CBDT issues clarificatory circular on Section 40(a)(ia) -TDS Disallowance
Posted Date : 17-Dec-2013 , 06:42:42 pm | Posted By: CASANSAAR
CIRCULARNo 10/DV/2013 (Departmental View)
F. No. 279/Misc./M-61/2012-ITJ (Vol.-II)
Government of India
Ministry of Finance
Department of Revenue
CentralBoard ofDirect Taxes
New Delhi, the December 16th 2013
Subject:Circularon Section 40(a)(ia) of theIncome TaxAct, 1961-reg.
It has been brought to the notice ofthe Boardthat there are conflicting interpretations by judicial authorities regarding the applicability of the provisions of section 40(a)(ia) of the Income-taxAct, 1961 (`the A...
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Income Tax |
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MVAT - Physical Submission of Audit Report in Form 704 for the F.Y.2012-13
Posted Date : 17-Dec-2013 , 08:19:38 am | Posted By: CASANSAAR
TRADE CIRCULAR
No.704 Cell/2013-2014
Trade Cir. No. 10T of 2013
Mumbai, dt. 16/12/2013
Subject :Physical Submission of Audit Report in Form 704 for the financial year 2012¬2013
Ref: 1)Government Notification No. VAT/ AMD -1009/1B/Adm-6 dated 26th August, 2009.
2) Trade Circular No 27T of 2009 dated October 2009.
3) Trade Circular No 16T of 2011 dated 11 th November, 2011
4) Government Notification No: VAT-1512/CR-139/Taxation-1 dated 21st November 2012
5) Trade Circular No 19T o...
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VAT |
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Clarification with regard to applicability of section 182(3) of the Companies Act,2013 - MCA
Posted Date : 16-Dec-2013 , 05:38:16 pm | Posted By: CASANSAAR
Ministry has received representations seeking clarification on disclosures to bemade under section 182 of the companies Act, 2013. The same have been examined.with the coming into force of the scheme relating to'Electoral rrust companies'in termsof section (24M) of the Income Tax Act, 1961 read with Ministry of Finance NotificationNo. s.o.309(E) dated 31st January, 2013 it will be expedient to explain the requirementsof disclosure on paft of a company of any amount or amounts contributed by it...
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Corporate Laws |
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Delhi VAT Dealers
Posted Date : 15-Dec-2013 , 05:40:26 pm | Posted By: CASANSAAR
Buy goods from a trusted seller who files return and thereby pays due tax collected fromyou.
Mere 2B statement filing by selling dealer not sufficient – selling dealer needs to back it upwith return.
Some selling dealers disappear before last date of filing returns - Not only would you loseinput tax credit and pay the same with interest and penalty but also face criminalprosecution for producing tax invoices from such selling dealers.
Strict Civil & ...
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VAT |
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Regarding extension of warehousing and acceptance of LUT in place of Bank Guarantee for export warehousing for Status Holder Manufacturer Exporters
Posted Date : 13-Dec-2013 , 06:22:09 pm | Posted By: CASANSAAR
Circular No. 976/10/2013-CX
F. No. 201/14/2013-CX.6
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
New Delhi, the 12thDecember, 2103
To
All Chief Commissioners of Central Excise & Customs,
All Chief Commissioners of Central Excise,
All Directors General,
Sir / Madam,
Sub:-Extension of warehousing and acceptance of LUT in place of Bank Guarantee for export warehousing for Status Holder Manufacturer Exporters – reg....
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Excise |
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Filing of R.10 block of Form 1 for 2009-10,2010-11,2011-12 & 2012-13 and for 2nd Quarter return of 2013-14 - extension of period thereof
Posted Date : 12-Dec-2013 , 01:34:25 pm | Posted By: CASANSAAR
Filing of R.10 block of Form 1 for 2009-10,2010-11,2011-12 & 2012-13 and for 2nd Quarter return of 2013-14 - extension of period thereof....
