Acknowledgement by banks at the time of submission of Form 15-G / 15-H

Acknowledgement by banks at the time of submission of Form 15-G / 15-H Posted: 31 May 2013 08:50 PM PDT The matter has been examined by us in consultation with Indian Banks' Association (IBA). With a view to protect interest of the depositors and for rendering better customer service, banks are advised to give an acknowledgment at the time of receipt of Form 15-G/15-H. This will help in building a... Empanelment with Canara bank for Appointment as Concurrent Auditor Posted: 31 May 2013 08:30 PM PDT Canara Bank invites applications from the eligible/interested Individuals / Firms / Companies for empanelment as concurrent auditors for conducting concurrent audit in the identified 605 branches / units for the period from 01.07.2012 TO 30.06.2013. Download United Nations Practical Manual on Transfer Pricing for Developing Countries Posted: 31 May 2013 07:30 PM PDT CA Praveen Boda UN releases official version of 'UN Practical Manual on Transfer Pricing for Developing Countries' at New York; Manual was adopted by UN Committee at Geneva session in October 2012;  Manual to help mitigate developing countries' vulnerability to abuse and revenue loss... Taxation in India- Mockery of IT System ; Why E-filling returns are released so late? Posted: 31 May 2013 07:17 PM PDT The E-filling of return both under direct and indirect system is a big relief to the Tax payers and professionals who are working for and on behalf of the tax payers. E-filling of Income tax returns has made the life of Taxpayers and professionals very easy and refunds are coming very fast. The... Transfers & Postings Of CIT, DCIT/ ACIT – Order No. 92 & 94 of 2013 Posted: 31 May 2013 07:00 PM PDT CBDT has Vide Order No. 92 of 2013 dated 31.05.2013, ordered the transfer/ posting of several officers in the grade of Chief Commissioner of Income-tax (CIT) with immediate effect. CBDT has Vide Order No. 94 of 2013 dated 31.05.2013 ordered the transfer/ posting of several officers in the grade of... What to check before making deposits with NBFCs & FAQ Posted: 31 May 2013 01:43 PM PDT The Reserve Bank of India has today issued an advisory to members of public urging them to carefully evaluate their investment decisions, including making deposit with NBFCs. The advisory is part of the Frequently Asked Questions (FAQs) issued by the central bank. The FAQs explain in detail the... CESTAT Enhances Monetary Limits for Single Member Bench Posted: 31 May 2013 01:35 PM PDT Consequent to the amendment in Section 129C(4) of the Customs Act 1962, Section 350(3) of the Central Excise Act 1944 and corresponding changes in provisions of the Finance Act 1994 by virtue of Section 86(7) thereof, the Single Member Jurisdiction stands enhanced to Rs. 50 Lacs. ICAI President's Message – June 2013 Posted: 31 May 2013 12:16 PM PDT Dear Friends, In the new Companies Bill, 2012, Corporate Social Responsibility (CSR) activities have got prime focus requiring all companies having net worth of  5000 crore or more, or, turnover of  1000 crore or more, or, a net profit of  5 crore or more during any financial year to constitute a... CBDT announces Rules for notification of agricultural extension projects U/s. 35CCC Posted: 31 May 2013 12:11 PM PDT INCOME-TAX (FOURTH AMENDMENT) RULES, 2013 – INSERTION OF RULES 6AAD & 6AAE AND FORM NOS.3C-O & 3CP NOTIFICATION NO. 38/2013[F.NO.142/30/2012-SO(TPL)]/SO 1393(E), DATED 30-5-2013 In exercise of the powers conferred by section 295 read with sub-section (1) of section 35CCC of the... DGFT – Regarding Amendment in Paragraph 2.1.2 of FTP Posted: 31 May 2013 11:31 AM PDT This notification substitutes the updated versions of UN and IAEA documents, namely, INFCIRC/254/Rev.11/Part 1 and INFCIRC/254/Rev.8/Part 2 (IAEA documents), S/2012/947, S/2009/364 and S/2006/853 (UN Security Council documents) and Annex III to UN Security Council resolution 2094 (2013) for the... Change in Tariff Value of Gold Notified wef 31.05.2013 Posted: 30 May 2013 08:38 PM PDT Notification No. 57/2013-CUSTOMS (N. T.), New Delhi, the 31st  of May, 2013S. O.  (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do,...

