Circular No.981/5/2014-CX F.No.345/01/2013-TRU Government of India Ministry of Finance Department of Revenue Tax Research Unit ***** New Delhi, the 11thFebruary, 2014 To, Chief Commissioners of Central Excise (All), Chief Commissioners of Central Excise and Customs (All), Director General, Directorate General of Central Excise Intelligence, Commissioners of Central Excise (All), Commissioners of Central Excise and Customs (All). Madam/Sir, Subject: Effective date for levy of...

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Section 115R of the Income-tax Act, 1961 - Tax on distributed income to unit holders – Clarification on scope of additional income-tax on distributed......

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Category : Income Tax | Comments : 0 | Hits : 217

Sec. 14A disallowance can be triggered even if exempt income isn’t earned during the year; CBDT clarifies ...

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CircularNo.. 04/2014, Dated : February 10, 2014 Subject – Non-Filing of ITR-Vin returnswith refund claims-relaxationof time- limit for filing ITR-V and processing of such returns -regarding. Several instances of grievances have come to the notice of the Board stating that a large number of returns-of-income for Assessment Year (‘AY’) 2009-2010, which were electronically filed without a digital signature in accordance withprocedurelaid down under the Income-tax Act, 1961(&lsqu...

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In partial modification of Circular No.33 of 2013-14 dated 31/12/2013and in exercise of the powers conferred under rule 49A of the Delhi Value AddedTax Rules, 2005, I, Prashant Goyal, Commissioner, Value Added Tax, do herebyextend the last date of filing of hardcopy of third quarter return of 2013-14 to10/02/2014. The date of on-line filing of returns would, however, end atmidnight of 7thFebruary 2014...

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RBI/2013-14/485DBOD.No.BP.95/21.04.048/2013-14 February 7, 2014 The Chairman and Managing Director/Chief Executive OfficerAll Scheduled Commercial Banks(Excluding Local Area Banks and Regional Rural Banks) Dear Sir, Utilisation of Floating Provisions/Counter Cyclical Provisioning Buffer Please refer to ourcircular DBOD.No.BP.BC.89/21.04.048/2005-06 dated June 22, 2006andDBOD.No.BP.BC. 68/21.04.048/2006-07 dated March 13, 2007on creation, accounting, disclosures and utilisation of floating p...

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RBI/2013-14/484UBD.BPD.(PCB).Cir.No.47/13.01.000/2013-14 February 7, 2014 The Chief Executive OfficersAll Primary (Urban) Co-operative Banks Dear Sir/Madam, Deregulation of Interest Rates onNon-Resident (External) Rupee (NRE) Deposits Please refer to ourcircular UBD.BPD.(PCB) CIR.No.8/13.01.000/2013-14 dated September 3, 2013allowing banks the freedom to offer interest rates on incremental NRE deposits with maturity of 3 years and above without any ceiling in order to pass on the benefit of...

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RBI/2013-14/481A.P. (DIR Series) Circular No.101 February 4, 2014 To All Category - I Authorised Dealer Banks Madam / Sir, Export of Goods and Services:Export Data Processing and Monitoring System (EDPMS) Attention of Authorised Dealers is invited toA. P. (DIR Series) Circular No. 12 dated September 9, 2000in terms of which AD Category – I banks are required to furnish the various returns/statements relating to export of Goods/Services as given underPart C- Authorised Dealer obligati...

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RBI/2013-14/479A.P. (DIR Series) Circular No.100 February 4, 2014 To All Category - I Authorised Dealer Banks Madam / Sir, Third party payments for export / import transactions Attention of Authorized Dealer Category – I banks is invited toA. P. (DIR Series) Circular No.70 dated November 8, 2013, in terms of which they have been permitted to allow third party payments for export of goods & software / import of goods subject to the conditions stated therein. 2. In view of the dif...

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Government of India Ministry of Finance (Department of Revenue) *** Notification No. 03/2014-Service Tax New Delhi, 3rdFebruary, 2014 G.S.R….(E).- Whereas, the Central Government is satisfied that a practice was generally prevalent regarding levy of service tax (including non-levy thereof), under section 66 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as ‘the Finance Act’),on services provided byanauthorisedperson or sub-broker to the memberof are...

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Category : Service Tax | Comments : 0 | Hits : 185

RBI/2013-2014/469UBD.BPD.(PCB).Cir.No.46/16.11.00/2013-14 January 28, 2014 The Chief Executive OfficerAll Primary (Urban) Co-operative Banks Madam / Dear Sir, Revision in Bank Rate Please refer to ourcircular UBD.BPD.(PCB).Cir. No. 33 /16.11.00/2013-14 dated October 29, 2013on the captioned subject. 2. As announced in theThird Quarter Review of Monetary Policy Statement for 2013-14 dated January 28, 2014, the Bank Rate stands adjusted by 25 basis points from 8.75 per cent to 9.0 ...

