Revised / New procedure for activation of TAN account

Revised / New procedure for activation of TAN account Posted: 09 Feb 2012 07:55 PM PST Steps to Register TAN- Register your TAN online at TIN website. For registration of TAN, click here. Submit the application online. On successful registration of TAN, a 12 digit alpha numeric registration number will be generated. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Income Tax Exemption Limit to be raised to Rs 3 lakh – Parliamentary Committee Posted: 09 Feb 2012 07:27 PM PST A key Parliamentary Committee will adopt tomorrow the crucial report on Direct Taxes Code (DTC) Bill and recommend raising the income tax exemption limit to Rs 3 lakh from Rs 1.8 lakh at present. the Standing Committee on Finance, headed by former... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Disallowance by CIT(A) of expense without any specific opportunity to the assessee in the matter of rendering of services not justified Posted: 09 Feb 2012 08:40 AM PST Optsoe Consultant Private Limited Vs. ITO (ITAT Mumbai) - The dispute is regarding allowability of expenditure amounting to Rs.40,20,822/- on account of payments made to the directors as sub-contract charges. The assessee co had been incorporated... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 147 applies both to section 143(1) as well as section 143(3) – No reopening u/s 147 in absence of 'new material' Posted: 09 Feb 2012 08:28 AM PST HV Transmissions Ltd. Vs. ITO (ITAT Mumbai) - Section 147 applies both to section 143(1) as well as section 143(3) and, therefore, except to the extent that a reassessment notice issued u/s 148 in a case where the original assessment was made u/s... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Finance Lease – Lease equalization charge as per ICAI Guidelines is allowable Posted: 09 Feb 2012 08:10 AM PST CIT vs. Virtual Soft Systems Ltd (Delhi High Court) - Lease rental in monetary terms is a sum total of the financing charge and the amount embedded in it in the form of the capital sum. What the assessee needs to do, while offering for tax income... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI – Discontinuation of Despatch of Admit Cards in physical form Posted: 08 Feb 2012 08:02 PM PST Candidates may please note that despatch of Physical Admit Cards is being discontinued with effect from MAY 2012 exam onwards. Admit Cards will be hosted on the website www.icai.nic. in normally 21 days prior to the commencement of the examination. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Fixation of a new SION (C–2048 ) and addition / deletion / amendment in 5 SIONs of Engineering Product Group (Product Code 'C') in the Hand book of Procedures V.2 (2009-14) Posted: 08 Feb 2012 07:55 PM PST PUBLIC NOTICE No. 97 (RE-2010)/2009-14 SION for a new export product 'Ball Pen Tips of Nickel Silver Wire of 1.60mm diameter' is notified. SION C-864, C-1802, C-1888 and C-1937 are made harmonious by using uniform description of Tungsten Carbide... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Govt set to miss direct tax collection budget estimate Posted: 08 Feb 2012 07:52 PM PST With the direct tax collection growing at a slower pace of 9 per cent this fiscal so far, the government is likely to miss the revenue mop up target for the 2011-12. According to the data released by the finance ministry, the net direct tax mop-up... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Direct Tax Collection Deficit – CBDT chief writes to top I-T officials Posted: 08 Feb 2012 07:50 PM PST Terming the set revenue target of Rs 5.32 lakh crore as "non-negotiable", CBDT Chairman Laxman Das has written to top Income Tax officials in the country asking them to take up the 'challenge' of filling the deficit. With the direct tax collection... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Import policy of arms and ammunition for Specified Sportspersons / Sport Bodies, amendment thereof Posted: 08 Feb 2012 07:46 PM PST Notification No. 95 (RE-2010)/2009-2014 - The procedure for issue of import license/authorization for import of arms & ammunition by specified sports persons/sports bodies has been dispensed with. NRAI, SAI and SSCB can freely import arms and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Announcement for CAT Students regarding new Pattern of Examination and Structure of Foundation Course (Entry Level) Part-I Posted: 08 Feb 2012 07:42 PM PST New Pattern of Examination - Examination for Foundation Course (Entry Level) Part-I will consist of Multiple Choice Questions. Answers to the Multiple Choice Questions to be marked in Optical Mark Recognition ( OMR ) answer sheets. This pattern of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Clarification – Establishment of Project Offices in India by Foreign Entities – General Permission – A.P. (DIR Series) Circular No. 76 Posted: 08 Feb 2012 07:01 PM PST Attention of the Authorised Dealer Category - I (AD Category - I) banks is invited to Regulation 4 of Notification No.FEMA 22 /2000-RB dated May 3, 2000, viz., Foreign Exchange Management (Establishment in India of Branch or Office or other Place of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBi asks Co-Operative Banks to display list of unclaimed deposits/inoperative accounts for ten years or more on their respective websites Posted: 08 Feb 2012 06:59 PM PST Keeping in view public interest, it has been decided that State and Central Co-operative Banks / Regional Rural Banks should, in addition to the instructions contained in the above mentioned circular, play a more pro-active role in finding the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Guidelines issued under Section 36(1) (a) of the Banking Regulation Act, 1949 – Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) Implementation of the provisions of Foreign Contribution (Regulation) Act, 2010 Posted: 08 Feb 2012 06:55 PM PST The Reserve Bank, considering the public interest and on being satisfied that it is necessary so to do, in exercise of the powers conferred by Clause (a) of sub-section (1) of Section 36 of the Banking Regulation Act, 1949 (Act 10 of 1949)/36(1) (a)... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Seeks to impose anti-dumping duty on import of Coumarin, originating in, or exported from, the People's Republic of China Posted: 08 Feb 2012 06:43 PM PST Notification No. 12/2012 –Customs (ADD) imposes on the subject goods, the description of which is specified in column (3) of the Table below, falling under the Tariff Item of the First Schedule to the said Act as specified in the corresponding entry... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Depreciation allowed on intangible assets acquired on or after 1st April, 1998 – Expenditure on acquiring database cannot be claimed as revenue expenditure Posted: 08 Feb 2012 03:28 PM PST ACIT Vs American Express Services India Ltd. (ITAT Mumbai) - We find that it is not in dispute that the transaction between the assessee and American Express Bank, inter alia, including for purchase of Acquired Business Database were subjected to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Assessee to whom DTAA applies, the provisions of Income Act shall applied to the extent they are more beneficial to the assessee Posted: 08 Feb 2012 03:21 PM PST Intelsat Corporation Vs. ADIT (International Taxation) - We have considered the facts of the case and submissions made before us. We have already mentioned that there is a distinguishable feature namely that the assessee has received payments from... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 2G case – CBi accuses CA Nilesh Doshi of resiling from statement Posted: 08 Feb 2012 01:28 PM PST A prosecution witness in 2G spectrum case was today accused by CBI in a Delhi court of resiling from his statement to save the three Reliance ADA Group officials who are facing trial in the case. Nilesh Doshi, a chartered accountant, was accused by... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Guidelines in respect of the disclosures to be made in the Letter of offer in respect of Buy-back of securities in terms of SEBI (Buy-back of Securities) Regulations, 1998 and Format of Standard letter of offer Posted: 07 Feb 2012 07:14 PM PST SEBI (Buyback of Securities) Regulations, 1998 (the Regulations) were amended vide notification dated February 07, 2012 with an objective of aligning the regulatory provisions with the principle of equitable treatment to all shareholders and... [[ This is a content summary only. Visit www.taxguru.in for full article.]]