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Jan 13, 2012

Procedure to Reset Password of efiling of Income Tax Return

Procedure for Filing Income Tax Settlement Application- Admission, Validation and settlement of the Application

Posted: 13 Jan 2012 05:55 PM PST

Procedure for Filing Settlement Application Settlement application is to be filed only in the prescribed Form No.34-B notified under the Income Tax Rules, 1962. The form has to be signed by the applicant himself. The Form has to be...

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Income Tax Settlement Commission – Frequently Asked Questions

Posted: 13 Jan 2012 05:44 PM PST

1. What is meant by Settlement in respect of tax disputes? How is it different from the appellate process? Settlement of disputes relating to Income Tax and Wealth Tax is based on the objective of dispute resolution Alternate. It is in the nature...

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Provisions of DTC Bill, 2010 relating to Settlement Commission

Posted: 13 Jan 2012 05:38 PM PST

1. Time-Limit - DTC has kept the time limit for passing final settlement orders under Section 245D(4) at 18 months, as in the IT Act, 1961, however has increased various internal time-limits as under:

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Exemption to Trust U/s. 11 of Income Tax Act can not be denied if Payment made to concerns covered U/s. 13(3) not excessive

Posted: 13 Jan 2012 04:12 PM PST

DDIT(E)-II Vs. M/s. Rock Church Ministries (ITAT Hyderabad ) The purpose of section 13(1)(c) is to deprive a religious or charitable trust from exemption if it is found that its income is used or applied, directly or indirectly, for the benefit of...

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Direct Tax Code- Proposed Changes in Transfer pricing regulations

Posted: 13 Jan 2012 04:09 PM PST

The issue of transfer price affects various types of taxes. Under Custom Laws, special valuation branch examines the validity of the transaction value between associated enterprises. In Service Tax law, service tax has been imposed on import of...

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Rule 8D not applicable to Assessment years prior to the year in which Rule 8D comes in to force

Posted: 13 Jan 2012 03:42 PM PST

Dipajyoti Resouces Pvt. Ltd. Vs. ITO (ITAT Kolkata) - After hearing the rival submissions and on careful perusal of materials available on record keeping in view of the fact that since the assessment year involved in this appeal is relating to A.Yr....

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Procedure to Reset Password of efiling of Income Tax Return

Posted: 13 Jan 2012 02:35 AM PST

If you have forgotten your password for the Login ID that you had created for efiling of Income tax return and to view Tds Credited ( 26AS) in your account. There is a control that you can create only single account with one PAN No. So if you want...

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Investing In 2012

Posted: 13 Jan 2012 02:18 AM PST

Yet another not so good year 2011 has passed by. It was neither good for economy, nor for politics or for investors. While investors suffered on account of higher inflation, higher interest rates and higher petrol prices on one hand, capital markets...

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Government grants sanction to prosecute Google, Facebook and 19 other social networking sites

Posted: 12 Jan 2012 10:18 PM PST

Google, Facebook and 19 other social networking sites faced legal action for offences of promoting enmity between classes after the Government granted sanction to prosecute them. The Government today told a Delhi court there is sufficient material...

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CBI Arrests a Commissioner Of Central Excise, Delhi In Bribery Case

Posted: 12 Jan 2012 09:32 PM PST

The Central Bureau of Investigation has today arrested Commissioner of Central Excise, Delhi in an on-going investigation in a case registered against him; a Superintendent, Central Excise, New Delhi; a middleman and others for demanding an illegal...

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FM – Stress has to be put on direct tax collection

Posted: 12 Jan 2012 09:21 PM PST

Finance Minister Pranab Mukherjee today said stress has to be put on direct tax collection as part of the country's revenue generation exercise. While the amount of direct tax collected last year was Rs 5,96,000 crore, the indirect tax collection...

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RBI – Foreign investment in Single – Brand Retail Trading – Amendment to the Foreign Direct Investment (FDI) Scheme

Posted: 12 Jan 2012 08:31 PM PST

A. P. (DIR Series) Circular No. 67 - it has now been decided that FDI up to 100 per cent would be permitted in Single Brand product trading under the Government route subject to the terms and conditions as stipulated in Press Note No. 1 (2012...

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(I) Scheme for Investment by Qualified Foreign Investors in equity shares (II) Scheme for Investment by Qualified Foreign Investors in Rupee Denominated Units of Domestic Mutual Funds – Revision

Posted: 12 Jan 2012 08:30 PM PST

A. P. (DIR Series) Circular No.66 Attention of Authorised Dealers Category – I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No.8 dated August 9, 2011 and A.P. (DIR Series) Circular No. 42 dated November 3, 2011 in terms of which...

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e-Payment through ICEGATE for all Custom Locations

Posted: 12 Jan 2012 08:30 PM PST

Users can now avail facility of e-Payment through ICEGATE for all Custom Locations from any of the following authorized Banks w.e.f. 16th Jan, 2012.

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SEBI circular on Investment by Qualified Foreign Investors (QFI) in Indian equity shares.

