Know TAN Number Structure – What it signifies

RBI Master Circular on Directions/instructions issued to the Securitisation Companies/Reconstruction Companies Posted: 17 Jul 2012 08:43 PM PDT Master Circular DNBS (PD) CC. No. 30/SCRC/26.03.001/2012-2013, dated 2-7-2012 As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars/notifications. A gist of circulars issued by the Bank to Securitisation... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CA Final & CPT Result on 19th July instead of 18th July Posted: 17 Jul 2012 07:39 PM PDT In supersession of our announcement dated 11th July, 2012 on the likely date and timing of the declaration of the results of the Chartered Accountants Final examination held in May 2012 and of the Common Proficiency Test held in June 2012, this is to inform that due to unavoidable reasons, both the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Know TAN Number Structure – What it signifies Posted: 17 Jul 2012 07:21 PM PDT The correct structure of TAN is as mentioned below: TAN structure is as follows: AAAA99999A: First four characters are letters, next 5 numerals, last character letter. Each tax deductor is uniquely identified by his TAN. If the TAN does not follow the above structure, then the TAN will... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] How to extend PPF account beyond 15 years Posted: 17 Jul 2012 06:54 PM PDT We have to initially open the Open the PPF account for 15 years and after the initial period of 15 years is over, one can keep on extending the deposit for a period of 5 years at a time. In fact, this is where the magic of PPF begins. One need not start a fresh PPF account and continue it for all... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Disallowance of expenses paid without deduction of TDS Posted: 17 Jul 2012 06:32 PM PDT Section 40a(ia) provides that if any interest, commission or brokerage, rent, royalty, fees for professional services or fees for technical services payable to a resident, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work (including supply of labour... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI Releases E-Diary for CA students Posted: 17 Jul 2012 05:40 PM PDT The Institute is going to introduce Self Service portal for Students & Members. This release will include view functionality of 'Students & Member's Profile and Educational Details as available in the Institute's records. This release will also includean online e-Diary for keeping a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars Posted: 17 Jul 2012 05:17 PM PDT We do not think that such can be the interpretation of the concerned words. The words are plain and simple. In order to expose the assessee to the penalty unless the case is strictly covered by the provision, the penalty provision cannot be invoked. By any stretch of imagination, making an... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Diffrence in B/S submitted with Bank & as per Books of Account – Just because there is a difference addition should not be made Posted: 17 Jul 2012 04:17 PM PDT At the outset, what is evident is that a perusal of the order of the ld.CIT(A) shows that the ld. CIT(A) has accepted the balance sheet as filed before the bank whose finding of the ld. CIT(A) has not been challenged by the assessee. Obviously the finding of ld. CIT(A) and the balance sheet filed... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Conditions to reopen u/s. 147 after four years from the end of relevant A.Y. Posted: 17 Jul 2012 08:45 AM PDT In terms of the proviso to Section 147of the said Act the jurisdiction to reopen assessments already completed under Section 143(3) of the said Act, after the period of four years from the end of the relevant assessment year can only be exercised on the cumulative satisfaction of two conditions... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Mere absence of intention in donation receipt cannot convert donation towards corpus in Income Posted: 17 Jul 2012 08:41 AM PDT Case of the revenue is that the intention of the donor apart from the gift deed not to be seen for concluding that it was a corpus donation. On the other hand, case of the assessee is that if discussion between the donor and the donee in the shape of correspondence etc. is seen then it would reveal... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 254 Recalling of order of Tribunal for readjudicating issue in question afresh not permissible Posted: 17 Jul 2012 08:39 AM PDT Under section 254(2), the appellate Tribunal may, 'with a view to rectify any mistake apparent from the record', amend any order passed by it under sub-section (1) within the time prescribed therein. It is an accepted position that the appellate Tribunal does not have any power to review its own... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 14A – Disallowance made by assessee on proportionate basis of exempt & taxable income prior to implementation of Rule 8 is reasonable Posted: 17 Jul 2012 08:36 AM PDT By Finance Act of 2001, the Parliament enacted section 14A of the Income-tax Act, 1961 with retrospective effect from 1.04.1962. Prior to insertion of sec. 14A, the Revenue had sought to disallow expenditure incurred in relation to exempt income. However, the Hon'ble Supreme Court in the case of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee can take credit in respect of inputs which are used in manufacture of exempted goods Posted: 17 Jul 2012 08:27 AM PDT Whether a manufacturer is required to reverse/pay the amount equivalent to the CENVET credit taken by him in respect of inputs which are proved to have been used in the manufacture of goods which have been cleared under exemption from excise duty, in view of the specific provisions of Rule 6(1) of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Land given for development is 'transfer' – ITAT rejects 'Not transferred but only given for development' plea Posted: 17 Jul 2012 08:23 AM PDT The other factor which governs the happening of transfer is the handing over of possession. This section says "and the transferee has, in part performance of the contract, taken possession of the property or any part thereof, or the transferee, being already in possession continues in possession in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee can adjust prior period expenses while computing book profit u/s. 115JA Posted: 17 Jul 2012 08:16 AM PDT Delhi High Court held that whether the prior period expenses were shown separately or not, the assessee would nevertheless be entitled to have the adjustment of the prior period expenses in the matter of computing the net profit of the assessee. Thus on mere fact that the assessee had shown its... