Govt introduces new PAN form for non-residents Posted: 31 Oct 2011 08:33 PM PDT New Delhi: The Income Tax Department introduces a separate permanent account number (PAN)application form for non-residents in which NRIs, PIOs and entities having interest in India will have to provide additional information to the Central Board... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Corrigendum to Circular 2 Of 2011 – Consolidated FDI Policy Posted: 31 Oct 2011 07:56 PM PDT Circular 2 of 2011 was issued on 30th September, 2011. Para NO.3.3.2.1 of the above Circular hereby stands deleted. Erstwhile paragraph 3.3.2.1 of 'Circular 2 of 2011' went like this: [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Income Tax notification Notifying Amendment in Form No. 49A and 49AA Posted: 31 Oct 2011 06:05 PM PDT Notification nO. 58/2011 [F.No. 133/48/2011-SO(TPL)]/S.O.2468(E), dated 29-10-2011 - S.O.2468(E).- In the notification of Government of India, Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes), number 56/2011 dated 17th... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Changes in due dates for filing Form No. 24Q/26Q where deductor is Govt. office Posted: 31 Oct 2011 05:43 PM PDT Notification no. 57/2011 Income-tax Rules, 1962 were amended, vide notification No. S.O. 2429(E) dated 24th of October, 2011, for (i) extending the time limit of submission of TDS statements by the Government deductors in view of filing of Form... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Revenue department opposed abolition of Securities Transaction Tax (STT) Posted: 31 Oct 2011 03:15 PM PDT The revenue department is opposed to abolition of Securities Transaction Tax (STT) as the levy helps keep a tab on investments in markets and track flow of unaccounted funds. STT helps in overall regulation and keep a check on cost involved. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| S.K.Goel Takes Over as Chairman, Central Board of Excise and Customs (CBEC) Posted: 31 Oct 2011 02:44 PM PDT Shri. S.K.Goel (IRS:1975) today took charge as the Chairman, Central Board of Excise & Customs (CBEC) on 31st October, 2011. He took charge from Shri S.Majumdar who demitted the office today on his superannuation. Shri Goel joined Indian... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| FM Inaugurates Government's E-Payment System Posted: 31 Oct 2011 01:20 PM PDT The Union Finance Minister Shri Pranab Mukherjee today formally launched the central government e-payment system He said that the commissioning of the e-payment system is a major achievement and indicates Government's strong commitment towards... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Interest Rates – Party Spoiler Posted: 31 Oct 2011 09:37 AM PDT Dr. Sanjiv Agarwal This is neither a festival bonanza nor a diwali blast from Reserve Bank of India. From common men's perspective, Reserve Bank has given yet another blow (this time thirteenth in succession in last twenty months) by hiking interest... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Where the assessee discloses all the facts truly, no penalty can be levied for concealment of income – Bombay HC Posted: 31 Oct 2011 09:22 AM PDT The Metal Rolling Works Ltd. V/s. CIT (Bombay High Court)- The development agreement did contain a clause to that effect and, therefore, since the last instalment was not received in AY 2002-03, the assessee was justified in not offering the capital... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Revision in Limits of Housing Loans and Repayment Period – Second Quarter Review of Monetary Policy 2011-12 Posted: 31 Oct 2011 08:37 AM PDT As announced in the Second Quarter Review of the Monetary Policy 2011-12 (para 89 - extract appended), it has been decided to permit Tier-I UCBs to extend individual housing loans upto a maximum of `30 lakh per beneficiary of a dwelling unit and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| ICAI – President's Message – November 2011 Posted: 31 Oct 2011 08:35 AM PDT Dear Friends, In my message, this time, I would like to recall Shri V. Narhari Rao, the first Comptroller and Auditor General of independent India, who had come to our headquarters in Delhi, on the occasion of the First Conference of Chartered... