Frequently Asked Income Tax Questions by Qualified Foreign Investors

Frequently Asked Income Tax Questions by Qualified Foreign Investors Posted: 24 Dec 2012 06:31 PM PST Are QFIs required to obtain PAN Card to comply with tax norms in India? What are the benefits to QFIs of having a PAN Card? How QFIs can apply for a PAN Card? Can QFIs make an On-line application for PAN Card? What are the attestation requirements for a QFI for obtaining PAN card? What are the tax... ICAI extends CPE hours Compliance Date to 31st January, 2013 Posted: 24 Dec 2012 05:19 PM PST Extension of last date for complying with the CPE hours requirement for the calendar year 2012 - from 31st December, 2012 to 31st January, 2013 Companies Bill 2012 The Dawn of a New Era Posted: 24 Dec 2012 12:49 AM PST The Entire Corporate India Woke Up To The Morning Of 19th December 2012 With A Fresh Breeze, New Hopes And Exciting Challenges. With Just Two Days Left For The Much Hyped Armageddon Of 21st December 2012 When The World Was Supposed To End As Per A Famous Prediction, The Lok Sabha Passed The Much... Taxability of IIFCL Tax Free Bonds – Issue opening on 26 Dec 2012 Posted: 23 Dec 2012 11:52 PM PST India Infrastructure Finance Company Limited Issue Period: 26 Dec 2012 to 11 Jan 2013 Key Benefits: Credit Ratings: AAA by CARE, AAA (Stable) by ICRA and BRICKWORK Interest on these Bonds is Tax-Free, no TDS is applicable, Wealth Tax is not levied No lock in period and no upper limit on investment... No penalty U/s. 271D for dealing in cash deposits with rural dwellers, being a reasonable cause for failure Posted: 23 Dec 2012 10:46 PM PST We have heard rival submissions and have gone through the entire material available on record. Learned DR contends that ITAT in respect of above years while upholding the deletion of penalty u/s 271-D, has not considered the aspect of each transactions while ascertaining reasonable cause. In our... Govt exempts Janashree & Aam Aadmi Bima Yojana from service tax Posted: 23 Dec 2012 08:20 PM PST Government exempts the following two Schemes under services of life insurance business from Service tax by adding the same in mega Exemption Notification No. 25/2012-Service Tax :- (a) Janashree Bima Yojana (JBY); or (b) Aam Aadmi Bima Yojana (AABY) MCA revises format of Form 18 wef 25.12.2012 Posted: 23 Dec 2012 07:34 PM PST (1) These rules may be called the Companies (Central Government's) General Rules and Forms (Seventh Amendment) Rules. 2012. (2) They shall come into force with effect from 25.12.2012.2. In the Companies (Central Government's) General Rules and Forms, 1956, in Annexure 'A' for Form 18, the following... Amendment in DIN Form 4 with effect from 25.12.2012 Posted: 23 Dec 2012 07:24 PM PST (1) These rules may be called the Companies Directors Identification Number (Third Amendment) Rules, 2012. (2) They shall some into force with effect from 25.12.2012.2. In the Companies (Directors Identification Number) Rules, 2006, In Form DIN - 4, the certification column after serial no. 17, the... MCA revises format of DIN 1 Form WEF 25.12.2012 Posted: 23 Dec 2012 07:12 PM PST (1) These rules may be called the Companies Directors Identification Number (Third Amendment) Rules, 2012. (2) They shall come into force with effect from 25.12.2012 2. In the Companies (Directors Identification Number) Rules, 2006, in Annexure 'A' for Form DIN-1, the following Form of DIN-1 shall... 5 Year jail term to ACIT in Bribery Case Posted: 23 Dec 2012 06:36 PM PST The Special Judge for CBI case, Mumbai has convicted Sh. Rajiv Kumar the then Assistant Commissioner, Income Tax Circle 27 (1) Piramal Chambers Lal Baugh, Mumbai in a bribery case and sentenced him to undergo five years rigorous imprisonment with fine of Rs. 30,000/-. Regarding Custom Duty Exemption on import of Liquefied petroleum gases (LPG) Posted: 23 Dec 2012 06:07 PM PST Notification No.62 / 2012 – Customs, New Delhi, the 21st December, 2012           G.S.R.921 (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 necessary in the public interest... Anti-dumping duty on import of Choline Chloride from China Posted: 23 Dec 2012 05:58 PM PST Notification No.57/2012-Customs (ADD),  New Delhi, the 21st December, 2012  G.S.R._(E). -WHEREAS in the matter of import of Choline Chloride (hereinafter referred to as the subject goods), falling under Chapter 23 or Chapter 29 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975),... ICAI want members to encourage articled trainee(s) to undergo the GMCS-I & II Posted: 23 Dec 2012 05:24 PM PST The Council at its Special Meeting held on 2nd February, 2011 considered the recommendation of the Board of Studies that the General Management and Communication Skills (GMCS) Course should be undergone by the articled assistants twice during the period of their articled training as under: Penalty order quashed by HC as authorities up to ITAT level were not clear about facts Posted: 23 Dec 2012 10:53 AM PST This Court has heard the counsel for the parties. Learned counsel for the assessee argued that having regard to the facts, the ultimate disallowance was on account of Section 170(1) which was not even reflected in the orders of the lower authorities, nor adverted to by the orders of the lower...