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Archive: 13 June 2012

Posts in 13 June 2012

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 24, 2024 6513 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4875 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Regarding Procedure followed for import of Indian vessels and filing of Import General Manifest, Bill of Entry

June 13, 2012 10195 Views 0 comment Print

Circular No. 16 /2012-Customs I am directed to invite your attention to the Board’s instruction issued vide F.No.450/79/2010-Cus.IV dated 23.09.2010 which state that the requirement for filing Import General Manifest (IGM) and Bill of Entry should be complied with even in cases, where goods are exempt from payment of any duty. The jurisdictional Commissioners were also instructed to review the situation, and take appropriate action for past cases, including adjudication, if warranted, in case of non-fulfillment of aforesaid filing of documents.

IRDA Guidelines for Pension Products – Clarification

June 13, 2012 4581 Views 0 comment Print

The IRDA had issued guidelines for pension products vide references 1st and 2nd cited. Insurance companies have expressed certain concerns on the provisions in the cited Circulars and have also sought certain clarifications. In view of the above, the following clarifications are issued:

Transfer and posting in the grade of DCIT/ACIT – Order No. 118/2012

June 13, 2012 747 Views 0 comment Print

Vide Order No. 118 of 2012 dated 12th June, 2012, the CBDT has transferred and posted several officers in the grade pf Deputy & Assistant Commissioners of Income-tax with immediate effect

Presidential Elections from 1952 to 2007 & Value of Votes of MPs & MLAs

June 13, 2012 2950 Views 0 comment Print

Statement of Value of Votes of Elected Members of the State Legislative Assemblies and Both Houses of Parliament as Per Provisions of Article 55(2) of the Constitution of India & Facts at Glance- Presidential Elections from 1952 to 2007

Net Direct Tax collections increase by 172.64 percent during April-May of the F.Y. 2012-13

June 13, 2012 327 Views 0 comment Print

Gross Direct Tax collections during April-May of the F.Y. 2012-13 was up by 3.62 percent at Rs. 52,232 Crore as against Rs. 50,407 Crore in the same period in F.Y.2011-12. While Gross Collection of Corporate Taxes showed a decline of (-) 2.82 percent during April-May of the F.Y. 2012-13 and stood at Rs. 24,329 Crore as against Rs. 25,035 Crore in the same period in F.Y. 2011-12. Gross collection of Personal Income Tax was up by 10.02 percent and stood at Rs.27,884 Crore as against Rs.25,344 Crore in the same period in F.Y. 2011-12.

Insurance Companies need to ensure that claims are settled in shortest possible time frame -FM

June 13, 2012 745 Views 0 comment Print

I would also like to highlight the need to ensure that claims are settled in the shortest possible time frame. I notice that large numbers of claims, especially in the General Insurance companies, are pending for final settlement. You may like to take up a drive to ensure that this pendency is minimized.

Additions affirmed by DRP without considering objection of Assessee order was set-aside

June 13, 2012 1190 Views 0 comment Print

A reading of the DRP Proceeding Extracts shows that the DRP has not considered any of the objections raised by the assessee in respect of TP matters. They held that the appeal filed by the assessee on some issues are pending before the Commissioner of Income-tax (Appeals) pertaining to the assessment year 2004-05 and, therefore, the issues have not reached finality and for that reason the contentions raised by the assessee for the impugned assessment year 2006-07 are liable to be rejected.

RBI – Banks should adopt appropriate frameworks for both IT & IS Governance

June 13, 2012 793 Views 0 comment Print

It is expected that all banks adopt appropriate frameworks for both IT and IS Governance and put in place the proper structure and systems. Accordingly, we request you to take up suitable steps at your end in this regard and ensure that the issues relating to governance, information security and business continuity get adequate attention at the Board level. In this regard, the document prepared by IDRBT on the ‘Organizational Structure for IT in the Indian Banking Sector’ can serve as a reference manual.

TDS on software payments – No deduction in certain cases

June 13, 2012 138976 Views 5 comments Print

Notification No. 21/2012-Income Tax Payment by a person (hereafter referred to as the transferee) for acquisition of software from another person, being a resident, (hereafter referred to as the transferor), where- (i) the software is acquired in a subsequent transfer and the transferor has transferred the software without any modification, (ii) tax has been deducted- (a) under section 194J on payment for any previous transfer of such software; or

Self assessment of customs duty of imported & export good – Review of Risk Management System

June 13, 2012 903 Views 0 comment Print

Circular No.15/2012-Customs As you are aware Self Assessment has been introduced vide Finance Act 2011. This marks a major change in the system of assessment of customs duty of imported and export goods. Self Assessment is trust based control with more reliance on declarations of the importer and exporters.

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