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Archive: 17 October 2011

Posts in 17 October 2011

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 1128 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7677 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

If search warrant mentions name of all partners of firm, search can be conducted in partners premises too

October 17, 2011 1023 Views 0 comment Print

The contention of the assessee that warrant of authorization was not issued individually in the name of the assessee, thus, the case is distinguishable and the assessee was not prohibited from making any declaration of undisclosed income as the search itself conducted under section 132 was bad, does not merit acceptance.

Onus to prove under-valuation is on revenue but once revenue discharges burden of proof by producing evidence of contemporaneous imports at higher price, onus shifts to importer to establish that price indicated in invoice relied upon by him is correct – SC

October 17, 2011 2149 Views 0 comment Print

Commissioner of Customs Vs. Aggarwal Industries Ltd. (Supreme Court) – A mere suspicion upon the correctness of the invoice produced by an importer is not sufficient to reject it as evidence of the value of imported goods. The doubt held by the officer concerned has to be based on some material evidence and is not to be formed on a mere suspicion or speculation. We may hasten to add that although strict rules of evidence do not apply to adjudication proceedings under the Act, yet the Adjudicating Authority has to examine the probative value of the documents on which reliance is sought to be placed by the revenue.

MCA in favour of introducing a corporate governance index

October 17, 2011 540 Views 0 comment Print

The Ministry of Corporate Affairs (MCA) today said it was in favour of introducing a corporate governance index that would offer rankings to companies adopting governance standards.

Import of Radioimmunoassay kits (Medical equipments containing radioactive isotopes)

October 17, 2011 639 Views 0 comment Print

Notification No. 80 (RE-2010)/2009-2014 In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in the Schedule 1 (Imports) of the ITC (HS) Classifications of Export and Import Items.

Works Contract Services under Service Tax

October 17, 2011 23461 Views 4 comments Print

Service tax under works contract services has been imposed on the service element involved in the works contracts. It should be noted that unlike VAT laws in various States service tax is applicable only on a fewer kinds of works contract as defined in section 65(105)(zzzza). Works contracts relating to Roads, Airports, railways, transport terminals, bridges, tunnels and dams are outside the purview of service tax.

SBI to accept VAT payment from dealers filing half yearly returns in Maharashtra and to remit online to state Govt.

October 17, 2011 3865 Views 0 comment Print

Kindly be informed that as per SBI letter Ref. No. GBD/SCC/974 dtd. 21-09-2011 SBI has agreed to accept payment from half yearly dealers & remit online to Government of Maharashtra. The said letter has been placed on the website of the sales tax department and STPAM website .

Public Notice No. 82/2009-2014, Dated: 17.08.2011

October 17, 2011 384 Views 0 comment Print

Prior Permission of RA shall not be required for transfer or disposal of imported goods after a period of two years from the date of import. Transfer of Imported Firearms will not require permission from DGFT (a) after 10 years of import or (b) on attaining the age of 60 years by such importer.

Amendment in SION Nos. H-532, H-533, H-534 and H-535 of Plastic Product Group

October 17, 2011 589 Views 0 comment Print

PUBLIC NOTICE NO. 81 /(RE-2010)/2009-2014 In SION No. H-532, H-533, H-534 and H-535 of Plastic Product Group (Product Code H), the description of Import Item ‘Mineral Oil’ is amended to read as “Mineral Oil / Liquid Paraffin. There is no change in the description of Export Product and rest of the Import Items and the in the quantity of import items in above SIONs.

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

October 17, 2011 769 Views 0 comment Print

A reference is invited to paragraph 5 of our RPCD.CO.RCB.AML.BC. No.63/07.40.00/ 2010-11 dated April 26, 2011, wherein it was stipulated that when bank relies exclusively on the Aadhaar letter as complete KYC document for opening of an account, such an account would be subject to all conditions and limitations applicable to ‘Small accounts’ as detailed in the Government notification referred to above. After further consultations with Government, it has now been decided to accept the letter issued by the UIDAI as described above as an officially valid document for opening bank accounts without the limitations applicable to ‘Small accounts’ as prescribed in paragraph 5 of our circular under reference.

PAN Form 49AA for For Foreign resident/non-resident Individual, LLP, Company, Firm, AOP, BOI

October 17, 2011 14842 Views 0 comment Print

Notification No. 56/2011 – Income Tax Income Tax Department has released a New PAN application Form No. 49AA for Individuals not being a citizen of India, LLP registered outside India, Company registered outside India, Firm formed or registered outside India, Association of persons(Trusts) formed outside India, Association of persons (other than Trusts) or body of individuals or local authority or artificial juridical person formed or any other entity (by whatever name called) registered outside India. Download the new Form 49AA and instruction to File Form No. 49AA and Form no. 49AA.

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