Circular No. 07/2012-Customs Attention is invited to Board’s Circular No. 6/2012-Cus dated 06-03-2012 regarding imposition of ban on export of Cotton (TH 5201 and 5203) vide DGFT Notification No.102 (RE-2010)/2009-14 dated 05.03.2012.
Insurance agents are the most important channel of intermediation in the insurance business in India. Recognizing the importance of the agents in the procurement and servicing of insurance policies, the Insurance Act has two specific provisions, namely Section 40(2A) and Section 44 which protect the long term interests of agents. In brief, under provisions of Section 40(2A), lapsed policies which require medical examination prior to revival can be assigned to another agent after giving due notice to the existing agent to revive such policies
Though the incomes assessable under them are part of total income as defined in sections 2(45)/4/5 yet that does not mean that the income assessable under section 68 has to be assessed under section 56. In the instant case, source of unexplained cash credits was not known therefore same be linked to any known source/head of income including income from other sources. In order to constitute income from ‘other sources’, the source, namely, the ‘other sources’, has to be identified. Income from unexplained or unknown sources cannot therefore be considered or taxed as income from other sources.
General Circular No. 4/2012 – The Ministry of Corporate Affairs has extended the time for filing form DIN-4 by DIN holders for furnishing PAN and to update PAN details upto 30.04.2012 for the Allotment of Director’s Identification Number (DIN) under Companies Act, 1956.
Representations have been received from the Gem & Jewellery sector to allow their exporters to execute revolving Bank Guarantee to be used for import of gold/ silver/ platinum, alloys, findings and mountings of gold/silver/ platinum and plain semi-finished gold/silver/platinum jewellery.
