"02 March 2012" Archive

DGFT – Amendment in the subject of Notification No. 98 (RE-2010)/2009-14 dated 23.02.2012

Notification No. 101 (RE-2010)/2009-2014 (02/03/2012)

In Notification No. 98 (RE-2010)/2009-14 dated 23.02.2012, the Subject heading at the top was mentioned as Permission for export of non-basmati rice through Land Custom Stations (LCS) on Indo-Bangladesh and Indo-Nepal border. The contents of the notification, however, covered some other issues in addition to export through Land Custom ...

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Non-deposit taking NBFCs to report and disclose fraud cases

RBI/2011-12/424 DNBS.PD.CC. No. 256 /03.10.042 / 2011-12 (02/03/2012)

NBFCs-ND-SI are advised to follow the Guidelines which inter alia, stipulate that individual cases of frauds involving amount less than Rs. 25 lakhs shall be reported to the respective Regional Offices(ROs) of DNBS in whose jurisdiction registered office of the company is located whereas individual cases of frauds involving amount of Rs. ...

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New Email id to request Income Tax Account Password reset

How to Reset Income tax Account Password - For password reset, please send login credentials to validate@incometaxindia.gov.in. Password reset mails will not be entertained at any other mail id. ...

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Posted Under: DGFT | ,

Financial Inclusion by Extension of Banking Services – Use of Business Correspondents (BCs) – DBOD.No.BL.BC. 82/22.01.009/2011-12

RBI/2011-12/425 DBOD.No.BL.BC. 82/22.01.009/2011-12 (02/03/2012)

Please refer to paragraph 3 on 'BC Model' of our circular DBOD.No.BL.BC.43/ 22.01.009/2010-11 dated September 28, 2010 on the above subject wherein it is stated that while a BC can be a BC for more than one bank, at the point of customer interface, a retail outlet or a sub-agent of a BC shall represent and provide banking services of only...

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Clarification regarding levy of Excise duty on branded precious metal jewellery

Circular No. F.No.354/38/2011–TRU (02/03/2012)

Some enquiries have been initiated by the departmental agencies seeking to demand duty on such articles of jewellery which are packed in boxes, pouches etc. bearing a trade name or brand name or mark. References have since been received from the Trade requesting for providing clarity on levy of excise duty on jewellery sold under a Brand ...

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Form 26AS – How to Change email ID/Mobile Number

a) Log in with your user ID, password and PAN b) Click on the option ‘Provide email ID / mobile number to receive updates as per the policy of ITD c) Go to ‘Update Existing Details’ and provide your desired email ID in the mail d) ID’ Field and/or in mobile number field, provide your correct 10 digit mobile number e) Click on Upda...

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Posted Under: DGFT | ,

Mismatch/missing credits in Parts C of Form 26AS & solution (Other than TDS/TCS)

Tax paid by me is reflecting in wrong assessment year (A.Y.). I have paid Securities Transaction Tax, Banking Cash Transaction Tax, but it is not reflecting in my Form 26AS.What if the Challan Identification Number (CIN) of the advance/self assessment tax paid in the bank (as given in Part C of Form 26AS) does not match with the CIN in th...

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Posted Under: DGFT | ,

Reasons for mismatch/missing credits in Parts A/B of Form 26AS and remedy (TDS/TCS)

Date of payment displayed in Form 26AS is different than date mentioned in TDS certificate issued by my deductor/collector. How can I correct it? I have given incorrect PAN to my deductor. What will be the effect in Form 26AS? How can any deductor verify the status of the TDS/TCS returns furnished by him?...

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Posted Under: DGFT | ,

Whom should Assessee contact for Income Tax refund related queries

Whom do I contact for queries related to payment of refund which has been processed by ITD? My refund details are showing wrong in Form 26AS. How can I correct it? I have received refund in my bank A/C through ECS, but Form 26AS reflects mode of payment as ‘Paper’. How do I know whether my refund is in process at ITD in Form 26AS? The...

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Posted Under: DGFT | ,

S. 54EC– 6 months period to be reckoned from the end of the month in which transfer takes place

Mr. Yahya E. Dhariwala V/s Dy. Commissioner of Income Tax (ITAT Mumbai)

Revenue contending that sale took place on 24.02.05 and thereby the investment made u/s. 54EC on 30.08.2005 is beyond the prescribed period of six month. Once the board of directors approve the transfer, then only the process of transfer of shares can be said to be completed in case of a private limited company. The Annual Return filed be...

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