CBDT revises list of docs to be enclosed with PAN request; notifies certification formats for address & ID proof
Posted Date : 26-Dec-2013 , 05:52:51 pm | Posted By: CASANSAAR
S.O. 3794 (E)- In exercise of the powers conferred by section 295 of the Income-taxAct, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rulesfurther to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income –tax (19th Amendment) Rules, 2013.
(2) They shall come into force on the date of their publication in the Official Gazette....
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Income Tax |
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Borrowing and Lending in Rupees - Investments by persons resident outside India in the tax free, secured, redeemable, non-convertible bonds
Posted Date : 24-Dec-2013 , 07:30:41 pm | Posted By: CASANSAAR
RBI/2013-14/416A.P. (DIR Series) Circular No.81
December 24, 2013
ToAll Authorised Dealer Category - I Banks
Madam / Dear Sir
Borrowing and Lending in Rupees - Investments by persons resident outside India in the tax free, secured, redeemable, non-convertible bonds
Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to the Regulation No. 6 (2) of Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000 (Notification No. FEMA 4/2000-R...
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FEMA |
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Land Acquisition Act effective from January 1, 2014
Posted Date : 24-Dec-2013 , 02:41:09 pm | Posted By: CASANSAAR
SECTION 1 OF THE RIGHT TO FAIR COMPENSATION AND TRANSPARENCY IN LAND ACQUISITION, REHABILITATION AND RESETTLEMENT ACT, 2013 - ENFORCEMENT OF ACT - NOTIFIED DATE OF ENFORCEMENT OF SAID ACT
NOTIFICATION NO. SO 3729(E) [FILE NO.13011/01/2013-LRD],DATED 19-12-2013
In exercise of the powers conferred by sub-section (3) of section 1 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (30 of 2013), the Central Government hereby appoint...
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Corporate Laws |
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Special Deposit Scheme 1975
Posted Date : 23-Dec-2013 , 09:07:43 pm | Posted By: CASANSAAR
RBI/2013-14/415DGBA.CDD. No.3622/15.01.001/2013-14
December 18, 2013
The Chairman & Managing DirectorHead OfficeGovernment Accounts DepartmentState Bank of India / State Bank of PatialaState Bank of Bikaner & Jaipur /State Bank of TravancoreState Bank of Hyderabad / State Bank of MysoreAllahabad Bank / Bank of Baroda / Bank of India / Bank of Maharashtra/Canara Bank / Central Bank of India / Corporation Bank / Dena Bank / Indian Bank/Indian Overseas Bank / Oriental Bank of Commerce / P...
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RBI |
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Renotify Bank of Maharashtra located in National Capital Territory of Delhi as appropriate Government Treasury for the purpose of deposit of Value Added Tax dues
Posted Date : 23-Dec-2013 , 09:04:54 pm | Posted By: CASANSAAR
In partial modification of this department’s Notification No No.F.7(400)/Policy/VAT/2011/PF/ 864-877dated 01/10/2013, regarding de-notification of Dena Bank and Bank of Maharashtra for collection of VAT/CSTdues w.e.f. 15/10/2013, I, Prashant Goyal, Commissioner, Value Added Tax, in exercise of the powersconferred upon me under sub-rule(2) of rule 31 read with clause (b) of subrule (4) of rule 2 of Delhi ValueAdded Tax Rules, 2005 and section 36 of Delhi Value Added Tax Act, 2004 hereby ren...
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VAT |
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Single point of taxation introduced in Punjab VAT
Posted Date : 23-Dec-2013 , 11:41:38 am | Posted By: CASANSAAR
Punjab Governmenthas surprisingly introduced single stage tax system under the PunjabVAT Act, 2005. Punjab Government has notified certain goods, most of which are consumable goods, on which tax under Punjab VAT Act has been levied only at thefirst stageof its sale.The tax will be payable on such goods by the first importer and the manufacturer only. At subsequent stages when such goods are sold by wholeseller, distributor or retailler, the same will be sold as tax free.
That means no tax w...
