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Archive: 09 February 2012

Posts in 09 February 2012

Govt set to miss direct tax collection budget estimate

February 9, 2012 564 Views 0 comment Print

With the direct tax collection growing at a slower pace of 9 per cent this fiscal so far, the government is likely to miss the revenue mop up target for the 2011-12. According to the data released by the finance ministry, the net direct tax mop-up during the April-January period rose 9.28 per cent to Rs 3.46 lakh crore mainly on account higher realisation of personal income tax and corporate tax.

Meaning of the expression ‘gross amount’ appearing in Rule 3(1) of the Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007, as it stood prior to 07th day of July 2009 – regarding

February 9, 2012 2513 Views 0 comment Print

Circular No. 150/1/2012-ST – Reference has been received from a field formation seeking clarification as to whether ‘gross amount’, for the purpose of payment of service tax under the Works Contract Composition Scheme, included the value of free of cost supplies, for the period prior to 07/07/2009.

Direct Tax Collection Deficit – CBDT chief writes to top I-T officials

February 9, 2012 844 Views 0 comment Print

Terming the set revenue target of Rs 5.32 lakh crore as “non-negotiable”, CBDT Chairman Laxman Das has written to top Income Tax officials in the country asking them to take up the ‘challenge’ of filling the deficit. With the direct tax collection growing at a slower pace of 9% this financial year so far, the government is likely to miss the revenue mop up target for the 2011-12.

Import policy of arms and ammunition for Specified Sportspersons / Sport Bodies, amendment thereof

February 9, 2012 2814 Views 0 comment Print

The procedure for issue of import license/authorization for import of arms & ammunition by specified sports persons/sports bodies has been dispensed with. NRAI, SAI and SSCB can freely import arms and ammunition for their own use or their affiliates. Renowned Shooter can freely import arms and ammunition for their own use. Import Policy Regime for ‘Air Gun Pellets’ continues to be ‘free’. This notification does not exempt the specified sports persons/sports bodies from the Arms Act, 1959 or Rules thereunder; but merely makes amendments in the Import Policy regime for the specified categories of importers.

Announcement for CAT Students regarding new Pattern of Examination and Structure of Foundation Course (Entry Level) Part-I

February 9, 2012 988 Views 0 comment Print

New Pattern of Examination – Examination for Foundation Course (Entry Level) Part-I will consist of Multiple Choice Questions. Answers to the Multiple Choice Questions to be marked in Optical Mark Recognition ( OMR ) answer sheets. This pattern of examination will be applicable to all the students who are appearing for Foundation Course (Entry Level) Part-I in June 2012 and thereafter.

Guidelines in respect of the disclosures to be made in the Letter of offer in respect of Buy-back of securities in terms of SEBI (Buy-back of Securities) Regulations, 1998 and Format of Standard letter of offer

February 9, 2012 1010 Views 0 comment Print

SEBI (Buyback of Securities) Regulations, 1998 (the Regulations) were amended vide notification dated February 07, 2012 with an objective of aligning the regulatory provisions with the principle of equitable treatment to all shareholders and enhancing the efficiency in the Buyback process.2. The amendments to the regulation necessitate certain changes in the format of standard letter of offer issued vide SEBI circular (MIRSD/DPS-2/MB/Cir-02/8859/04) dated May 07, 2004. The revised format of standard letter of offer is given at Annexure-A.

No penalty on Sania Mirza as income not offered to tax was due to bona fide mistake

February 9, 2012 6427 Views 0 comment Print

The admitted position is that the amount of Rs.30,63,310/- was shown by her in the return. That being the position, it cannot be said that there was any concealment. There is no dispute about the fact that the amount was correctly mentioned and therefore, there is also nothing inaccurate in the particulars furnished by her.

Clarification – Establishment of Project Offices in India by Foreign Entities – General Permission – A.P. (DIR Series) Circular No. 76

February 9, 2012 316 Views 0 comment Print

Attention of the Authorised Dealer Category – I (AD Category – I) banks is invited to Regulation 4 of Notification No.FEMA 22 /2000-RB dated May 3, 2000, viz., Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, as amended from time to time, in terms of which, no person, being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran or China, shall establish in India, a branch office or a liaison office or a project office or any other place of business by whatever name called, without the prior permission of the Reserve Bank. Attention of the AD Category -I banks is also invited to the A.P. (DIR Series) Circular No. 37 dated November 15, 2003 which provides the guidelines regarding general permission to a foreign entity for setting up a Project office in India, subject to certain conditions.

Implementation of the provisions of Foreign Contribution (Regulation) Act, 2010

February 9, 2012 603 Views 0 comment Print

Foreign Contribution (Regulation) Act, 2010, is intended to consolidate the law regulating the acceptance and utilisation of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilisation of foreign contribution or foreign hospitality for any activities detrimental to the national interest and for matters connected therewith. The Act extends to the whole of India, to its citizens outside India and also to associate branches or subsidiaries outside India, of companies or body corporate, registered or incorporated in India.

Correction in OLTAS / Income Tax / TDS / Direct Tax Challan, Type of Correction and Period for correction

February 9, 2012 22223 Views 5 comments Print

Correction in OLTAS challan i.e. in Challan No. ITNS 280 related to payment of Income tax and Corporation tax, ITNS 281 for depositing Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates or non-corporates , ITNS 282 for payment of Hotel Receipts Tax, Estate Duty, Wealth Tax, Gift-tax, Expenditure Tax and Other direct taxes and ITNS 283 or payment of Banking Cash Transaction Tax and Fringe Benefits Tax.

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