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VAT |
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CBDT redistributes work amongst directors in Foreign Tax & Tax Research and APA divisions
Posted Date : 11-Dec-2013 , 07:11:32 pm | Posted By: CASANSAAR
OFFICE ORDER [F.NO.500/59/2003-FTD-I],DATED 10-12-2013
In consequence to the officeorder dated 6th December, 2013regarding revision of work distribution between Joint Secretary (FT&TR-I) and Joint Secretary (FT&TR-II), the work distribution among the Director (FT&TR-I), Director (FT&TR-III) and Director (APA) under the Central Board of Direct Taxes (CBDT) is revised as under:—
Officer
Work Allocated
Director (FT&TR-I)
1.
All matters relating to...
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Income Tax |
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CBDT calls for speedy disposal of electoral trust applications; releases check-list for electoral trust
Posted Date : 10-Dec-2013 , 06:56:32 pm | Posted By: CASANSAAR
Standardizing the process of filing application for approval of an Electoral Trust.
...
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Income Tax |
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Novation of OTC Derivative Contracts
Posted Date : 09-Dec-2013 , 09:48:37 pm | Posted By: CASANSAAR
RBI/2013-14/406DBOD.No.BP.BC.76/21.04.157/2013-14
December 9, 2013
All Scheduled Commercial Banks(Excluding RRBs and LABs) &All India Term-Lending & Refinancing Institutions
Madam / Sir,
Novation of OTC Derivative Contracts
Please refer to ourcirculars DBOD.No.BP.BC.86/21.04.157/2006-07 dated April 20, 2007on Comprehensive Guidelines on Derivatives andDBOD.No.BP.BC.44 /21.04.157/2011-12 dated November 2, 2011on Comprehensive Guidelines on Derivatives: Modifications permitting novati...
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RBI |
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Charges Levied by Banks for Sending SMS Alerts
Posted Date : 06-Dec-2013 , 08:18:58 pm | Posted By: CASANSAAR
RBI/2013-14/403UBD.CO.BPD.(PCB).Cir.No.42/12.05.001/2013-14
December 6, 2013
To,The Chief Executive OfficerAll (Primary) Urban Co-operative Banks
Dear Sir / Madam,
Charges Levied by Banks for Sending SMS Alerts
Please refer to paragraph 37 of the Second Quarter Review of Monetary Policy Statement 2013-14 announced on October 29, 2013 (extract enclosed) on 'Customer Service- Charges Levied by Banks for Sending SMS Alerts'.
2.In this connection, a reference is also invited to ourcircular U...
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RBI |
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Exchange-Traded Interest Rate Futures
Posted Date : 05-Dec-2013 , 06:38:53 pm | Posted By: CASANSAAR
RBI/2013-14/402IDMD.PCD. 08/14.03.01/2013-14
December 5, 2013
To
All market participants
Dear Sir/Madam
Exchange-Traded Interest Rate Futures
As announced in theSecond Quarter Review of Monetary Policy 2013-14, it has been decided to introduce cash settled Interest Rate Futures (IRF) on 10-year Government of India security.
2. The Reserve Bank of India has accordingly issued a Notification IDMD.PCD.07 /ED (RG) - 2013 dated December 5, 2013 introducing cash settled IRF on 10-year Governmen...
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RBI |
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Timely Issue of TDS Certificate to Customers
Posted Date : 05-Dec-2013 , 04:44:48 pm | Posted By: CASANSAAR
RBI/2013-14/401UBD.CO.BPD.(PCB).Cir.No. 41/12.05.001/2013-14
December 5, 2013
To,
The Chief Executive OfficerAll Urban Co-operative Banks
Dear Sir / Madam,
Timely Issue of TDS Certificate to Customers
It has been brought to our notice that some banks are not providing TDS Certificate in Form 16A to their customers in time, causing inconvenience to customers in filing income-tax returns in time.
2. With a view to protecting the interests of depositors and for rendering better customer serv...
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RBI |
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Procedure for Voluntary Disclosure of Tax Deficiency u/s 87(6) of the DVAT Act 2004.