Condonation of Delay – Requirements of a valid AFFIDAVIT in support of delay condonation application

Condonation of Delay – Requirements of a valid AFFIDAVIT in support of delay condonation application Posted: 30 May 2013 06:55 PM PDT In a recent case of Kunal Surana vs. ITO (ITAT Mumbai) an appeal for condonation of delay was rejected . Reason:- The affidavit in support of delay condonation was very badly drafted. (Read the bottom part of this compilation for explanation of the reasons. Only affidavit part of the order is... All about CENVAT Credit Rules, 2004- Part 1 Posted: 30 May 2013 06:38 PM PDT From 1.4.2012 , the definition of capital good has been extended to cover all motor vehicles ( other than those covered under the specified tariff heading) for all the category of service provider. Sexual advances or touching private parts of a patient by a doctor is unacceptable – HC Posted: 30 May 2013 05:30 PM PDT A physician, being in a position of trust and power, has a duty to act in the patient's best interest. To maintain trust, a physician must avoid making sexual advances. Sexual advances or inappropriate touching of a patient by a medical practitioner is a grave breach of trust and an offence... Scrutiny Assessment Void if not as Per CBDT Scrutiny Guidelines Posted: 30 May 2013 06:51 AM PDT Once the CBDT has issued instructions for assumption of jurisdiction for selection of cases of corporate assesses for scrutiny and assessment thereof, the same have to be followed in letter and spirit by the AO . The burden lies on the authority assuming jurisdiction to show and establish that such... Comprehensive guidelines on Offer For Sale (OFS) of Shares by Promoters through the Stock Exchange Mechanism Posted: 29 May 2013 12:37 PM PDT CIRCULAR No. CIR/MRD/DP/17 /2013  , Dated – May 30, 2013 Sub: Comprehensive guidelines on Offer For Sale (OFS) of Shares by Promoters through the Stock Exchange Mechanism. 1. This is with reference to the comprehensive guidelines on sale of shares through OFS mechanism issued vide circular no... SEBI circular on Eligible scrips for SLB Posted: 29 May 2013 12:31 PM PDT In order to further extend the benefits of SLB and to facilitate efficient use of margin collateral, a review of the SLB framework was undertaken in consultation with Secondary Market Advisory Committee (SMAC). Accordingly, it has been decided to modify the extant SLB framework as under: DVAT – Clarification regarding submission of Form DP-1 for online profile update Posted: 29 May 2013 12:27 PM PDT The purpose of taking the information in Form DVAT-07 and Form DVAT-52 is to update the dealers' data with the department. To maintain up to date and accurate data of the dealers in the department records, Registration Certificates of the dealers are required to be amended. The amendment process is... CBI arrests excise inspector from GOA in bribery case Posted: 29 May 2013 12:06 PM PDT CBI ARRESTS AN INSPECTOR OF CENTRAL EXCISE IN A BRIBERY CASE The Central Bureau of Investigation has arrested an Inspector of Central excise, Goa for demanding & accepting a bribe of Rs. 2700/- from the Complainant. A case was registered on 29.5.2013 against the Inspector, Central Excise,... MVAT Notification amending MVAT Rules, 2005,Set-off Rules-Developer of SEZ and Units in SEZ Posted: 28 May 2013 06:09 PM PDT FINANCE DEPARTMENT Mantralaya, Madam Cama Road, Hutatma Rajguru Chowk, Mumbai – 400 032, dated 16th May 2013. NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT, 2002. No.VAT-1512/CR-115/Taxation-l.—Whereas the Government of Maharashtra is satisfied that circumstances exist which render it... DVAT – Scheduled Banks engaged in business of Silver, Gold, repossessed vehicles to file return on quarterly basis Posted: 28 May 2013 12:22 PM PDT All the Scheduled Banks, whether registered or not under the Act, having their branches in Delhi and engaged in the business of Silver, Gold, repossessed vehicles, shall furnish the return on quarterly basis, in the enclosed Form Bank-1 prescribed for the purpose. Such return shall be furnished... No person shall act as an investment adviser without obtaining certificate of registration from Board Posted: 28 May 2013 12:15 PM PDT For operational convenience and as part of decentralisation of work, it has been decided that the application for registration as an investment adviser under IA Regulations shall be filed with the concerned Regional Office(RO) / Local Office(LO) of the Board under the jurisdiction of which the...

