No Time Limit to claim Income Tax Refund in respect of TDS on 8 % Relief Bond

No Time Limit to claim Income Tax Refund in respect of TDS on 8 % Relief Bond Posted: 23 Feb 2012 07:00 PM PST Instruction No. 2/2012 Section 119 of the Income-tax Act, 1961 - Instructions to subordinate authorities - Condonation of delay in filing return of income under section 119(2)(b) in case of applicants who have made investment in 8% Savings (Taxable)... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Coal Mines Provident Fund Commissioner is a Public Officer / Servant – Supreme Court Posted: 23 Feb 2012 06:35 PM PST Having considered the submissions made on behalf of the Appellant and the Respondent appearing in-person, we are of the view that the judgment and order of the High Court does not require any interference, particularly when the issue raised in this... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 80HHC – Face value of the DEPB will be 'cash assistance' against export and will fall under Section 28(iiib) of the Act -Supreme Court Posted: 23 Feb 2012 06:20 PM PST We have today delivered judgment in Civil Appeal arising out SLP (C) No.26558 of 2010 (M/s Topman Exports v. Commissioner of Income Tax, Mumbai) and other connected appeals setting aside the judgment of the Bombay High Court in Commissioner of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Custom Duty – Electronic Automatic Regulators would fall under Chapter sub-heading 9032.89 – SC Posted: 23 Feb 2012 06:09 PM PST The Central Government has issued a Notification dated 01.03.2002 and in the said Notification it has classified the Electronic Automatic Regulators under Chapter sub-heading 9032.89. In the present appeal, the Revenue effect is less than Rs.6 lacs... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SC rejects revenue Appeal on the ground that the Revenue has not filed the appropriate papers Posted: 23 Feb 2012 06:05 PM PST After hearing the matter for some time, we notice that the Revenue has not produced the order passed by CESTAT dated 10.01.2010 and the only order produced by them is the interim passed by CESTAT and not the final orders against which the appeal had... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Departmental circulars not binding, Classification Which is beneficial to assesse should be Applied – Supreme Court Posted: 23 Feb 2012 05:57 PM PST No doubt there is a specific entry which speaks of Slagwool and Rockwool under Sub-heading No.6803.00, but there is yet another entry which is consciously introduced by the Legislature under sub-heading No.6807.10, which speaks of goods in which... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Empanelment with Municipal Co-Operative Bank Ltd., Mumbai for Concurrent Audit Posted: 23 Feb 2012 03:18 PM PST Ours' is Salary Earner's Urban Co-operative Bank having working capital Rs.1623.24 crores as on 31.03.2011. We intends to appoint Registered Chartered Accountants/Firm for conducting Concurrent Audit of 21 branches, 5 octroi collection centers and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Cost Accounting Body – Rules of Verification of Answer Papers Posted: 23 Feb 2012 01:55 PM PST A candidate can apply to the Institute within 30 days form the date of declaration of results of examination for verification of answer papers with a fees of Rs.250/- per paper. In case of verification of answer papers only mistake in totaling and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Greece signs international tax agreement to tackle tax evasion Posted: 23 Feb 2012 11:02 AM PST Greece has signed the Convention on Mutual Administrative Assistance in Tax Matters, a multilateral agreement that was developed jointly by the Council of Europe and the OECD and that is open for signature to all countries. The Convention promotes... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Task Force on an Aadhaar Enabled Unified Payment Infrastructure Submits Report to Finance Minister Posted: 23 Feb 2012 11:00 AM PST The Union Finance Minister Shri Pranab Mukherjee said that Aadhaar-Enabled E-payment system would help not only in ensuring the timely payments directly to the intended beneficiaries but would also help in reducing the time taken, transaction costs... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 80-IA of the Income-tax Act, 1961 – Deductions – Profits and gains from industrial infrastructure undertakings, etc. – Notified undertakings Posted: 23 Feb 2012 07:48 AM PST NOTIFICATION NO. 10/2012 [F.NO. 178/7/2011-ITA-I], DATED 21-2-2012 WHEREAS the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Appointment & Posting of 13 Newly Appointed Hon'ble ITAT Members Posted: 23 Feb 2012 07:45 AM PST Vide Notification dated 21.02.2012 issued u/s 252 of the Income Tax Act, 1961, the Central Government has appointed the following persons as Judicial Member / Accountant Member of the Income Tax Appellate Tribunal with effect from the dates as... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 – FM hopeful of meeting indirect tax collection target in FY12 Posted: 23 Feb 2012 04:56 AM PST Finance Minister Pranab Mukherjee today expressed hope that indirect tax collection target of Rs 3.92 lakh crore for the current fiscal will be met despite the economic slowdown. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Auditors Not attending appeal challenging audit classification -Cooperative Department Posted: 22 Feb 2012 10:29 PM PST some banks have filed an appeal against the audit classification given during the course of statutory audit for the F.Y. 2010-11. As per the procedure the concerned auditor is also required to be present for the hearing in cases of such appeals. But... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Corrigendum in description of export item at Sl. No 915, Product Code-62 of the DEPB Rate Schedule Posted: 22 Feb 2012 08:30 PM PST PUBLIC NOTICE NO. 100/(RE-2010)/2009-2014 Description of export item at Sl. No 915, Product Code-62 Chemicals of the DEPB Rate Schedule had a typographical error. It was wrongly appearing as Vinyl Oyridine Latex. It is corrected to read as Vinyl... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SEBI – Offer For Sale of Shares by Promoters through the Stock Exchange Mechanism Posted: 22 Feb 2012 08:10 PM PST It has been decided to modify Para 5 (e) (ii) of the aforesaid circular, pertaining to 'Order placement' as under: (ii) Cumulative orders/ bid quantity information shall be made available online by the exchanges at specific time intervals. The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amendment in notification No 21/2004-Central Excise (N.T.), dated the 6th September, 2004 Posted: 22 Feb 2012 06:53 PM PST Notification No. 2/2012-Central Excise (N.T.) Central Government hereby makes the following further amendment in the Ministry of Finance, Department of Revenue, notification No 21/2004-Central Excise (N.T.), dated the 6th September, 2004, namely: - [[ This is a content summary only. Visit www.taxguru.in for full article.]] Customs – Regarding Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 Posted: 22 Feb 2012 06:51 PM PST Circular No. 05/2012 – Customs - Kind attention is invited to Board's Circular No. 21/2011-Customs dated 18th April, 2011 regarding Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 framed vide Notification... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Rescinds Notification No. 58/2011-Customs, dated the 8th July, 2011 Posted: 22 Feb 2012 06:49 PM PST Notification No. 13/2012-Customs (ADD) Central Government hereby rescinds the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 58/2011-Customs, dated the 8th July, 2011, published in the Gazette of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Permission for export of wheat through Land Custom Stations (LCS) on Indo-Bangladesh and Indo-Nepal border Posted: 22 Feb 2012 06:48 PM PST Notification No. 99 (RE-2010)/2009-2014 - Notification No. 72 dated 09.09.2011 made export of wheat free but only through Custom EDI ports. Now export of wheat is also being permitted from non-EDI Land Custom Stations on Bangladesh and Nepal border.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Permission for export of non-basmati rice through Land Custom Stations (LCS) on Indo-Bangladesh and Indo-Nepal border Posted: 22 Feb 2012 06:46 PM PST Notification No. 98 (RE-2010)/2009-2014 - Notification No. 71 dated 09.09.2011 made export of non-basmati rice free by the private parties from privately held stocks only through Custom EDI ports. Two changes are being notified now in this... [[ This is a content summary only. Visit www.taxguru.in for full article.]]