"24 September 2012" Archive

Markets Endorse Recent Reforms

If hike in diesel prices and controlled supply of subsidized cooking gas cylinders created a political furor all over, the other reform measures such as allowing FDI in retail, substantial reduction in taxes on overseas borrowings by Indian Companies from 20% to 5% and final announcement of Rajiv Gandhi Equity Scheme (RGES) as announced ...

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Posted Under: Finance |

Prevention of Money Laundering – Money Changing Activities – FEMA

RBI/2012-13/219 A. P. (DIR Series) Circular No. 33 24/09/2012

Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards / Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 – Money changing activities...

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Import of gold in any form including jewellery – FEMA Clarification

RBI/2012-13/220 A.P. (DIR Series) Circular No. 34 24/09/2012

Foreign Exchange Management Act, 1999-Import of gold in any form including jewellery made of gold/precious metals or / and studded with diamonds / semi precious / precious stones - clarification...

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5 Reasons why Income Tax Return Filing Due Date must be extended

Due Date for Filing Income tax Return for corporate assessees and those who come under compulsory audit under income tax Act or under any other Act is 30th September 2012. Question which comes to every CA professionals mind is whether due for filing income tax return for this year will get extended or not? Now the question is why the gov...

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Posted Under: Finance | ,

Net wealth not to include forfeited assets despite pendency of appeal on valuation date

Wealth Tax Officer Vs Lallubhai Jogibhai Patel (Gujarat High Court)

The Appellate Tribunal was right in law and facts in holding that the value of silver bars which stood confiscated under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 could not be added to the wealth of the assessee despite the fact that the confiscation order was subsequently set aside in appeal and t...

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Section 54F deduction if construction not completed but amount invested?

Smt. Usha Vaid Vs Income-tax Officer, Dasuaya (ITAT Amritsar)

The words mentioned in section 54F are that the amount should be invested in the construction of a residential house. Therefore, once the assessee having been invested total sale consideration into construction of a residential house, then it is not necessary that the residential house should have been completed within three years of the ...

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Online issuance of Statutory Forms i.e. C, E-1, E-2, F, H & I in Punjab

Statutory forms like C, E-1, E-2, F, H and I plays vital role in availing the concessional rate under the Interstate Transactions. After long hue and cry, Punjab Govt. has issued a notification no. GSR.33/CA.74/ 1956/S.13/Amd(17)/2012 dated 04-07-2012 by virtue of which Statutory forms are available through online system,. ...

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Posted Under: Finance |

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July 2021