Posted Date : 05-Dec-2013 , 04:43:06 pm | Posted By: CASANSAAR
CIRCULAR NO.28 Dated: 03-12-2013,Procedure for Voluntary Disclosure of Tax Deficiency u/s 87(6) of the DVAT Act2004....
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VAT |
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Union Budget - 2013-14 Interest Subvention Scheme
Posted Date : 04-Dec-2013 , 05:45:45 pm | Posted By: CASANSAAR
RBI/2013-14/398RPCD.No.FSD.BC.71/05.04.02/2013-14
December 4, 2013
To,The Chairman / Managing DirectorAll Public & Private Sector Scheduled Commercial Banks
Dear Sir
Union Budget - 2013-14Interest Subvention Scheme
As directed by the Government of India and in pursuance of the budget announcement made by the Finance Minister relating to the Interest Subvention Scheme 2013-14, Interest subvention of 2 % p.a. will be made available to Public Sector Banks (PSBs) and Private Sector Schedule...
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RBI |
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External Commercial Borrowings (ECB) by Holding Companies / Core Investment Companies for the project use in Special Purpose Vehicles (SPVs)
Posted Date : 03-Dec-2013 , 07:29:59 pm | Posted By: CASANSAAR
RBI/2013-14/397A.P. (DIR Series) Circular No. 78
December 3, 2013
To
All Authorised Dealer Category I Banks
Madam / Sir
External Commercial Borrowings (ECB) by Holding Companies / Core Investment Companies for the project use in Special Purpose Vehicles (SPVs)
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to theA.P. (DIR Series) Circular No. 5 dated August 1, 2005as amended from time to time relating to the External Commercial Borrowings (ECB).
2. In order to ...
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FEMA |
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Delegation of Powers under the DVAT Act , 2004
Posted Date : 03-Dec-2013 , 07:47:15 am | Posted By: CASANSAAR
In continuation of order dated 12.11.2013 on the subject, I, Prashant Goyal, Commissionerof Value Added Tax, Department of Trade & Taxes, Government of NCTof Delhi, in exercise of the powersconferred by section 68 of the Delhi Value Added Tax (DVAT) Act, 2004 (Delhi Act 3 of 2005) read with rule 48of the Delhi Value Added Tax Rules, 2005 do hereby delegate my powers specified in column Nqs. 3 underSection mentioned in column no. 2 to the Officers specified in column 4 of the table appended b...
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VAT |
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Guidelines on Stress Testing
Posted Date : 03-Dec-2013 , 07:34:20 am | Posted By: CASANSAAR
RBI/2013-14/390DBOD.BP.BC.No.75/21.04.103/2013-14
December 2, 2013
All Scheduled Commercial Banks(excluding RRBs)
Dear Sir,
Guidelines on Stress Testing
Please refer to the guidelines on stress testing issued videcircular DBOD.No.BP.BC. 101/21.04.103/2006-07 dated June 26, 2007. Banks were required to operationalise their formal stress testing framework in accordance with these guidelines from March 31, 2008. It was expected that the stress testing framework being set up would help banks in...
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RBI |
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Revised General Credit Card (GCC) Scheme
Posted Date : 03-Dec-2013 , 07:33:37 am | Posted By: CASANSAAR
RBI/2013-14/389RPCD.MSME & NFS.BC.No.61/06.02.31/2013-14
December 2, 2013
The Chairman/Managing Director/ Chief Executive OfficerAll Scheduled Commercial Banks(Including Regional Rural Banks)
Dear Sir / Madam
Revised General Credit Card (GCC) Scheme
Please refer to ourcircular RPCD.CO.No.RRB.BC.59/03.05.33(F)/2005-06 dated December 27, 2005andcircular no. RPCD.CO.Plan.BC.No.66/04.09.01/2007-08 dated May 06, 2008on the General Credit Card (GCC) Scheme.