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RBI/2013-14/465UBD.BPD.(PCB).Cir.No.45/13.05.000/2013-14 January 28, 2014 The Chief Executive Officers ofAll Primary (Urban) Co-operative Banks Dear Sir/Madam, Housing Sector: New Sub-Sector CRE-Residential Housing (CRE-RH) Segment within CRE Sector & Rationalisation of Provisioning and Risk Weight Please refer to paragraph 82 of the Monetary Policy Statement 2013-14 (extract enclosed) on ‘Commercial Real Estate - Residential Housing: Prudential Norms’, announced on ...

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RBI/2013-14/464REF.No.MPD.BC. 371/07.01.279/2013-14 Magha 8,1935 (Sake)January 28, 2014 To All Scheduled Banks [excluding Regional Rural Banks(RRBs)]and Primary Dealers Dear Sir/Madam, Standing Liquidity Facilities forBanks and Primary Dealers Please refer to theThird Quarter Review of Monetary Policy 2013-14 dated January 28, 2014, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 25 basis points from 7.75 per cent to 8.00 per ce...

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With effect from February 1, 2014, it is mandatory tosubmit Form27A generated by TDS/TCS FVU (File Validation Utility) duly signed, along the TDS/TCS statement/(s). Any other Form 27A submitted will be treated as invalid submission and the same will be rejected by TIN-FC branches....

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Category : Income Tax | Comments : 1 | Hits : 1852

CBDT has videCIRCULARNO.03/2014 Dated, the 24th January, 2014 issued EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2013. Explanatory Notes cover the following Topics / Provision :- Section 2-Change in thedefinition of capitalasset Section 10 Change in the definition of keyman insurance policy, exemptionto income of investor Protection Fund of depositors, pass through status to certainAlternative InvestmentFunds exemptionof income received in India in Indian currency by a foreig...

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The procedure for PAN allotment process will undergo a change w.e.f.03.02.2014. From this date onwards, every PAN applicant has to submit selfattestedcopies of Proof of Identity (POI), Proof of Address (POA) and Date ofBirth (DOB) documents and also produce original documents of suchPOI/POA/DOB documents, for verification at the counter of PAN FacilitationCentres. The copies of Proof of Identity (POI), Proof of Address (POA) and Dateof Birth (DOB) documents attached with PAN application form, wi...

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CCA Office has passed an Order with respect to Attestation ofDSC Applications Supporting Documents ( i.e. Identity Proofs, AddressProofs ) starting from Monday - 13th Jan 2014 onwards is Postponed tillfurther notification....

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Category : Corporate Laws | Comments : 0 | Hits : 255

RBI/2013-2014/460DNBS (PD) CC. No. 35/SCRC/26.03.001/2013-2014 January 23, 2014 The Chairman/Managing Director/Chief Executive OfficerAll registered Securitisation Companies/Reconstruction Companies Dear Sir, Conversion of debt into shares, consent level of security enforcement actionsand permission to acquire debt from other SC/RCs Please refer to “The Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003” dated April 23, 2003 (her...

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RBI/2013-14/459DNBS.CO. PD. No. 367/03.10.01/2013-14 January 23, 2014 All NBFCs excluding Primary Dealers Dear Sirs, Review of Guidelines on Restructuring of Advances by NBFCs As indicated inparagraph 42of the Second Quarter Review of Monetary Policy 2013-14 announced on October 29, 2013, the extant instructions on restructuring of advances by NBFCs have been reviewed on the lines of the recommendations of the Reserve Bank’s Working Group (Chairman: Shri B. Mahapatra) to review pruden...

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RBI/2013-14/458DBOD.BP.BC.No. 87/21.01.001/2013-14 January 22, 2014 The Chairmen / Chief Executives ofAll Scheduled Commercial Banks (excluding RRBs) Collection of Account Payee Cheques -Prohibition on Crediting Proceeds to Third Party Account Please refer to ourcircular DBOD.BP.BC.No.50/21.01.001/2011-12 dated November 4, 2011advising banks that they are prohibited from crediting 'account payee' cheques to the account of any person other than the payee named therein. We reiterate ...

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RBI/2013-14/457DPSS.CO.EPPD No.1583/04.03.01/2013-14 January 21, 2014 The Chairman and Managing Director / Chief Executive Officerof member banks participating in NEFT Madam / Dear Sir, NEFT – Customer Service and Charges – Adherence to Procedural Guidelines and Circulars The National Electronic Fund Transfer (NEFT) System, operational since November 2005 has seen an exponential growth in terms of volumes handled by the system, with a vast number of customers (individuals, corpo...