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Government Considering Raising FDI Limit in Single Brand Retail Posted: 30 Oct 2011 10:57 PM PDT hri Sharma also informed that India allows 51 per cent FDI in single brand retail and government is considering the ways of raising this limit. Shri Sharma said that the micro, small and medium enterprises sector is the backbone of Indian economy,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Instructions regarding Power of adjudication of Central Excise Officers Posted: 30 Oct 2011 10:39 PM PDT Circular No. 957/18/2011-CX-3, the Board has noticed that the monetary limits for adjudicating cases (both extended period and others), for Joint Commissioners is with regard to cases involving duty– above Rs 5 lakhs and upto Rs 50 lakhs and for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Amendment in notifications specifying all Industry Rates of Duty Drawback, 2011-12 Posted: 30 Oct 2011 10:28 PM PDT Circular No. - 48/2011-Customs As you are aware, the All Industry Rates (AIR) of Duty Drawback 2011-12 were notified vide Notification No. 68/2011-Cus. (N.T.) dated 22.09.2011. These rates have come into effect on 01.10.2011. Subsequently, the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| MCA withdrawn draft of Companies (Dematerialization of Certificates) Rules, 2011 Posted: 30 Oct 2011 10:22 PM PDT The Ministry of Corporate Affairs was considering the proposal to issue Companies(Dematerialization of Certificates) Rules, 2011 and comments /Recommendations were invited by the Ministry latest by 30th June, 2011 vide letter of even number dated... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| ICAI invites comments /suggestions on Discussion paper on Tax accounting Standards released by CBDT Posted: 30 Oct 2011 10:18 PM PDT The Central Board of Direct taxes has recently released a Discussion paper on Tax Accounting Standards (TAS) for comments/suggestions by all stakeholders. The Direct Taxes Committee of ICAI is in the process of considering the inputs to be given to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Amendments in the Reward/Incentive Schemes of Chapter 3 of FTP 2009-14:- Notification of Table-8 under Appendix 37D of Handbook of Procedure Vol.1 Posted: 30 Oct 2011 10:02 PM PDT PUBLIC NOTICE NO. 83 (RE2010)/2009-14 DATED: 31st October 2011 Subject: Amendments in the Reward/Incentive Schemes of Chapter 3 of FTP 2009-14:- Notification of Table-8 under Appendix 37D of Handbook of Procedure Vol.1 In exercise of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| The Status Holders shall also be eligible for the Status Holders Incentive Scrip on exports made during 2012-2013 Posted: 30 Oct 2011 09:58 PM PDT Amendments in the Para 3.16.1 of FTP 2009-14. Notification No. 84 (RE-2010)/2009-2014, New Delhi, the 31st October, 2011. In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| DGFT permits export of 1053.625 MTs of Casein and Casein products already manufactured on or before 18.02.2011 Posted: 30 Oct 2011 09:55 PM PDT Notification No 83 (RE – 2010)/2009-2014, In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Amendment in chapter 2 of ITC(HS) relating to export of meat Posted: 30 Oct 2011 09:51 PM PDT Notification No 82 (RE – 2010)/2009-2014 Exporters would now be required certify both (a) that the items have been obtained/sourced from an APEDA registered integrated abattoir or from APEDA registered meat processing plant and (b) that the raw... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Amendment in Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 related to tariff value of Crude Palm Oil, RBD Palm Oil etc Posted: 30 Oct 2011 09:48 PM PDT NOTIFICATION NO 76/2011-Cus., (NT.), Dated: October 31, 2011 In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| DPIN will be treated as DIN Posted: 30 Oct 2011 09:42 PM PDT Ministry of Corporate Affairs has decided to simplify issuance of identification numbers to those who wish to incorporate a Company or LLP; hence identification scheme of Designated Partner Identification Number (DPIN) is merged with Director... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Exemption for export of excise verified stock of 1053. 625 MTs of casein and casein products manufactured prior to imposition of ban on export of milk products i.e. 18.02.2011 Posted: 30 Oct 2011 09:42 PM PDT Trade Notice No. 21 On the basis of information available with the DGFT, the following firms are permitted to export the excise verified stock of quantities mentioned against their names (which were manufactured prior to ban): [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Banks' Exposure to Capital Market – Issue of Irrevocable Payment Commitments (IPCs) Posted: 30 Oct 2011 09:25 PM PDT Please refer to our circular No. DBOD.Dir.BC.46 /13.03.00/2010-11 dated September 30, 2010 in terms of which certain risk mitigation measures were prescribed in the context of banks issuing IPCs to various Stock Exchanges on behalf of Mutual Funds...
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