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Archive: 15 September 2011

Posts in 15 September 2011

Any service used by manufacturer directly or indirectly in or in relation to manufacture of final products constitutes input service

September 15, 2011 1466 Views 0 comment Print

It was held that any service used by the manufacturer whether directly or indirectly in or in relation to the manufacture of final products constitutes input service. The catering service, rent-a-cab and transportation services and the tax paid on the said services are stated as input services.

PAN Form – Who can Verify and Sign?

September 15, 2011 474 Views 0 comment Print

Individual : The individual filling his PAN form has to sign it. In case the individual is mentally incapable, then the PAN form may be signed by his Guardian or by any other person competent to sign on his behalf.Incase the individual is absent from India or because of any other reason, he is not able to sign and verify his PAN form, then any person duly empowered by him through valid Power of Attorney may sign on his behalf. In such case, a certified copy of Power of Attorney must accompany the PAN form.

Regarding Mandatory e-filing of Central Excise Returns in ACES

September 15, 2011 3722 Views 0 comment Print

Circular No. 955/16/2011-CX, The following amendments have been made in Central Excise Rules, 2002 and CENVAT Credit Rules, 2004: (i) ER-1 Return, filed under Rule 12(1) of the Central Excise Rules, 2002, will have to be electronically filed irrespective of the duty paid in the preceding financial year. (ii) ER-2 Return, filed by 100% EOUs under Rule 17 of the Central Excise Rules, 2002, will be required to be filed electronically irrespective of the duty paid in the preceding financial year.

Tariff Values of Edible Oils, Brass Scrap (All grades) and Poppy Seeds Notified – Notification No. 65/2011 – Customs (N. T.)

September 15, 2011 625 Views 0 comment Print

Notification No. 65/2011 – Customs (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: –

Credit of sale proceeds of Foreign Direct Investments in India to NRE/FCNR (B) accounts – Clarification

September 15, 2011 706 Views 0 comment Print

In terms of Schedule 3, 4 and 5 of the FEMA Notification No. 20/2000-RB dated May 3, 2000, sale proceeds of Foreign Investments in India were treated as eligible credit to NRE/FCNR (B) accounts, where the purchase consideration was paid by the Non-resident Indians / Persons of Indian Origin out of inward remittance or funds held in their NRE/FCNR (B) accounts and subject to applicable taxes, if any. It is now clarified that the same facility would be available to NRIs/ PIOs under Regulation 11 of the said Notification.

FEMA – Resident Indian can open NRE / FCNR (B) account with their Resident close relative

September 15, 2011 861 Views 0 comment Print

Resident individuals may be permitted to include resident close relative(s) as defined in the Companies Act, 1956 as a joint holder(s) in their EEFC/RFC bank accounts on ‘former or survivor’ basis. However, such resident Indian close relative, now being made eligible to become joint account holder, shall not be eligible to operate the account during the life time of the resident account holder.

FEMA – RBI increased limit for Transfer of security by way of gift

September 15, 2011 1072 Views 0 comment Print

A person resident in India who proposes to transfer, by way of gift, to a person resident outside India any security including shares/convertible debentures is required to obtain prior approval of the Reserve Bank. However, the value of security to be transferred together with any security transferred by the transferor, as gift, to any person residing outside India which was not to exceed the rupee equivalent of USD 25,000 during a calendar year has been enhanced to USD 50,000 per financial year.

FEMA – Non-Resident Indian /PIOs permitted to open NRE / FCNR (B) account with their resident close relative

September 15, 2011 931 Views 0 comment Print

Non-Resident Indian (NRI), as defined in FEMA Notification No. 5, ibid, may be permitted to open NRE / FCNR(B) account with their resident close relative (relative as defined in Section 6 of the Companies Act, 1956) on ‘former or survivor’ basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with extant instructions during the life time of the NRI/ PIO account holder.

FEMA – RBI permits individuals resident in India to include non-resident close relative(s) as a joint holder(s) in their resident bank accounts

September 15, 2011 1099 Views 2 comments Print

It has been decided that individuals resident in India may be permitted to include non-resident close relative(s) (relatives as defined in Section 6 of the Companies Act, 1956) as a joint holder(s) in their resident bank accounts on ‘former or survivor’ basis. However, such non- resident Indian close relatives shall not be eligible to operate the account during the life time of the resident account holder.

Penalty U/s. 271(1)(c) on CA Firm for Concealment of Income

September 15, 2011 3842 Views 0 comment Print

ACIT Vs M/s. Khanna & Annadhanam (ITAT Delhi)- Briefly, the controversy is that assessee is a firm of Chartered Accountants and carrying on profession as such. During the year the assessee had shown a sum of Rs. 1,15,70,000/- in the capital account of the partners as received from an international consultancy firm Deloitte Touche Tohmatu International (DTTI). The amount was not reflected by the assessee in its P&L a/c but directly credited to partners accounts.

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