Posted: 12 Jan 2012 08:25 PM PST

CIRCULAR No, CIR/ IMD/FII&C/3/2012, The Central Government, vide press release dated January 1, 2012 has announced its decision to allow QFIs to directly invest in Indian equity market in order to widen the class of investors, attract more...

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RBI Guidelines on Compensation of Whole Time Directors / Chief Executive Officers / Risk takers and Control function staff, etc

Posted: 12 Jan 2012 08:21 PM PST

The compensation practices, especially of large financial institutions, were one of the important factors which contributed to the recent global financial crisis. Employees were too often rewarded for increasing the short-term profit without...

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Regarding Revised roles and functions of CIT (CO)

Posted: 12 Jan 2012 08:20 PM PST

The existing role and functions of CIT(CO) had been defined with reference to erstwhile Regional Computer Centres (RCCs) and they were also acting as Nodal points for distribution of hardware etc. in the initial phases of Computerisation in the...

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Revised Treaty of Trade between India and Nepal

Posted: 12 Jan 2012 08:18 PM PST

Circular No. 958/1/2012-CX Pursuant to Revised Treaty of Trade between Government of India and Government of Nepal, exports to Nepal have been put at par with exports to other countries ( except Bhutan). In this regard, six Notification Nos....

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Seeks to impose anti-dumping duty on imports of Saccharin originating in, or exported from, People's Republic of China

Posted: 12 Jan 2012 08:17 PM PST

Notification No. 7 /2012-Customs (ADD) Govt. imposes anti- dumping duty on the goods, the description of which is specified in column (3) of the Table below, the specification of which is specified in column (4) of the Table below, falling under...

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Rescinds Notification No. 136/2009-Customs, dated the 9th December, 2009

Posted: 12 Jan 2012 08:16 PM PST

Notification No. 6/2012-Customs (ADD) In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of...

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Regarding anti-dumping duty on imports of Cellophane Transparent Film (CTF) originating in, or exported from, People's Republic of China

Posted: 12 Jan 2012 08:15 PM PST

Notification No. 5/2012-Customs (ADD) In the matter of continuation of anti-dumping duty on imports of Cellophane Transparent Film (CTF), falling under Chapter 39 of the First Schedule to the said Customs Tariff Act, originating in, or exported...

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Regarding import of Phosphoric Acid of all grades and all concentrations (excluding Agriculture / Fertilizer Grade) originating in, or exported from, Israel and Taiwan

Posted: 12 Jan 2012 08:14 PM PST

Notification No. 4/2012-Customs (ADD) – Whereas, in the matter of import of Phosphoric Acid of all grades and all concentrations (excluding Agriculture/Fertilizer Grade) (hereinafter referred to as the subject goods), falling under tariff item...

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Seeks to impose anti-dumping duty on imports of Nylon Filament Yarn originating in, or exported from, People's Republic of China, Chinese Taipei, Malaysia, Thailand and Korea RP

Posted: 12 Jan 2012 08:13 PM PST

Notification No. 3 /2012-Customs (ADD) designated authority, hereby imposes anti- dumping duty on the goods, the description of which is specified in column (3) of the Table below, specification of which is specified in column (4) of the Table...

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Seeks to impose anti-dumping duty on imports of Silk fabrics originating in, or exported from, People's Republic of China

Posted: 12 Jan 2012 08:12 PM PST

Notification No. 2 /2012-Customs (ADD), in exercise of the powers conferred by sub-section (1) read with sub-section (5) of section 9A of the said Customs Tariff Act, 1975 read with rules 18 and 23 of the Customs Tariff (Identification, Assessment...

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Notification No. 2/2012 – Customs (N. T.) – Tariff Values of Edible Oils, Brass Scrap (All Grades) and Poppy Seeds Notified

Posted: 12 Jan 2012 08:12 PM PST

Notification No. 2/2012 - 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 Board, being satisfied that it is necessary and expedient so to do, hereby makes the following...

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Last Date of Registration for Post Qualification Course in Diploma in Insurance and Risk Management for November, 2012 Technical Examination

Posted: 12 Jan 2012 04:42 PM PST

The Post Qualification Course in 'Diploma in Insurance and Risk Management (DIRM) of ICAI is intended to equip the members of the Institute to become Insurance and Risk Management professionals and Insurance consultants. The DIRM Course is...

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Certificate Course on Valuation is scheduled to start at Mumbai, with Fees INR 25000 from 21st-22nd January, 2012. Please Register

Posted: 11 Jan 2012 04:40 PM PST

Certificate Course on Valuation is scheduled to start at Mumbai, with Fees INR 25000 from 21st -22nd January, 2012. Please Register.

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Result of the Information Systems Audit [ISA] Assessment Test held on 24th December, 2011 is likely to be declared tentatively on 18th January, 2012

Posted: 11 Jan 2012 04:39 PM PST

The result of the Information Systems Audit [ISA] Assessment Test held on 24th December, 2011 is likely to be declared tentatively on 18th January, 2012 around 2.00 PM at the Institute's office at New Delhi.

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