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CREATION OF DIRECTORATE OF INCOME-TAX (ASSESSMENT) AT NEW DELHI NOTIFICATION NO.GSR 22(E) [F.NO.HRD/CM/196/1/2013-14/26/2014-AD.VII],DATED 16-1-2014 The President of India is pleased to give his assent to the creation of Directorate of Income Tax (Risk Assessment), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, with immediate effect. 2.The Directorate of Income Tax (Risk Assessment) will be headed by a Director General of Income Tax who will be an officer of ...

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Circular No. 176/2/2014 - ST F. No. B1/19/2013-TRU (Pt) Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Tax Research Unit ***** New Delhi, dated the 20thJanuary, 2014 To, Chief Commissioners of Central Excise and Customs (All), Director General (Service Tax), Director General (Systems), Director General (Central Excise Intelligence),Director General (Audit), Commissioners of Service Tax (All), Commissioners of Central Excise (All), ...

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Category : Service Tax | Comments : 0 | Hits : 366

RBI/2013-14/453DBOD.BP.BC.No.86 /21.01.023 /2013-14 January 20, 2014 All Scheduled Commercial Banks(excluding RRBs) Dear Sir, Lending against Gold Jewellery Please refer to our circular DBOD.No.BC.138/21.01.023/94 dated November 22, 1994 on ‘Advances against Gold Ornaments and Jewellery for the purpose of Medical Expenses and Meeting Unforeseen Liabilities’, wherein banks were advised that while granting advances against gold ornaments and jewellery, they should observe the ne...

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Category : FEMA | Comments : 0 | Hits : 329

RBI/2013-14/454A.P. (DIR Series) Circular No.96 January 20, 2014 To All Category - I Authorised Dealer Banks Madam / Sir, Facilities for Persons Resident outside India – Clarification Attention of Authorized Dealers Category – I (AD Category- I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 [Notification No. FEMA/25/RB-2000] andA.P. (DIR Series) Circular No.45 dated October 22, 2012in terms of...

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RBI/2013-14/451FMD.MOAG. No.95/01.01.001/2013-14 January 17, 2014 All Scheduled Commercial Banks (excluding RRBs) and Standalone Primary Dealers Madam / Sir, Liquidity Adjustment Facility- Reverse Repo Based on the feedback received from the market participants, it has been decided to revise the timings ofReverse Repo window under Liquidity Adjustment Facility (LAF). The Reverse Repo window will now be available between 7.00 pm and 7.30 pm instead of the existing timings of 4.45 pm ...

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To All the Chief Commissioners & Directors General of Income Tax, Certificate of Lower deduction or non-deduction of tax at source undersection 197 of the Income-tax Act, 1961 - matter regarding. As per the Citizens Charter the time line prescribed for a decision on application forno deduction of tax or deduction of tax at lower rate is one month. Instances havebeen brought to the notice of the Board, about considerable delay in issuing thelower/non deduction certificate under section...

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NSDL vide itscircularNo.: NSDL/TIN/2014/004 dated 15th January 2014 has informed that the Income Tax Department (ITD) hasrevisedPANapplication feesas follows :- From Rs. 96 to 105/- (For dispatch of PAN card in India) From Rs. 962 to 971/- (For dispatch of PAN card outside India) Both the above charges are inclusive of service tax....

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Circular No. 979/03/2014-CX. F.No. 6/7/2012-CX-1 Government of India , Ministry of Finance , Dept of Revenue , Central Board of Excise and Customs , New Delhi ****** New Delhi, the 15thJan , 2014 . Subject – Implementation of decision of Hon’ble Supreme Court in case of M/s Fiat India ltd – reg . Attention is invited to the judgment of Hon’ble Supreme Court dated 29thAugust , 2012 in case of Fiat India Ltd [ 2012-TIOL-58-SC-CX or 2012 ( 283 ) E.L.T 161 ( S.C ...

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Category : Excise | Comments : 0 | Hits : 498

RBI/2013-14/450DCM (CC) No.G-16/03.39.01/2013-14 January 13, 2014 The Chairman & Managing Directors/Chief Executive OfficersAll Scheduled Commercial Banks(Including RRBs, UCBs, State Cooperative Bank& District Central Cooperative Banks) Dear Sir / Madam, Distribution of Banknotes & Coins – Review of Incentives & Penalties Please refer to Sl No.4 of ourCircular DCM (CC) No.G-10/03.39.01/2013-14 dated August 12, 2013, whereby we had extended the scheme of Incentive...

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