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 organic […]
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 question whether last date of return filing will remain 30th September or it will get extended to 01.10.2012 (Monday).
Kind reference is invited to the letter no. DIT(S)/DMFortnight/2012-13 dated 3rd September, 2012 by Member (Revenue) to all CCsIT/DGsIT for organizing a Demand Management Fortnight from 3rd September to 14th September, 2012 to settle Arrear Demand Grievance pertaining to uploading and rectification of Demand on the CPC portal.
The Depositories are advised to:- (a) make amendments to the relevant bye-laws, rules and regulations for the implementation of the above, as may be applicable/necessary ; (b) bring the provisions of this circular to the notice of their DPs and also to disseminate the same on their website.
In the instant case also, the assessee furnished all the details relating to its claim for deduction u/s 80IB of the Act and the Assessing Officer thoroughly examined the claim while framing the assessment u/s 143(3) and on being satisfied the claim was allowed. Therefore, in the present case, reopening of the assessment by issuing notice u/s 148 of the Act is definitely a change of opinion which is not maintainable and therefore, the re-assessment framed by the Assessing Officer u/s 147 of by issuing notice u/s 148 of the Act after completing the assessment u/s 143(3) of the Act by taking a view which was in consonance with the judgment of the Hon’ble jurisdictional High Court was not valid.
CIRCULAR NO. 7/2012 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 5 per cent
In the Companies (Central Government’s) General Rules and Forms, 1956, in Annexure ‘A’ for Forms 23AC and 23ACA, the following Forms shall be substituted, namely.
FDI up to 100 per cent is now permitted in Single–Brand Product Retail Trading by only one non-resident entity, whether owner of the brand or otherwise, under the Government route subject to the terms and conditions as stipulated in Press Note No. 4 (2012 Series) dated September 20, 2012 issued by the Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, Government of India.
In the instant case, the assessee has made several transactions of purchase of shares during the relevant year. If there high volume, frequency and regularly of the activity carried on by the assessee is in a systematic manner, it would partake the character of business activities carried on by the assessee in shares, and it cannot be said that the assessee has merely made investment in shares.
A question has been raised about such applications that have been received by the Regional Authority before the due date i.e.31.03.12, but are yet to be disposed of. The new Handbook of Procedure and the annual supplement issued on 05.06.12 have been silent on such issues.
