"28 September 2011" Archive

Procedure for electronic filing of Central Excise and Service Tax returns and for electronic payment of excise duty and service tax

Circular No. 956/17/2011-CX (28/09/2011)

Attention is invited to Circular No. 919/09/2010-CX dated 23rd March 2010 prescribing the procedure for electronic filing of Central Excise and Service Tax returns and payment of Central Excise duty and Service Tax by all the assessees who had paid Central Excise duty and Service Tax of Rs. 10 Lakh or more (including payment by utilisatio...

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How to resolve Inconsistencies in TDS/TCS Statements through Correction Statements

When you file your TDS/TCS return, first the details regarding deposit of TDS/TCS made by you is compared with the data given by banks. The data is uploaded by banks on the basis of the TDS/TCS challans received by them. For this purpose, the Challan Identification Number (CIN), TAN and TDS amount as given in your TDS/TCS return is compar...

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SEBI Guidelines for Issue and Listing of Structured Products/ Market Linked Debentures

Circular No. Cir. /IMD/DF/17/2011 (28/09/2011)

SEBI had prescribed initial and continuous disclosure norms applicable to issue and listing of debt securities through the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 and the Simplified Listing Agreement for Debt Securities....

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KYC Norms – Letter issued by UIDAI containing details of name, address and Aadhaar number

RBI/2011-12/207 DBOD.AML.BC.No. 36/ 14.01.001/2011-12 (28/09/2011)

Please refer to the Government of India Notification No. 14/2010/F.No. 6/2/2007-ES dated December 16, 2010 which recognises the letter issued by Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number, as an officially valid document as contained in Rule 2(1)(d) of the PML Rules, 2005....

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PAN card Verification procedure and who can avail the facility of verification

To enable eligible Entities verify Permanent Account Numbers (PANs), Income Tax Department (ITD) has authorized National Securities Depository Limited (NSDL) to launch an online PAN verification service for verification of PANs by authorized entities. ...

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Posted Under: Excise Duty |

Notification No. 77 (RE-2010)/2009-2014, Dated: 28.09.2011

Notification No. 77 (RE-2010)/2009-2014 (28/09/2011)

In relaxation of above prohibition, certain exemptions have been granted through various notifications issued from time to time namely (a) export of Castor Oil (b) export of coconut oil from Cochin Port (c) Deemed export of edible oils(as input raw material) from DTA to 100% EOUs for production of non-edible goods to be exported (d) expor...

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Indian Economy – Progress and Prospects

(Speech by Deepak Mohanty, Executive Director, Reserve Bank of India, delivered at the Harvard Business School, Boston on 27th September 2011) It is an honour and privilege for me to be speaking at Harvard to such a distinguished audience. I thank Professor Benjamin Friedman and Professor Tarun Khanna for this opportunity. I will be speak...

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Posted Under: Excise Duty |

SEBI – Filing Offer Documents with SEBI under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009

Circular No. CIR/CFD/DIL/6/2011 (28/09/2011)

As a green initiative, it has been decided to reduce the number of copies of offer documents being submitted to SEBI. Also, considering the availability of the soft copies of the offer documents in the websites of SEBI and the concerned merchant bankers, it is hereby prescribed as under....

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Rate of exchange of conversion of each of the foreign currency with effect from 1st October, 2011

Notification No. 70/2011-Customs (N.T.) (28/09/2011)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.62/2011-CUSTOMS (N.T.), dated the 26th August, 2011....

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Use of section 144A of the Income Tax Act 1961

Assessments under Income Tax Act 1961 are made U/S 143, 144, 147, 153. The criteria’s for selection of cases for scrutiny has been increased. While making the assessment the assessing officer has to appreciate all the facts properly. If there is any misinterpretation of facts it may result in injustice to the assessee. Some times when t...

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