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Jan 17, 2012

All about Income Tax deductions from Total income available to taxpayers

How to Fill PAN Form No. 49A

Posted: 17 Jan 2012 07:31 PM PST

The following persons should apply for allotment of PAN in Form 49A‑ Every person whose assessable income exceeds the maximum amount which is not chargeable to tax or any person carrying out business or profession whose total sales/turnover is...

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All about Income Tax deductions from Total income available to taxpayers

Posted: 17 Jan 2012 07:23 PM PST

DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, DEFERRED ANNUITY, CONTRIBUTIONS TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES OR DEBENTURES, ETC. [SEC. 80C, APPLICABLE FROM THE ASSESSMENT YEAR 2006-07] - SECTION 80C 1. Under section 80C,...

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Sebi cut the timeline for completion of buy back of shares by listed companies to 34-44 days

Posted: 17 Jan 2012 06:11 PM PST

Sebi has reduced the timeline for completion of buy back of shares by companies to 34-44 days. Earlier, the buyback process could take anywhere between 63 and 114 days. These changes form a part of amendments made by the regulator in the Sebi (Buy...

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Gold and Silver to become expensive as Govt changes Import Duty and Excise Duty Structure

Posted: 17 Jan 2012 05:50 PM PST

Gold and silver are set to become more expensive as the government has changed the duty structure on precious metals from specific to value-linked. The change will enable the exchequer to rake in an additional 600 crore rupees during the remaining...

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Revenue cannot prefer appeal before ITAT if tax effect is below the prescribed limit of Rs. 3 lacs

Posted: 17 Jan 2012 04:24 PM PST

Dy.Commissioner of Income Tax Vs Shri Hridey Vikram (ITAT Delhi) -CBDT, vide above instruction has clearly laid down that the revenue should not prefer appeals against assessees before ITAT if the tax effect involved in the appeal, excluding...

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ITAT restored the matter to CIT(A) as order was by passed him in haste

Posted: 17 Jan 2012 04:13 PM PST

Baker Technical Services Private Limited Vs ITO (ITAT Mumbai) - As per order of the Ld. CIT (A) the appeal was posted for hearing on 8.02.2010. On the said date, the assessee sought the adjournment. Again the appeal was fixed on 20th February 2010....

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Exemption U/s. 10(23C)(iv) not available if assessee has not maintained separate books of account for the activities which are in the nature of business

Posted: 17 Jan 2012 04:04 PM PST

ACIT (E) Vs. India ITME Society (ITAT Mumbai) Since the assessee has not maintained separate books of account for these activities of providing other services and charging with a margin, the notification issued u/s 10(23C)(iv) will not applicable in...

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Taxability of Capital Gain on sale of under construction property, Nature of Gain, Date of Indexation, Availability of benefit under section 54 or 54EC

Posted: 17 Jan 2012 06:04 AM PST

Whether the Right to own the Property is a Capital Asset? What is a capital asset is defined in section 2(14) of the I.T. Act, 1961. Under that provision, a capital asset means property of any kind held by an assessee, whether or not connected with...

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ICWAI – Act to Change of name of Cost accounting institute and to change acronym used by its members

Posted: 17 Jan 2012 02:52 AM PST

THE COST AND WORKS ACCOUNTANTS (AMENDMENT) ACT, 2011 (No. 10 of 2012) [12th January, 2012.] An Act further to amend the Cost and Works Accountants Act, 1959. BE it enacted by Parliament in the Sixty-second Year of the Republic of India as...

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Risk Management and Inter-Bank Dealings – Commodity Hedging

Posted: 16 Jan 2012 08:30 PM PST

A. P. (DIR Series) Circular No.68 It has now been decided to permit all AD Category-I banks to grant permission to companies to hedge the price risk in respect of any commodity (except gold, silver, platinum) in the international commodity...

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Seizure of Idols/Statues of 9th to 12th Century AD believed to be Antiques

Posted: 16 Jan 2012 08:11 PM PST

On the basis of specific intelligence that, public buses plying between Siliguri & Debiganj are carrying contraband goods intended for illegal export to Nepal, the officers of Headquarter Preventive & Intelligence Branch on 11.01.2012 at...

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Transfer/posting of officers following promotion to the grade of Joint Commissioner of Income Tax – Order No. 14 of 2012

Posted: 16 Jan 2012 06:22 PM PST

ORDER NO. 14 OF 2012 -In continuation of this Department's order No. 175/2011 dated 27.10.2011, on promotion to the grade of Joint Commissioner of Income Tax on ad hoc basis, following transfer/posting of officers are ordered with immediate effect...

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Transfer and posting of Additional / Joint /Deputy / Assistant Commissioner of Income Tax – Order No. 13 of 2012

Posted: 16 Jan 2012 06:18 PM PST

ORDER NO. 13 of 2012 - The following officers in the grade of Additional/Joint/Deputy/Assistant Commissioner of Income Tax are hereby transferred and posted at the station indicated against each in the Directorate of International Taxation and...

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IDBI MF offers Regular Cash Flow Plan (RCFP) under its Monthly Income Plan

Posted: 16 Jan 2012 02:57 PM PST

IDBI Mutual Fund has introduced Regular Cash Flow Plan as an added feature under IDBI Monthly Income Plan (MIP). RCFP provides investors with an additional income stream by way of regular cash flow to take care of future projected needs.

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Increase in customs duty on Gold and silver in any form when imported into India by an eligible passenger

Posted: 16 Jan 2012 08:30 AM PST

Notification No. 3/2012-Customs- -In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the government of India in the Ministry of Finance ( Department...

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Increase in customs duty on Silver and Gold in any form imported into India, other than through post, courier or baggage

Posted: 16 Jan 2012 08:30 AM PST

Notification No. 2/2012-Customs, New Delhi, the 16th January, 2012 - G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that...

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Further amends Notification No. 21/2002-Customs, dated the 1st March, 2002

Posted: 16 Jan 2012 08:22 AM PST

Notification No. 01/2012-Customs, New Delhi, the 16th January, 2012 G.S.R. (E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is...

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Vodafone to list its shares in India

Posted: 15 Jan 2012 10:48 PM PST

UK-based telecom major Vodafone has moved a step further to list its India operations by roping in investment bank NM Rothschild to assist the listing plans. According to sources, Vodafone India has roped in investment bank NM Rothschild to assist...

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China Investments.. Opens South Korea

Posted: 15 Jan 2012 08:58 PM PST

China promised to support the North Koreans in the event of a war against South Korea. The Chinese support created a deep division between the Korean communities. It might sound strange from where did this come off. Well it is the story of the China...

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Amends Notification No. 23/2003-Central Excise, dated the 31st March, 2003

Posted: 15 Jan 2012 08:44 PM PST

Notification No. 3/2012-Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do,...

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Amends Notification No. 5/2006-Central Excise, dated the 1st March, 2006 related to rates of duty on Gold and Silver bar

Posted: 15 Jan 2012 08:34 PM PST

Notification No. 2/2012-Central Excise - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to...

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Amends notification No.70/2010-Customs, dated the 25th June, 2010

Posted: 15 Jan 2012 08:19 PM PST

Notification No.8/2012 – Customs (ADD) - In exercise of the powers conferred by sub-sections (1) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection...

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Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001

Posted: 15 Jan 2012 08:15 PM PST

Notification No. 3/2012 - Customs (N.T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary and expedient so to do, hereby fixes...

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