2. During Financial Inclusion Plan...
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RBI |
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Periodicity of Payment of Interest on Rupee Savings/Term Deposits
Posted Date : 01-Dec-2013 , 07:56:30 pm | Posted By: CASANSAAR
RBI/2013-14/385DBOD.No.Dir.BC. 69/13.03.00/2013-14
November 29, 2013
To
All Scheduled Commercial Banks(Excluding RRBs)
Dear Sir / Madam
Periodicity of Payment of Interest on Rupee Savings/Term Deposits
Please refer to paragraph 23 of the Second Quarter Review of Monetary Policy 2013-14 announced on October 29, 2013 (extract enclosed) on periodicity of payment of interest on savings and term deposits.
2. In this connection, a reference is also invited to paragraph 2 (ii) of our circular DB...
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RBI |
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Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits
Posted Date : 01-Dec-2013 , 07:55:48 pm | Posted By: CASANSAAR
RBI/2013-14/387DBOD. No. Dir. BC.71/13.03.00/ 2013-14
November 29, 2013
All Scheduled Commercial Banks(Excluding RRBs)
Dear Sir/ Madam
Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits
Please refer to ourcircular DBOD. Dir. BC. 40/13.03.00/2013-14 dated August 14, 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 exemption provided on such d...
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RBI |
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Periodicity of Payment of Interest on Rupee Savings/Term Deposits
Posted Date : 29-Nov-2013 , 04:57:16 pm | Posted By: CASANSAAR
RBI/2013-14/385DBOD.No.Dir.BC. 69/13.03.00/2013-14
November 29, 2013
To
All Scheduled Commercial Banks(Excluding RRBs)
Dear Sir / Madam
Periodicity of Payment of Interest on Rupee Savings/Term Deposits
Please refer to paragraph 23 of the Second Quarter Review of Monetary Policy 2013-14 announced on October 29, 2013 (extract enclosed) on periodicity of payment of interest on savings and term deposits.
2. In this connection, a reference is also invited to paragraph 2 (ii) of our circular DB...
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RBI |
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CBDT seeks info on assessee opting for Safe Harbour from returns filed till November 30, 2013
Posted Date : 29-Nov-2013 , 04:56:01 pm | Posted By: CASANSAAR
The Safe Harbour rules have been made publicvidenotification dated 18th September, 2013. In order to analyze the number of taxpayers opting for the Safe Harbour, you are requested to provide the following information from the return of income filed till 30th November, 2013:
♦
Name, address, PAN and Assessing Officer of the taxpayer filing Form 3CEFA
♦
Details of eligible international transaction for which benefit under Safe Harbour Rules has been opted
2.You...
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Category :
Income Tax |
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Participation of NBFCs in Insurance sector
Posted Date : 28-Nov-2013 , 08:07:31 pm | Posted By: CASANSAAR
RBI/2013-14/383DNBS.PD.CC.No.361/03.02.002/2013-14
November 28, 2013
To,
All NBFCs
Dear Sirs,
Participation of NBFCs in Insurance sector
Please refer to the circularDNBS.(PD).CC.No.13/02.01/99-2000 dated June 30, 2000which contains the Guidelines for entry of NBFCs into Insurance Business issued on June 09, 2000, and subsequent modification carried out vide CircularDNBS.(PD).CCX.No.35/10.24/2003-04 dated February 10, 2004andCC No. 221/03.02.002/2010-2011 dated May 27, 2011.As per the extan...
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RBI |
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Imposition of Minimum Capital Adequacy Measure of 9% for RRBs
Posted Date : 27-Nov-2013 , 07:09:50 pm | Posted By: CASANSAAR
RBI/2013-14/382RPCD.CO.RRB.BC.No.60/03.05.33/2013-14
November 26, 2013
The ChairmanAll Regional Rural Banks
Dear Sir/Madam,
Imposition of Minimum Capital Adequacy Measure of 9% for RRBs
The risk weighted assets ratio system as the basis of assessment of Capital Adequacy which takes into account the element of risk in the various types of assets in the Balance Sheet as well as off Balance-sheet exposures was made applicable to banks in India with a view to strengthening their capital base.
...