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VAT |
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MCA letter on Defective Certifications / Filings by the Professionals
Posted Date : 21-Dec-2013 , 08:11:39 pm | Posted By: CASANSAAR
The Ministry of Corporate Affairs has addressed a letter dated 19.12.2013 to all the professional bodies stating that the Ministry has taken serious view of the pendency of eforms in various offices of the MCA in South East Region caused due to defective filings by the certifying professionals (CA / CS / CMA).
The Ministry has pointed out that complete attachments are not being made or several attachments to eforms are found to be not legible and some times contain cut & paste signatures in...
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Corporate Laws |
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Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961
Posted Date : 21-Dec-2013 , 08:34:53 am | Posted By: CASANSAAR
RBI/2013-14/412DBOD. No.BP.BC.77/21.04.018/2013-14
December 20, 2013
The Chairmen and Managing Directors / Chief Executive Officers ofall Commercial Banks (excluding Regional Rural Banks)
Dear Sir,
Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961
Please refer to our mailbox clarification dated November 6, 2009 with respect to the 'Special Reserve' created by banks under Section 36(1) (viii) of Income Tax Act, 1961 (hereinaf...
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RBI |
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Procedure to be followed by Special Auditor for conducting Special Audit under Section 58A of the DVAT Act, 2004
Posted Date : 20-Dec-2013 , 09:41:06 pm | Posted By: CASANSAAR
Special Auditor should always mention the name of the dealer, along with its TIN,whose accounts are to be audited and the period of Audit in the covering letter in allcommunications made in respect of that dealer...
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VAT |
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Reversal of Input Tax Credit under Section 10 of the DVAT Act, 2004 in respect of Credit Note/ Debit Note related to discounts
Posted Date : 20-Dec-2013 , 09:37:49 pm | Posted By: CASANSAAR
Under Section 10 (1) of the DVAT Act, 2004 where any purchaser has been issued with acredit note or debit note in terms of section 51 of this Act or if he returns or rejects goodspurchased, as a consequence of which the tax credit claimed by him in any tax period inrespect of which the purchase of goods relates, becomes short or excess, he shallcompensate such short or excess by adjusting the amount of the tax credit allowed to himin the tax period in which the credit note or debit note has been...
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VAT |
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Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances
Posted Date : 20-Dec-2013 , 09:34:21 pm | Posted By: CASANSAAR
RBI/2013-14/414DBOD.No.BP.BC.78/21.04.048/2013-14
December 20, 2013
The Chairman and Managing Director/Chief Executive Officer ofAll Scheduled Commercial Banks
Dear Sir,
Prudential Norms on Income Recognition, Asset Classification andProvisioning pertaining to Advances – Credit Card Accounts
Please refer toparagraph 2.1of the Master Circular dated July 01, 2013 on Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances, wherein defi...
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RBI |
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Adoption of ISO 20022 messaging standard in new RTGS System
Posted Date : 20-Dec-2013 , 09:33:20 pm | Posted By: CASANSAAR
RBI/2013-14/413DPSS (CO) RTGS No.1357/04.04.017/2013-14
December 20, 2013
The Chairperson / Chief Executive OfficerRTGS Members
Madam / Sir,
Adoption of ISO 20022 messaging standard in new RTGS System
As you are aware, the new RTGS System has been operationalised with effect from October 19, 2013 and the RTGS Business Regulations, 2013 have come into effect from the date.
2. The new RTGS system is based on ISO 20022 standard messaging formats. The objective of introducing ISO 20022...
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RBI |
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RBI releases FAQs on Inflation Indexed National Saving Certificates
Posted Date : 19-Dec-2013 , 05:58:46 pm | Posted By: CASANSAAR
1.Who is eligible to invest in the Inflation Indexed National Saving Securities-Cumulative (IINSS-C)?
♦
Only retail investors would be eligible to invest in these securities. The retail investors would include individuals, Hindu Undivided Family (HUF), charitable institutions registered under section 25 of the Indian Companies Act and Universities incorporated by Central, State or Provincial Act or declared to be a university under section 3 of the University Grants Commission Ac...