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Goods received in the capacity of bailee cannot constitute income of assessee Posted: 17 Jul 2012 08:10 AM PDT The Tribunal ignored that the role of the assessee with regard to the goods supplied by supplier was only that of a bailee and so the value of goods cannot constitute income in its hands. The entire contention of the revenue rested on the wrong premise that the payment had been made by the owner... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S.10(38) Exemption cannot be denied for delay in dematerialisation Posted: 17 Jul 2012 08:05 AM PDT Admittedly, in the instant case the assessee had purchased the shares outside stock exchange directly from the broker in physical form though D-mat account was opened at a belated date with this explanation that at the time of purchase of shares, he was not having D-mat account and on opening of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CHA Service – CMC charges liable to service tax Posted: 17 Jul 2012 07:56 AM PDT In the instant case, the expenditure in respect of CMC charges was incurred by the assessee in discharging its primary responsibility as a CHA. In view of the clear provisions of rule 5 of the Service-tax (Determination of value) Rules, 2006, the CMC charges are to be included in the assessable... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Penalty not leviable for short-payment of service tax due to non-understanding of law Posted: 17 Jul 2012 07:48 AM PDT The assessee was registered with the Central Excise Department on its own on 16-6-2005. It was a proprietorship concern and it was required to file the service tax returns quarterly, which it had been filing meticulously with the Department. However, due to non-understanding of the relevant... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Sending of order by normal post is not valid compliance with Section 37C Posted: 17 Jul 2012 07:42 AM PDT As per section 37C(l)(a), it was mandatory on the part of the Revenue to serve a copy of the order of Commissioner of Central Excise (Appeals) by registered post with acknowledgment due to the assessee. Admittedly in the present case, a copy of the order has not been sent by registered post. In... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Employer have no implied right to transfer employee from one office of management to another Posted: 16 Jul 2012 09:10 PM PDT Learned counsel for the petitioner-management had also argued that right to transfer an employee is implicit in every contract of service and therefore, the respondent-workman could still be transferred from one office of the petitioner-management to another. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Additional depreciation not allowable if Assessee not started manufacturing on the date of Purchase Posted: 16 Jul 2012 09:00 PM PDT  The judgment will clearly imply that assessee necessarily had to have a line of manufacturing or production, though operational connectivity was not required. Here, the assessee was not into any business of manufacture or production but only transportation of molasses and spirit. Thus, the first... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MCA invites views/suggestions on the proposed 'Multi-State Societies Registration Bill, 2012' Posted: 16 Jul 2012 07:22 PM PDT The Ministry has constituted an Expert Group to study the legislative and regulatory architecture of The Societies Registration Act, 1860 governing the functioning of societies in India and also to study the ground situation with respect to the operation of the said Act so as to identify the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI Master Circular – Regulatory Framework for Core Investment Companies (CICs) Posted: 15 Jul 2012 08:52 PM PDT Master Circular DNBS (PD) CC No. 291/03.02.001/2012-13, dated 2-7-2012 - The Bank had announced in the Annual Policy 2010-2011 that companies which have their assets predominantly as investments in shares for holding stake in group companies but not for trading, and also do not carry on any other... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI Master Circular on Returns to be submitted by NBFCs Posted: 15 Jul 2012 08:49 PM PDT MASTER CIRCULAR DNBS.PD.CC.NO.282/03.10.042/2012-13, dated 2-7-2012 NBFCs are required to submit various returns to RBI w.r.t their deposit acceptance, prudential norms compliance, ALM etc. Detailed instructions regarding submission of returns by NBFCs have been issued through various company... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Master Circular on Misscellaneous Instructions to All Non-Banking Financial Companies Posted: 15 Jul 2012 08:44 PM PDT Master Circular DNBS(PD).CC.No.290/03.02.001/2012-13, dated 2-7-2012 It was decided to introduce an ALM System for the Non-Banking Financial Companies (NBFCs), as part of their overall system for effective risk management in their various portfolios. The abovementioned guidelines would be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notification as amended up to June 30, 2012 – Change in or Take Over of the Management of the Business of the Borrower by Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines, 2010 Posted: 15 Jul 2012 08:38 PM PDT Master Circular DNBS (PD) CC. No. 29/SCRC/26.03.001/2012-2013, dated 2-7-2012 These guidelines shall be known as The Change in or Take Over of the Management of the business of the borrower by Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines, 2010. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] The Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003 – Notification as amended up to 30.06.2012 Posted: 15 Jul 2012 08:37 PM PDT Master Circular DNBS (PD) CC. No. 28/SCRC/26.03.001/2012-2013, dated 2-7-2012 The provisions of these guidelines and directions shall apply to Securitisation Companies or Reconstruction Companies registered with the Reserve Bank of India under Section 3 of the Securitisation and Reconstruction of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Master Circular on Opening of Branch-Subsidiary-Joint Venture-Representative Office Or Undertaking Investment Abroad By NBFCs Posted: 15 Jul 2012 08:30 PM PDT MASTER CIRCULAR DNBS (PD) CC NO.292/03.02.001/2012-13, dated 2-7-2012 - Overseas Investment by NBFCs- No Objection (NoC) from DNBS, RBI - NBFCs were advised to refer to Regulation No. 7 of the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2004,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]