RTI & Income Tax Act, vis-à-vis a case law decided by SC

RTI & Income Tax Act, vis-à-vis a case law decided by SC Posted: 29 May 2013 08:37 PM PDT Whether A Person Can Refuse To Provide Information Relating To Its 'Personal' Income Tax Returns, Financial Statements Etc., If Such Information Is To Be Provided To A Government Body In The Course Of Application For Certain Licenses, Permits, Grants Etc. Power of ROCs to obtain declaration/affidavits from subscribers/first directors at incorporation Posted: 29 May 2013 08:30 PM PDT In exercise of the powers under the Companies Act, the Registrar of Companies may obtain declaration/affidavits from subscribers/first directors first at the time of incorporation and from directors, subsequently whenever company changes its objects Rotate Officers between Customs and Central Excise – CBEC Posted: 29 May 2013 07:08 PM PDT I am directed to reiterate the provisions of the Transfer Policy as contained in para 4.7 of the Transfer Policy dated 05.04.2011 that "the officers will, as far as possible, be rotated between the Customs and Central Excise branches every two years and adequate experience in Service Tax branch... DVAT 51 reconciliation return Qtr 1 to 4 of 2011-12 extended to 10/06/2013 Posted: 29 May 2013 12:20 PM PDT No.F.3(33)/P-II/ VAT/ Misc j2006/206-216 , Dated: 27/05/2013 Sub-rule (1) of Rule 67 of the Delhi Value Added Tax Rules, 2005 and Rule 4 of the Central Sales Tax(Delhi) Rules, 2005 for furnishing of reconciliation return in Form DVAT-51; and, DVAT – Registered Dealers to update their profile online by 30.06.2013 Posted: 29 May 2013 12:12 PM PDT All the dealers registered under the DVAT Act, as on 31-03-2013, shall furnish the name of manager of business, permanent account number and Importer Exporter Code (IEC) and any amendment in respect of their business activities etc. online on or before 30.06.2013, using their login ID and password.... Deemed export benefits are not available for supplies to Non-Mega Power Project – DGFT Posted: 28 May 2013 06:45 PM PDT Regarding :Clarification on admissibility of deemed export benefits under Para 8.2F of FTP. Policy Circular No 1 (RE-2013/2009-14) ,  Dated:  29th May, 2013 A reference has been received from trade seeking certain clarifications on admissibility of deemed export benefits under para 8.2(f) of FTP. ... Notification No. 56/2013-Customs (N.T.), Dated the 28th May, 2013 Posted: 27 May 2013 06:25 PM PDT  Notification No. 56/2013-Customs (N.T.), Dated the 28th May, 2013 S.O. ……(E) In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following further amendments in the notification of the...

Guidelines for Appointment of Statutory Auditors in Public Sector Banks wef Financial Year 2013-14

