Dear Friends, I recently launched a website all new updates will be given to you now on this website only those who are existing subscriber to are requested to visit to suscribe to

May 2, 2013

Analysis of Amendment to Finance Bill 2013

Analysis of Amendment to Finance Bill 2013

Posted: 02 May 2013 08:28 PM PDT

1.      Reference to FEMA, 1999 in the place of FERA, 1973/ FERA, 1947 under the Income-tax Act, 1961 Even after repeal of Foreign Exchange Regulation Act, 1973, the Income-tax Act, 1961 continued to make a reference to the said Act in many of its sections, for example, section 10(4)(ii), 10(4B),...

Requirement of TRC to contain prescribed particulars to be dispensed with

Posted: 02 May 2013 08:27 PM PDT

Sub-section (4) of 90 and 90A provides that treaty benefit will not be available to any Non Resident unless he furnishes TRC from the Government of his country of residence containing such particulars as may be prescribed. The Finance Bill, 2013 had proposed to insert sub-section (5) in sections 90...

Text of Amendment to Finance Bill 2013

Posted: 02 May 2013 08:27 PM PDT

 LOK SABHA THE FINANCE BILL, 2013 [As introduced in Lok .Sabha] Notice of Amendments SHRI P.CHIDAMBARAM: 1. Page 2, line 31 for"194LC", substitute "194I LC, 194LD". 2. Page 6, after line 13, insert— 3A (New) – Substitution of reference of certain expression by other...

No requirement to obtain TAN by transferee of immovable properties

Posted: 02 May 2013 08:25 PM PDT

No requirement to obtain TAN by transferee deducting tax under section 194-IA Section 194-IA was proposed to be inserted by the Finance Bill, 2013 to provide for deduction of tax at source@1% on consideration for transfer of immovable property, other than agricultural land. However, no tax is to be...

Trading in commodity derivatives not to be considered as a speculative transaction

Posted: 02 May 2013 08:24 PM PDT

The Commodities transaction tax is proposed to be introduced in a limited way by insertion of Chapter VII in the Finance Bill, 2013. The Finance Minister, in his budget speech, had clarified that trading in commodity derivatives will not be considered as a speculative transaction. However, no...

Agricultural land not liable to wealth-tax

Posted: 02 May 2013 08:14 PM PDT

Land classified as agricultural land in the records of the Government and used for agricultural purposes not an asset chargeable to wealth-tax Section 2(ea) of the Wealth-tax Act, 1957 is proposed to be amended to clarify the real intent of the law, i.e., the agricultural land in the records of the...

TCS on sale of gold coins and articles weighing 10 gms

Posted: 02 May 2013 07:58 PM PDT

TCS provisions under section 206C to also be attracted on sale of gold coins and articles weighing 10 gms The Finance Act, 2012 had inserted sub-section (1D) in section 206C to provide for collection of tax at source on sale of bullion or jewellery, if the consideration exceeds Rs.2 lakh and Rs.5...

Higher TDS U/s. 206AA not applicable to Interest on Foreign Currency Loan from a source outside India

Posted: 02 May 2013 07:55 PM PDT

Higher TDS under section 206AA not to be applicable in respect of tax deductible under section 194LC Section 194LC, inserted by the Finance Act, 2012, provides for a concessional rate of withholding tax @ 5% on payments to non-residents in a case where an Indian Company borrows money in foreign...

FM threatens tax evaders, says crackdown looming

Posted: 02 May 2013 06:35 PM PDT

In a strong message to tax evaders, the government today said that it will step up efforts to bring more people into net and also endeavour to recover tax arrears.Between January and March…we issued notices after mining the data and thanks to the advertising campaign, I have added 50 lakh...

OECD – Draft handbook on transfer pricing risk assessment

Posted: 02 May 2013 06:13 PM PDT

In November 2011, the Steering Committee of the OECD Global Forum on Transfer Pricing undertook a project on transfer pricing risk assessment. The objective of this project was to produce a practical handbook that provides clear and detailed steps countries can take to assess the transfer pricing...

CMA-President Communique – May, 2013

Posted: 02 May 2013 05:51 PM PDT

"Let no feeling of discouragement prey upon you, and in the end you are sure to succeed.". -Abraham Lincoln Dear Professional Colleagues, First of all I take this opportunity to thank all the members who attended the International Professional Summit organized by the Institute at the Leela...

Sitting or Retired Judge of High Court with at least 7 years of service eligible for appointment as President of Appellate Tribunal

Posted: 02 May 2013 05:15 PM PDT

Section 252(3) provides that the Central Government shall appoint the senior Vice-President or one of the Vice-Presidents of the Appellate Tribunal to be the President thereof.

New time limits for completion of assessment or reassessment U/s 153 / 153B in cases where reference is made to TPO

Posted: 02 May 2013 12:22 PM PDT

New time limits for completion of assessment or reassessment under sections 153 and 153B in cases where reference is made to TPO to apply irrespective of the date of reference to TPO or the date of passing of order under section 92CA(3) Section 153 provides for the time limit for completion of...

Concessional rate of TDS in respect of interest income of a non-resident from rupee-denominated bonds or government securities

Posted: 02 May 2013 12:18 PM PDT

Introduction of new section 194LD to provide concessional rate of TDS in respect of interest income of a non-resident from rupee-denominated bonds or government securities consequent to the amendment in section 206AA The Finance Act, 2012 had amended section 115A to provide that Interest payable by...

Addition based on mere statement of assessee recorded u/s. 132(4) not sustainable

Posted: 01 May 2013 11:48 PM PDT

In the present case, the revenue authorities, sought to apply the statutory presumptions, as contemplated under section 132(4A) to the facts of the present case, without establishing the factum that the assessee was found in possession or control of any books of account, other documents, money,...

Molasses produced during manufacturing of sugar not scrap for the purpose of section 206C

Posted: 01 May 2013 10:44 PM PDT

We have thoroughly gone through the findings of the ld. first appellate authority on the issue in dispute and we are of the view that the findings of the ld. first appellate authority are not based on any material or evidence and the Molasses would not form part of the definition as provided in...

Bagasse used as a fuel usually in sugar mills, cannot be considered as 'scrap' for sec. 206C

Posted: 01 May 2013 10:16 PM PDT

Bagasse is quite often and commonly used as a fuel, usually in the sugar mill themselves. The sugarcane fibrous waste is initially moist after crushing, but most mills use them as fuel after drying. Hence, even though bagasse is in the nature of scrap and waste because of its nature, since it can...

Exchange Rate of Foreign Currency Relating to Imported and Export Goods WEF 03.05.2013

Posted: 01 May 2013 09:49 PM PDT

NOTIFICATION NO. 52/2013-CUSTOMS (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect...

ICAI advises students to submit form either in person or through speed/registered post

Posted: 01 May 2013 09:37 PM PDT

In the recent past, it has been noticed by the Institute that some of the students submit their registration/examination application forms along with requisite fee with private agencies for onward transmission to the Institute and the forms so submitted either did not reach the Institute in time or...

CG shall refer complaint against presiding officer to chairperson of respective DRTs to investigate allegation

Posted: 01 May 2013 09:20 PM PDT


No comments:

Post a Comment