Terming the set revenue target of Rs 5.32 lakh crore as “non-negotiable”, CBDT Chairman Laxman Das has written to top Income Tax officials in the country asking them to take up the ‘challenge’ of filling the deficit. With the direct tax collection growing at a slower pace of 9% this financial year so far, the government is likely to miss the revenue mop up target for the 2011-12.
The procedure for issue of import license/authorization for import of arms & ammunition by specified sports persons/sports bodies has been dispensed with. NRAI, SAI and SSCB can freely import arms and ammunition for their own use or their affiliates. Renowned Shooter can freely import arms and ammunition for their own use. Import Policy Regime for ‘Air Gun Pellets’ continues to be ‘free’. This notification does not exempt the specified sports persons/sports bodies from the Arms Act, 1959 or Rules thereunder; but merely makes amendments in the Import Policy regime for the specified categories of importers.
New Pattern of Examination – Examination for Foundation Course (Entry Level) Part-I will consist of Multiple Choice Questions. Answers to the Multiple Choice Questions to be marked in Optical Mark Recognition ( OMR ) answer sheets. This pattern of examination will be applicable to all the students who are appearing for Foundation Course (Entry Level) Part-I in June 2012 and thereafter.
SEBI (Buyback of Securities) Regulations, 1998 (the Regulations) were amended vide notification dated February 07, 2012 with an objective of aligning the regulatory provisions with the principle of equitable treatment to all shareholders and enhancing the efficiency in the Buyback process.2. The amendments to the regulation necessitate certain changes in the format of standard letter of offer issued vide SEBI circular (MIRSD/DPS-2/MB/Cir-02/8859/04) dated May 07, 2004. The revised format of standard letter of offer is given at Annexure-A.
The admitted position is that the amount of Rs.30,63,310/- was shown by her in the return. That being the position, it cannot be said that there was any concealment. There is no dispute about the fact that the amount was correctly mentioned and therefore, there is also nothing inaccurate in the particulars furnished by her.
Attention of the Authorised Dealer Category – I (AD Category – I) banks is invited to Regulation 4 of Notification No.FEMA 22 /2000-RB dated May 3, 2000, viz., Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, as amended from time to time, in terms of which, no person, being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran or China, shall establish in India, a branch office or a liaison office or a project office or any other place of business by whatever name called, without the prior permission of the Reserve Bank. Attention of the AD Category -I banks is also invited to the A.P. (DIR Series) Circular No. 37 dated November 15, 2003 which provides the guidelines regarding general permission to a foreign entity for setting up a Project office in India, subject to certain conditions.
Foreign Contribution (Regulation) Act, 2010, is intended to consolidate the law regulating the acceptance and utilisation of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilisation of foreign contribution or foreign hospitality for any activities detrimental to the national interest and for matters connected therewith. The Act extends to the whole of India, to its citizens outside India and also to associate branches or subsidiaries outside India, of companies or body corporate, registered or incorporated in India.
Correction in OLTAS challan i.e. in Challan No. ITNS 280 related to payment of Income tax and Corporation tax, ITNS 281 for depositing Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates or non-corporates , ITNS 282 for payment of Hotel Receipts Tax, Estate Duty, Wealth Tax, Gift-tax, Expenditure Tax and Other direct taxes and ITNS 283 or payment of Banking Cash Transaction Tax and Fringe Benefits Tax.
ACIT Vs American Express Services India Ltd. (ITAT Mumbai)- We find that it is not in dispute that the transaction between the assessee and American Express Bank, inter alia, including for purchase of Acquired Business Database were subjected to transfer pricing scrutiny and, the Transfer Pricing Officer vide order dated 15.2.2005 has accepted the transaction without making any adjustment to the arms length price. In this view of the matter and as held by Hon’ble Delhi High Court in the case of CIT vs. Oracle India Pvt Ltd (243 CTR 103), when the price fixed is acceptable as arms length price by Transfer Pricing Officer (TPO) under section 92 of the Act, it cannot be open to the Assessing Officer to disturb that price so paid as unreasonable.
Intelsat Corporation Vs. ADIT (International Taxation)- We have considered the facts of the case and submissions made before us. We have already mentioned that there is a distinguishable feature namely that the assessee has received payments from persons residents in India. However, the receipts have been taxed u/s 9(1)(vii), Explanation 2, Clause (vi) thereunder. The decision in the case of Asia Satellite Telecommunications Company Limited is to the contrary and in favour of the assessee. It is also a matter of fact on record that the assessee is a tax resident of USA and, therefore, the provisions contained in the DTAA are applicable.