Guidelines for Appointment of Statutory Auditors in Public Sector Banks wef Financial Year 2013-14 Posted: 28 May 2013 08:35 PM PDT Based on the recommendations of a Working Group (WG) to review the norms for empanelment of statutory auditors for public sector banks and other related issues and after seeking the approval of GoI, it has been decided to revise the guidelines on appointment of statutory auditors in public sector... Service Tax On Services Provided – To – Educational Institutions – After Finance Act 2013 Posted: 28 May 2013 07:43 PM PDT In this article I am discussing the Service tax provisions in respect to the Services provided TO the Educational Institutions. An illustrative list of services provided to Educational Institutions - Works Contract Services, Renting Services, Transportation, Security Services, Information... No Condonation of Delay for gross negligence, inaction and laches Posted: 28 May 2013 07:36 PM PDT For condonation of delay, two questions are required to be seen (i) whether there is sufficient cause and it depends from case to case whether in given circumstances, sufficient cause has been established or not? (ii) Whether the law of limitation has to be enforced or the question of limitation... DGFT- Online application & issue of Registration Certificates for export of various commodities wef 1st July, 2013 Posted: 27 May 2013 09:53 PM PDT DGFT is happy to announce migration of the process of obtaining Registration Certificate (for export purpose only) from the existing manual mode to digital mode. With effect from 1st July, 2013 such registrations would be online and would be mandatory. This will be applicable for obtaining... Applicability/ Non-Applicability of Service Tax Negative List & Related Topics in syllabus of Part II from May 2013 examination onwards Posted: 27 May 2013 09:30 PM PDT The Examination Committee at its 498th meeting held on September 23, 2012 has decided that the following sections of the Finance Act, 1994/rules will be covered under point no. 1 (Concepts and General principles) and point no. 2 (Charge of service tax and taxable services) of syllabus of Part II:

Download ITR- 2 E Filing Utility for AY 2013-14 / FY 2012-13

Download ITR- 2 E Filing Utility for AY 2013-14 / FY 2012-13 Posted: 27 May 2013 08:41 PM PDT Income tax Department has released e-Filing Utility for ITR-  2 for Assessment year 2013-14 / Financial Year 2012-13. We have placed link for the same as the bottom of the article. We also discussed Who can use this Return Form?, Who cannot use this Return Form?, Manner of filing this Return Form... Corporate Borrowing – Giving Wings to Corporate World ! Posted: 27 May 2013 08:19 PM PDT A debt is an obligation owed by one party (the debtor) to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor. A debt is created when a creditor agrees to lend a sum of assets to a debtor. In finance, debt is a means of using anticipated future... Tips & FAQs on filling of Appeal & Personal Hearing before CESTAT Posted: 27 May 2013 07:09 PM PDT The assessee may appear in person or by authorized council on its behalf before CESTAT. The council appearing for the tax payer should have all the details relating to facts of the case, submissions made before lower authorities and contrary views adopted by them in their respective orders. I-T Rules related to Furnishing of TDS Certificate requires Immediate amendment Posted: 27 May 2013 07:01 PM PDT Immediate amendment required in Income Tax Rule 31 Rule 31 of Income Tax Rules, 1962 requires that the certificate of  tax deducted at source to be furnished to the deductee within fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A. (i.e. on... Income Tax Dept. Sent Letters to Another Batch of 35,000 Non-Filers Posted: 27 May 2013 06:54 PM PDT Income Tax Department Sent Letters to Another Batch of 35,000 Non-Filers; Government Once Again Urges all Tax Payers to Disclose Their True Income and Pay Appropriate Taxes As part of its ongoing initiative, the Income Tax Department has sent today i.e. 27th May, 2013 letters to another batch of... Section 40(a)(ia) applies to transaction made during the year Posted: 27 May 2013 06:39 PM PDT In the result, we are of the opinion that Section 40(a) (ia) would cover not only to the amounts which are payable as on 31th March of a particular year but also which are payable at any time during the year. Of course, as long as the other requirements of the said provision exist. In [...] No Penalty for addition merely due to application of deeming Provision U/s. 50C Posted: 27 May 2013 06:26 PM PDT The assessee sold the property at a sum of Rs.2,51,50,000/- For the purpose of stamp duty, however, the value was estimated at a sum of Rs.5, 19,77,000/- and on that basis the stamp duty was realized. During the assessment, it was found that the assessee had disclosed the sale price at a sum of... FM to Inaugurate 29th Annual Conference of CIT and DGIT 2013 Posted: 27 May 2013 11:55 AM PDT Union Finance Minister to Inaugurate Today 29th Annual Conference of Chief Commissioners of Income Tax and Directors General of Income Tax 2013 The Union Finance Minister Shri P. Chidambaram will inaugurate the 29th Annual Conference of Chief Commissioners & Directors General of Income Tax here... Restriction on grant of loan against gold bullion applies to gold ETFs and units of gold Mutual Funds Posted: 26 May 2013 09:27 PM PDT In this context, we have also been receiving references from certain banks asking whether advance against units of gold Exchange Traded Funds (ETF) and gold Mutual Funds is permitted. As these products are backed by bullion/primary gold, it is clarified that the restriction on grant of loan against... CBI Arrests A Deputy Director of ESIC In A Bribery Case Posted: 26 May 2013 09:25 PM PDT The Central Bureau of Investigation has arrested a Deputy Director, Employees State Insurance Corporation(ESIC), Bapunagar, Ahmedabad for demanding & accepting a bribe of Rs. 8,000/- from the Complainant.             A case was registered by CBI after receipt of the complaint against the Dy....

