Create awareness among the branch officials about the Scheme so as to enable them to guide the target customers, many of who may be illiterate. The branch officials should be able to explain the features of the Scheme and guide them in filling up the remittance form.
Secondary market transactions of Rs 10 lakh or more in a year, insurance premium of above Rs 1 lakh, debit card payments above Rs 2 lakh, fixed deposits and recurring deposits of over Rs 10 lakh each, and cash deposits of Rs 20 lakh in current accounts are likely to be added to the AIR list, which currently comprises eight items. High-value sales and purchases of property are taken as two items.
ADIT (International Taxation)-3(1) Vs. ICICI Bank Ltd. (ITAT Mumbai)- The issue in this appeals is with reference to the capital gains arising to various persons of Indian origin or non-resident Indians residing in UAE, who are clients of the Bank. These clients have invested in Government of India T-Bills, which has a tenure of 364 days. The T-Bills are also transferable before maturity. The clients purchased and sold these T-Bills during the year for which Bank, according to the guidelines of the RBI has opened a second subsidiary general ledger in their own name on behalf of their constituents/investors as required by the guidelines.
Penalty u/s 271B is imposed on two grounds i.e for not getting the books of accounts audited within due date and for not furnishing the audit report within due date of filling of return of income. Now as per above circular furnishing of audit report has been done away with after the introduction of annexure less forms. The only thing that is required is to obtain the audit report within due date and fill the relevant audit columns of the ITR, if it is done no penalty can be initiated u/s 271B.
Ansal Housing & Construction Ltd. Vs DCIT The Assessing Officer disallowed the expenses on the ground that the payment was made prior to commencement of the hospitality business and had resulted into acquisition of technical know-how and franchise from the professional consultants and hence was capital in nature.
CIT Vs ABC Bearing Limited (Bombay High Court)- The taxpayer was engaged in the business of advancing loans. Interest received from inter-corporate deposits was offered to tax as business income and accepted by the Assessing Officer in earlier years.
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 utilisation of Cenvat credit) in the previous financial year.
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.
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.
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.