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RBI |
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Rajiv Gandhi Equity Savings Scheme notified for 2013; taxpayers with gross income up to Rs. 12 lakhs eligible
Posted Date : 19-Dec-2013 , 04:54:10 pm | Posted By: CASANSAAR
CBDT notifiedRajiv Gandhi Equity Savings Scheme for 2013; taxpayers with gross income up to Rs. 12 lakhs eligible, dated 18/12/2013.
S.O. _3693 (E).— In exercise of the powers conferred by sub-section (1) of section 80CCG ofthe Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the followingScheme, namely:-
1. Short title, commencement and application. - (1) This Scheme may be called theRajiv Gandhi Equity Savings Scheme, 2013.
(2) It shall come into force on the dat...
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Income Tax |
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DVAT
Posted Date : 19-Dec-2013 , 10:40:47 am | Posted By: CASANSAAR
Departmentof Tradeand Tax Government of NCT of Delhi
Form DVAT 10
[See Rule 16]
Date: 18-12-2013
SHOWCAUSE NOTICE FOR CANCELLATION OFREGISTRATION
Whereas onthe basisof information which has come to my knowledge, I am satisfied that registration of dealers mentioned in the Annexure needs to becancelledwith effect from 1st January, 2014 as they have filed return showing (NIL) Gross Turn Over for at leastlast oneyear which shows they have ceased to carry out any economic activity which wou...
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VAT |
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Circular regarding Disbursal from Punjab VAT Refund Fund New
Posted Date : 18-Dec-2013 , 07:52:12 pm | Posted By: CASANSAAR
Circular regarding Disbursal from Punjab VAT Refund Fund New, dated 18/12/2013...
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VAT |
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PVAT Circular regarding deposit of Advance Tax into Refund Fund New
Posted Date : 18-Dec-2013 , 07:50:54 pm | Posted By: CASANSAAR
PVAT Circular regarding deposit of Advance Tax into Refund Fund New,VAT-07-2013/300-375 dated 18/12/2013....
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VAT |
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Draft notification of method of service of Notice/Orders and SEZ
Posted Date : 18-Dec-2013 , 09:44:18 am | Posted By: CASANSAAR
No. Web 4 /H.A.6/2003/S.60/2013.- The following draft of the rules further toamend the Haryana Value Added Tax Rules, 2003, which the Governor of Haryana proposesto make in exercise of the powers conferred by sub-section (1) of section 60 of the HaryanaValue Added Tax Act, 2003 (6 of 2003), is published below for the information of personslikely to be affected thereby.
Notice is hereby given that the draft of the rules shall be taken intoconsideration by the Government on or after the expiry ...
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VAT |
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Draft notification
Posted Date : 18-Dec-2013 , 09:42:10 am | Posted By: CASANSAAR
No. Web.5/H.A. 6/2003/S.60/2013. - The following draft amendment furtherto amend the Haryana Value Added Tax Rules, 2003, which the Governor ofHaryana proposes to make in exercise of the powers conferred by sub-section(1) of section 60 of the Haryana Value Added Tax Act, 2003 (6 of 2003), ispublished below for the information of persons likely to be affected thereby.
Notice is hereby given that the draft amendment shall be taken intoconsideration by the Government on or after the expiry of a ...
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VAT |
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CBDT allows issue of Refund Intimation U/s. 143(1) beyond time
Posted Date : 18-Dec-2013 , 09:12:09 am | Posted By: CASANSAAR
InstructionNo. 18th/ 2013,dated the 17th of December, 2013
Subject: – Issue of Intimation under section 143(1) of Income-tax Act, 1961 beyond time-regarding.
Several instances have come to the notice of the Board Where due to certain technical or other reasons (which inter-alia included wrongmigrationof PAN and delayed release ofreturnsby the Centralized Processing Cell to the jurisdictional authorities), intimation in refund cases could not be sent to the concerned assessees within ...
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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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