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Archive: 05 December 2011

Posts in 05 December 2011

Webinar on Critical Issues in Faceless Assessments under Income Tax Act, 1961

February 14, 2025 3615 Views 0 comment Print

Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.

IRS officer and CA wife on trial for 'disproportionate assets'

December 5, 2011 2222 Views 0 comment Print

A Delhi court has decided to put an IRS officer on trial along with his chartered accountant wife for allegedly owning assets exceeding his legal income, rejecting the woman’s plea that the CBI has clubbed her income with that of her husband to arrive at the ‘disproportionate assets’ figure.

Expected Future Revolution in Income Tax

December 5, 2011 1514 Views 0 comment Print

If we talk about 1970s ,80s or even 90s, than people at that time could not even have imagined about e-filing of their income tax return. With revolutionary changes in computer technology now efiling of various returns is very easy. In efiling Assessee receive acknowledgement receipt online. In addition to that department has also started giving online Intimations U/s 143(1) and demands notice U/s. 245. Assessee can also view his Income Tax Refund Status online.

India to Host Fourth International Tax Dialogue Conference

December 5, 2011 714 Views 0 comment Print

India is hosting the 4th International Tax Dialogue Conference (ITD) Global Conference on Tax and Inequality. More than 250 foreign delegates are expected to take part in this three day conference being held at Vigyan Bhawan from 7th to 9th December. The conference would be inaugurated by the Union Finance Minister, Shri Pranab Mukherjee. A number of prominent academics and representatives of regional and international organizations will also be present at this high level conference which will have senior level representation from over 100 countries.

Notification No. 29 CE – Export procedure under Notification No. 45/2001 to apply to only export to Bhutan

December 5, 2011 4785 Views 0 comment Print

Notification No. 45/2001-Central Excise (N.T.), dated the 26th June, 2001 prescribes the procedure for export without payment of duty to Nepal and Bhutan. Now Nepal is removed – that is no restrictions or conditions specific to Nepal. Goods can be exported to Nepal just like to any other country. Notification No. 29/2011-Central Excise (N.T.)

Removal of intermediate goods without payment of duty allowed for export to Nepal

December 5, 2011 2238 Views 0 comment Print

Notification 44/2001-Central Excise (N.T.), dated the 26th June, 2001 prescribes the procedure for removal of excisable goods without payment of duty for manufacture of export goods by an advance licence holder, for export to countries other than Nepal and Bhutan. Now this notification is applicable for export to Nepal too. Notification No. 28/2011-Central Excise (N.T.)

Procurement of excisable goods without payment of duty for use in manufacture of export of goods to Nepal allowed when payment is in Indian Rupee

December 5, 2011 1225 Views 0 comment Print

Notification No. 43/2001-Central Excise (N.T.), dated the 26th June, 2001 prescribes the conditions and procedure for procurement of excisable goods without duty for manufacture of export goods. This Notification had certain conditions that for export to Nepal and Bhutan, the payment was to be in freely convertible currency and the procedure under Notification No. 45/2001-CENT had to be followed. Now these restrictions are removed for Nepal. Notification No. 27 / 2011-Central Excise (N.T.)

Notification No. 26/2011-Central Excise (N.T.) Dated- 05.12.2011

December 5, 2011 4094 Views 0 comment Print

Notification No. 42/2001-Central Excise (N.T.), dated the 26th June, 2001 prescribes the conditions and procedure for export without payment of duty to countries other than Nepal and Bhutan. Now this Notification will apply to exports to Nepal – that is without payment of duty. Notification No. 26 / 2011-Central Excise (N.T.)- New Delhi, the 5th December, 2011

Notification No.20/2004 which granted rebate to Nepal Government rescinded

December 5, 2011 1163 Views 0 comment Print

Notification No. 20/2004-CENT dated 06.09.2004 prescribed the procedure for granting of rebate on goods exported to Nepal, to be paid to the Government of Nepal. Now, as the Rebate can be paid to the exporter, this notification is rescinded. – Notification No. 25/2011 – CX NT, Dated: December 05, 2011

CBDt not to share data received under the DTAA with Germany with any other Agency

December 5, 2011 726 Views 0 comment Print

it is clarified that the CBDT has not shared any information received under the DTAA with Germany regarding Indians having accounts in the LGT bank, Liechtenstein, with any other agency. The CBDT has also not authorised the use of the information received for any purpose other than tax purposes.

Service tax on Port Services by Other Ports (Minor Ports)

December 5, 2011 1751 Views 0 comment Print

Port service means any service rendered within a port or other port, in any manner. Taxable service means any service provided or to be provided to any person, by any other person, in relation to port services in other port, in any manner.

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