"May, 2013" Archive

Circuitous amendments of section 90/90A, relating to Tax Residency Certificate

There is a peculiar history regarding the amendments of section 90 of the Income-Tax Act, 1961 (the Act), by the Finance Act, 2012 and the Finance Act, 2013, in respect of the requirement of Tax Residency Certificate (TRC) to be obtained by an assessee, in order to avail of the benefit of Double Taxation Avoidance Agreement (DTAA) between...

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Posted Under: Income Tax |

24×7 Customs Operation at Major Ports and Airports – reg.

F. No. 450/25/2009 - Cus IV 31/05/2013

Attention is invited to Board’s Circular No 22/2012-Cus dated 07.08.2012, whereby 24X7 Customs clearance was made operational on pilot basis with effect from 01.09.2012 at identified Air Cargo Complexes and Sea ports for following item of imports/exports:-...

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Acknowledgement by banks at the time of submission of Form 15-G / 15-H

RBI/2012-13/516 DBOD.No.Leg.BC.100/09.07.005/2012-13 31/05/2013

The matter has been examined by us in consultation with Indian Banks’ Association (IBA). With a view to protect interest of the depositors and for rendering better customer service, banks are advised to give an acknowledgment at the time of receipt of Form 15-G/15-H. This will help in building a system of accountability and customers wi...

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Change in Tariff Value of Gold Notified wef 31.05.2013

Notification No. 57/2013-Customs (N.T.) 31/05/2013

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the ...

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All about CENVAT Credit Rules, 2004- Part 1

From 1.4.2012 , the definition of capital good has been extended to cover all motor vehicles ( other than those covered under the specified tariff heading) for all the category of service provider....

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Posted Under: Income Tax |

TDS U/s. 194IA on Immovable Property to be paid by Form 26QB; TDS certificate in Form 16B

Notification No. 39/2013 - Income Tax 31/05/2013

Notification No. 39/2013 - Income Tax Notwithstanding anything contained in sub-rule (1) or sub-rule (2), any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement i...

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Transfer Pricing Law Not Applies to Share Investment Transactions

M/s Vijai Electricals Ltd. Vs Addl. Commissioner of Income-tax (ITAT Hyderabad)

In our opinion, the amount representing 2118.84 is towards investment in share capital of the subsidiaries outside India as the transactions are not in the nature of transactions referred to section 92-B of the IT Act and the transfer pricing provisions are not applicable as there is no income....

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DGFT – Regarding Amendment in Paragraph 2.1.2 of FTP

Notification No. 14 (RE-2013)/2009-2014 31/05/2013

This notification substitutes the updated versions of UN and IAEA documents, namely, INFCIRC/254/Rev.11/Part 1 and INFCIRC/254/Rev.8/Part 2 (IAEA documents), S/2012/947, S/2009/364 and S/2006/853 (UN Security Council documents) and Annex III to UN Security Council resolution 2094 (2013) for the existing documents mentioned in Para 2.1.2 ...

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Scrutiny Assessment Void if not as Per CBDT Scrutiny Guidelines

M/s Crystal Phosphates Ltd. Vs Asstt. Commissioner of Income-tax (ITAT Delhi)

Once the CBDT has issued instructions for assumption of jurisdiction for selection of cases of corporate assesses for scrutiny and assessment thereof, the same have to be followed in letter and spirit by the AO . ...

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RTI & Income Tax Act, vis-à-vis a case law decided by SC

Whether A Person Can Refuse To Provide Information Relating To Its ‘Personal’ Income Tax Returns, Financial Statements Etc., If Such Information Is To Be Provided To A Government Body In The Course Of Application For Certain Licenses, Permits, Grants Etc....

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Posted Under: Income Tax |

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January 2023