E-Filing of IT Return mandatory for Individuals having Total Income of more than Rs.5 Lakhs

E-Filing of IT Return mandatory for Individuals having Total Income of more than Rs.5 Lakhs Posted: 26 May 2013 06:05 PM PDT The Central Board of Direct Taxes (CBDT) is Spreading e-tax net through Notification dated 34/2013 dated 01.05.2013. E-filing of I-T returns is now mandatory for individuals, including salaried taxpayers, earning more than Rs 5 lakh taxable income during the financial year ended March 31, 2013.... Documents to be submitted with Annual Reports by listed company Posted: 26 May 2013 06:01 PM PDT The SEBI circular No. CIR/CFD/DIL/7/2012  dated August 13, 2012 had inter-alia  amended the clause 31(a) of the Listing Agreement by advising the listed companies to submit the following forms, as may be applicable, along with copies of annual reports submitted to Stock exchanges: Form A:... Electricity charge recovered from tenant not includible in renting of immovable property Posted: 26 May 2013 03:43 AM PDT Whether electricity charges towards electricity consumed by tenant, recovered on actual basis by landlord are includible in value of renting of immovable property services?

Fw: TaxGuru : “Tax Benefits – House Rent Allowance (HRA) Vs. Rent Free Accommodations (RFA)” plus 0 more

Tax Benefits – House Rent Allowance (HRA) Vs. Rent Free Accommodations (RFA) Posted: 25 May 2013 06:51 PM PDT In case the House Rent Allowance (H.R.A.) is provided then there will be a tax savings (Please refer Valuation sheet for details). The above mentioned savings is mainly because of the methods Income tax act and Rules employs for valuation of taxability of H.R.A and Rent Free Accommodations (R.F.A.).

How to register as a Legal Heir to file Income Tax Return on behalf of deceased?

