"21 September 2012" Archive

CBI arrests ITO at Guntur in bribery case

An Income Tax Department Officer at Guntur was on Thursday arrested by CBI while allegedly taking a bribe. G. Venkatswara Rao was arrested by the CBI, Visakhapatnam branch when he accepted Rs 25,000 from a person for not demanding a tax payment, the central agency said....

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Posted Under: Income Tax |

Section 194LC- Loan Agreements / Long Term Infrastructure Bonds & Interest Rate

Loan Agreements / Long Term Infrastructure Bonds and Rate of Interest for the Purpose of Section 194LC of the Income-Tax Act, 1961 Approved; Interest Income of a Non-Resident Investor to be taxed at the reduced rate of 5 per cent instead of the existing rate of 20 per cent and withhold Tax on such Income to be also at the Reduced Rate of ...

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Posted Under: Income Tax | ,

Section 80CCG – Rajiv Gandhi Equity Savings Scheme (RGESS)

Income Tax press release (21/09/2012)

Scheme is open to new retail investors, identified on the basis of their PAN numbers. This includes those who have opened the Demat Account but have not made any transaction in equity and /or in derivatives till the date of notification of this Scheme and all those account holders other than the first account holder who wish to open a fre...

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CBDT Chairman asks staff to meet with prior appointment

A Regular and Open Channel of Communication with Chairman, CBDT has been put in place for the convenience of Member(s) of the IT Family. It is however, observed that Officers/Officials come to the CBDT without prior appointment to put forth their views in person to the Chairman, CBDT. This causes avoidable inconvenience to them, as at t...

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Posted Under: Income Tax |

PM explains reasons for decisions on FDI & Hike in Diesel, Gas Price

I am speaking to you tonight to explain the reasons for some important economic policy decisions the government has recently taken. Some political parties have opposed them. You have a right to know the truth about why we have taken these decisions....

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Posted Under: Income Tax |

Caught offenders before Commission of the offence

There is A Need to Reduce Negative Connotation of Vigilance and to Promote Preventive, Predictive and Pro-Active Vigilance to Ensure offenders are Caught before Commission of the offence: says Vigilance Commissioner...

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Posted Under: Income Tax |

ITAT explains Concept of diversion of income by overriding title

Shroff Eye Centre, Vs. Assistant CIT (ITAT Delhi)

In determining whether there has been diversion of income by overriding title, it is the nature of the obligation which is the decisive fact. There is a difference between an amount which a person is obliged to apply out of this income and an amount which by the nature of the obligation cannot be said to be a part of the income of the ass...

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Processing of Investor complaints against KRA in SEBI Complaints Redress System

Circular No. MIRSD/12/2012 (21/09/2012)

The salient features of this system are: • Centralised database of all complaints, • Online movement of complaints to the concerned KRA,...

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Provisional Anti Dumping Duty imposed on Resin or other organic substances bonded wood or ligneous fibre boards

Notification No. 43/2012-Customs (ADD) (21/09/2012)

Notification No. 43/2012-Customs (ADD) New Delhi, dated the 21st September, 2012 G.S.R. 710 (E). – Whereas in the matter of import of Resin or other organic substances bonded wood or ligneous fibre boards of thickness below 6mm, except insulation boards, laminated fibre boards and boards which are not bonded either by resin or other...

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Last Date of Income Tax Return Filing 30.09.2012 or 01.10.2012?

As we all know last date for Income Tax Return Filing for For Corporate & non corporate assessees (i.e. Partnership Firm ,LLP, Proprietorship Firm, HUF) whose accounts are required to be audited under Income tax act or any other act for the time being in force is 30.09.2012. As 30th September is a holiday i.e. Sunday so there arise a q...

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Posted Under: Income Tax |

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