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RBI |
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Regarding Service Tax Voluntary Compliance Encouragement Scheme
Posted Date : 27-Nov-2013 , 08:02:48 am | Posted By: CASANSAAR
Circular No.174/9/2013 – ST
F.No.B1/19/2013-TRU
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
(Tax Research Unit)
North Block
New Delhi, 25thNovember, 2013
To,
Chief Commissioners of Central Excise and Customs (All),
Director General (Service Tax), 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 |
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Charges Levied by Banks for Sending SMS Alerts
Posted Date : 26-Nov-2013 , 09:26:18 pm | Posted By: CASANSAAR
RBI/2013-14/381DBOD. No. Dir. BC. 67/13.10.00/2013-14
November 26, 2013
All Scheduled Commercial Banks(Excluding RRBs)
Dear Sir/ Madam
Charges Levied by Banks for Sending SMS Alerts
Please refer to paragraph 37 of the Second Quarter Review of Monetary Policy Statement 2013-14 announced on October 29, 2013 (extract enclosed) on ‘Customer Service- Charges Levied by Banks for Sending SMS Alerts’.
2. In this connection, a reference is also invited to ourcircular DBOD. No. Dir. BC. ...
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Category :
RBI |
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Security and Risk Mitigation Measures for Card Present Transactions
Posted Date : 26-Nov-2013 , 06:02:13 pm | Posted By: CASANSAAR
RBI/2013 -14/380DPSS (CO) PD No.1164/ 02.14.003/2013-14
November 26, 2013
The Chairman and Managing Director / Chief Executive OfficersAll Scheduled Commercial Banks including RRBs / Urban Co-operative Banks /State Co-operative Banks / District Central Co-operative Banks/Authorised Card Payment Networks
Madam / Dear Sir,
Security and Risk Mitigation Measures for Card Present Transactions
A reference is invited to ourcircular dated September 22, 2011 on security issues and risk mitigation me...
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Category :
RBI |
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DVAT - DISPOSAL OF REFUNDS
Posted Date : 25-Nov-2013 , 07:31:38 pm | Posted By: CASANSAAR
All dealers whose refund claims are pending and their returns for the year2009-10 onwards involve central sale/sock transfer against statutory forms arehereby directed to file information online for the pending statutory forms/declarationin Block R 10 of CST return Form 1 by 30thNovember, 2013 for the year 2009-10and by 31stDecember, 2013 for the year 2010-11, 2011-12 and 2012-13 in order tohelp process the refund claims expeditiously. Receipt of the information so filed canbe obtained from the ...
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Category :
VAT |
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Financing of Infrastructure - Definition of \'Infrastructure Lending\'
Posted Date : 25-Nov-2013 , 07:28:37 pm | Posted By: CASANSAAR
RBI/2013-14/378DBOD.BP.BC.No.66/08.12.014/2013-14
November 25, 2013
All Scheduled Commercial Banks(excluding RRBs) andAll India Term-Lending and Refinancing Institutions(EXIM Bank, NABARD, NHB and SIDBI)
Dear Sir,
Financing of Infrastructure - Definition of 'Infrastructure Lending'
Please refer to ourcircular DBOD.BP.BC.No.58/08.12.014/2012-13 dated November 20, 2012on ‘Definition of Infrastructure Lending’ harmonising the RBI definition of Infrastructure Lending with that of ...
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RBI |
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MVAT : Correction of mistakes made by the dealers or miscellaneous refunds of excess payment of taxes
Posted Date : 25-Nov-2013 , 09:21:17 am | Posted By: CASANSAAR
TRADE CIRCULAR
No. VAT/Refund-Return/ACST (VAT-2), Mumbai Dated: -21/11/2013Trade Circular No. 7T of 2013
Sub.:- Correction of mistakes made by the dealers or miscellaneous refunds of excess paymentof taxes…
Ref: – Trade Circular No. 17T Dated 25.11.2011.
The payment of tax under MVAT Act, 2002 and CST Act, 1956 by way of e-payment was made mandatory from March, 2011. It has been reported to this office by some of the dealers and the Banks that they made certain mistakes while...
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Category :
VAT |
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