How to register as a Legal Heir to file Income Tax Return on behalf of deceased? Posted: 24 May 2013 08:30 PM PDT User should register as a Legal Heir to do e-Filing on behalf of the deceased. This is a new feature provided for Individual user. A Legal Heir can file Income Tax Return, View Status of Income Tax Return, ITR-V Acknowledgment and other filing status in respect of the Income Tax Return of the... Superintendent of Service Tax & An Income Tax Inspector jailed in Bribery case Posted: 24 May 2013 08:28 PM PDT The special Judge for CBI Cases, Bangalore has convicted Sri A. Vanangamudi, then Superintendent of Service Tax, Service Tax Commissionerate, Bangalore to undergo two years Simple Imprisonment with fine Rs.20,000/- in a bribery case. The investigation revealed that Sri A. Vanangamudi,... UIDAI launches Aadhaar based Iris Authentication, eKYC, One Time PIN Posted: 24 May 2013 08:28 PM PDT UIDAI launches Aadhaar based Iris Authentication, eKYC, One Time PIN New Services and Permanent Enrolment Centres Developing on its vision of 'Empowering residents of India with a unique identity and a digital platform to authenticate anytime, anywhere', the Unique Identification... Rupee Export Credit – Interest Subvention extended to 107 more tariff items in Textile & engineering good sector Posted: 24 May 2013 08:28 PM PDT It has been decided to widen the interest subvention scheme to the following sectors for the period April 1, 2013 to March 31, 2014, on the same terms and conditions: ITC(HS) and Textiles good to 6 tariff lines as per the list given in the Annex –I. Additional 101 tariff lines in engineering... Filling up of the post of Indirect Tax Ombudsman at Ahmedabad Posted: 24 May 2013 08:25 PM PDT I am directed to say that the post of Indirect Tax Ombudsman at Ahmedabad in the HAG + pay scale of Rs.75500-80,000/-, is likely to be filled up from amongst the officers of the Indian Customs & Central Excise Service. Assessment u/s. 153A can be made only on the basis of incriminating material found during the course of search Posted: 24 May 2013 08:12 PM PDT We have carefully considered the submissions and perused the records. We find that the value of the property in this case as reflected in the registered sale deed was Rs. 55,00,000/-. Reference u/s. 142A was made to the DVO by the Assessing Officer. DVO determined the value of the property at Rs.... No Interest disallowance for amount advanced without interest out of Interest free funds Posted: 24 May 2013 08:02 PM PDT In this case Assessing Officer noted that from the perusal of the balance sheet and Annexures it was noted that the assessee has taken loans from banks, amounting to RS. 8,32,93,610/- in the form of secured loan and also from other parties, amounting to Rs. 56,20,479/- in the form of unsecured... S. 2(22)(e) not applies to amount advanced for investment on behalf of company Posted: 24 May 2013 07:52 PM PDT the stand of the assessee has been that a sum of Rs. 12,00,000/- was given to the assessee company, consequent upon the Resolution passed by the Board of Directors of the said Company authorizing the assessee to invest on behalf of the company in units of M/s Reliance Equity Advantage Funds. This... No penalty merely because claim of the assessee was disallowed u/s.40(a)(ia) Posted: 24 May 2013 06:43 PM PDT It is a fact that assessee has claimed expenses aggregating to Rs.16,17,766/- and same were disallowed by the AO while completing the assessment under section 143(3) of the Act on the ground that assessee failed to deduct TDS. We observe that the genuineness of the claim of the assessee has not... ITAT allows Sub-Brokerage expenses against Real Estate Commission Income Posted: 24 May 2013 04:35 PM PDT The figures regarding earning of commission and sub-brokerage have already been mentioned in the above part of this order. The assessee has furnished full details regarding properties in respect of which she has earned commission income. Due to the oldness of the matter the assessee was unable to... Infrastructure Financing – Need of More Effective Ways Posted: 24 May 2013 09:25 AM PDT Infrastructure sector in India has not been able to perform to its full capacity, majorly due to the Government red tapes, lack of funds and very long gestation period in completion of the projects. With introduction of Public-Private-Partnerships (PPP), this scenario is expected to change.... Procedure for movement of excisable indigenous goods to Warehouses or retail outlets of Duty Free Shops Posted: 22 May 2013 09:52 PM PDT CIRCULAR NO 970/04/2013-CX, Dated: May 23, 2013 Subject: Procedure governing the movement of excisable indigenous goods to the Warehouses or retail outlets of Duty Free Shops appointed or licensed under the Customs Act, 1962 – Regarding In exercise of the powers conferred under sub-rule (2) of rule... No Need of registration of godown or retail outlet of a Duty Free Shop Posted: 22 May 2013 09:45 PM PDT Seeks to allow duty free sale of goods manufactured in India to the International passengers or members of crew at the DFSs located at the arrival / departure hall of International Airports and specify the procedures relating thereto. NOTIFICATION NO. 09/2013 Central Excise (N.T.), May 23, 2013 In... Officers of Customs having jurisdiction on Duty Free Shops appointed as CE Officers Posted: 22 May 2013 09:43 PM PDT Seeks to allow duty free sale of goods manufactured in India to the International passengers or members of crew at the DFSs located at the arrival / departure hall of International Airports and specify the procedures relating thereto. NOTIFICATION NO 08/2013 Central Excise (N.T.), Dated: May 23,...