With effect from April 8, 2012, PAN applications are required to be furnished in the new forms prescribed by ITD. Foreign citizens will have to submit their ‘Application for allotment of new PAN’ in newly notified Form 49AA only. With effect from April 1, 2012, fees for PAN application has changed to 96. (For dispatch outside India 962).
Any article gifted to a person for his personal use whose market value in India on the date of such gift does not exceed rupees twenty-five thousand shall not be a foreign contribution within the meaning of sub-clause (i) of clause (h) of sub-section (1) of section (2) of Foreign Contribution (Regulation) Act, 2010 (42 of 2010)
With effect from April 8, 2012, PAN applications are required to be furnished in the new forms prescribed by ITD. Indian citizens will have to submit their ‘Application for allotment of new PAN’ in revised Form 49A only. Foreign citizens will have to submit their ‘Application for allotment of new PAN’ in newly notified Form 49AA only.
The government has made it mandatory for individuals with income above Rs 10 lakh to file their tax returns 2011-12 onwards electronically. E-filing has been made compulsory for the person who is an individual, or a Hindu Undivided Family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds Rs 10 lakh for assessment year 2012-13 onwards, the income tax department said.
National Electronic Funds Transfer launched in year 2005 has been working successfully over the years and occupies an important place in the payment system space. The system is meant for one-to-one funds transfer and can be used for transferring funds to beneficiaries (individual, institutions etc.) and no restrictions have been placed thereon. The phenomenal growth in the system, both in terms of branch coverage and volume / value of transactions handled reflects the acceptability and popularity of the system.
1. Implementation of Self-Assessment in Customs 2. Revision in the Customs part of Arrival Card for Passengers in Form ‘D’ – Notification issued by Ministry of Home Affairs –Compliance 3. Compliance of DGFT Notification No. 44 (RE-2000)/1997-2002 dated 24.11.2000 -Labeling of goods in bond prior to Ex-bond clearance 4. Import of New trim Cutting Waste for use in manufacture of Chindi rugs
1. Allotment of Director Identification Number (DIN) under Companies Act, 1956. 2. Certification of E-Forms under The Companies Act, 1956 by The Practicing Professionals. 3. Appointment of Cost Auditor by Companies 4. Simplified Procedure for amalgamation of Government Companies u/s 396 of the Companies Act, 1956
1. Education Cess and Secondary and Higher Education Cess. 2. Service Tax Audit Manual 2011 3. Accounting Codes for the taxable services introduced vide the Finance Act, 2011 4. Assistance provided for processing visa applications
1. Accounting Codes for the Taxable Services introduced vide The Finance Act, 2011 2. Assistance provided for processing visa applications 3. Clarification on issues relating to CENVAT Credit Rules 2004 Benefit of Central Excise Duty exemption on pipes against S. No. 7 in column (3) of the Notification No. 6/2006 (CE) dated 1-03/06 as further amended Vide No. 6/2007 Dated 1-3-07 & 26/2009 Dated 4/12/09
Honorable high Court in this case on the issue of payment of Commission by United Breweries Ltd. To its Chairman Shri. Vijay Mallya held that though the chairman has stood as guarantor in his personal capacity, the bank has lent money not on personal Guaranty of the Chairman but on the Assets of the Company which are offered as a security to the bank. This personal Guarantee is adopted as a mean to pay remuneration to managing Director for which he was otherwise not entitled too.
