if a property other than immovable property is received without consideration, the aggregate fair market value of such property on the date of receipt would be taxed as the income of the recipient if it exceeds Rs.50,000. In case the property other than immovable property is received for inadequate consideration, and the difference between the aggregate fair market value and such consideration exceeds Rs.50,000, such difference would be taxed as the income of the recipient. CBDT is empowered to prescribe rules for the determination of fair market value of the property other than immovable property.

Accordingly, the Central Board of Direct Taxes has vide notification no. 23/2010 made rules for determination of fair market value of the property other than immovable property, which would be effective from 1st October, 2009.

The complete text of the said notification can be downloaded from the link below:

http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=NOTF&schT=&csId=3e 338cca-5646-4ce5-8b5e-6c6b8d44d993&NtN=&yr=ALL&sec=&sch=&title=Taxmann - Direct Tax Laws

4.    Notification: No 24 /2010 dated 08-04-2010

Section 2(48) defining zero coupon bonds requires that such bonds should be notified by the Central Government. Accordingly, the Central Government has, vide Notification No. 24/2010 dated 08-04-2010 has specified the ten year Deep Discount Bond (Zero Coupon Bond) of Rural Electrification Corporation Limited (REC) to be issued by 31st March 2011 for the purpose of section 2(48) of the Income Tax Act, 1961.

The complete text of the said notification can be downloaded from the link below:

http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=NOTF&schT=&csId=4c 53a79e-35ab-43d2-a67e-0f9102d01103&NtN=&yr=ALL&sec=&sch=&title=Taxmann - Direct Tax Laws

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