"May, 2013" Archive - Page 4

Tips & FAQs on filling of Appeal & Personal Hearing before CESTAT

The assessee may appear in person or by authorized council on its behalf before CESTAT. The council appearing for the tax payer should have all the details relating to facts of the case, submissions made before lower authorities and contrary views adopted by them in their respective orders. ...

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Posted Under: Excise Duty |

I-T Rules related to Furnishing of TDS Certificate requires Immediate amendment

Immediate amendment required in Income Tax Rule 31 Rule 31 of Income Tax Rules, 1962 requires that the certificate of  tax deducted at source to be furnished to the deductee within fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A. (i.e. on quarterly basis)....

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Posted Under: Excise Duty |

Income Tax Dept. Sent Letters to Another Batch of 35,000 Non-Filers

Income Tax Department Sent Letters to Another Batch of 35,000 Non-Filers; Government Once Again Urges all Tax Payers to Disclose Their True Income and Pay Appropriate Taxes As part of its ongoing initiative, the Income Tax Department has sent today i.e. 27th May, 2013 letters to another batch of 35,000 non-filers.  These persons were par...

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Posted Under: Excise Duty |

Inflation Indexed Bonds (IIBs)- FAQs

Q.1 Inflation Indexed Bonds (IIBs) were issued in the name of Capital Indexed Bonds (CIBs) during 1997. How is the new product of IIBs different from earlier CIBs? Ans: The CIBs issued in 1997 provided inflation protection only to principal and not to interest payment. New product of IIBs will provide inflation protection to both [&hellip...

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Posted Under: Excise Duty |

Section 40(a)(ia) applies to transaction made during the year

Commissioner Of Income Tax IV Vs Sikandarkhan N Tunvar (Gujarat High Court at Ahmedabad)

In the result, we are of the opinion that Section 40(a) (ia) would cover not only to the amounts which are payable as on 31th March of a particular year but also which are payable at any time during the year. Of course, as long as the other requirements of the said provision exist....

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No Penalty for addition merely due to application of deeming Provision U/s. 50C

C.I.T. Kol-IV Vs Madan Teatres Ltd. (Calcutta High Court)

The assessee sold the property at a sum of Rs.2,51,50,000/- For the purpose of stamp duty, however, the value was estimated at a sum of Rs.5, 19,77,000/- and on that basis the stamp duty was realized. During the assessment, it was found that the assessee had disclosed the sale price...

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Notification No. 56/2013-Customs (N.T.), Dated the 28th May, 2013

Notification No. 56/2013-Customs (N.T.) (28/05/2013)

In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance...

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DVAT – Registered Dealers to update their profile online by 30.06.2013

Notification No. F. 3(352)/Policy/VAT/2013/231-241 (28/05/2013)

All the dealers registered under the DVAT Act, as on 31-03-2013, shall furnish the name of manager of business, permanent account number and Importer Exporter Code (IEC) and any amendment in respect of their business activities etc. online on or before 30.06.2013, using their login ID and password. For this purpose, Form DP-1 annexed with...

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FM to Inaugurate 29th Annual Conference of CIT and DGIT 2013

Union Finance Minister to Inaugurate Today 29th Annual Conference of Chief Commissioners of Income Tax and Directors General of Income Tax 2013 The Union Finance Minister Shri P. Chidambaram will inaugurate the 29th Annual Conference of Chief Commissioners & Directors General of Income Tax here tomorrow. Two day Conference is being or...

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Posted Under: Excise Duty |

Restriction on grant of loan against gold bullion applies to gold ETFs and units of gold Mutual Funds

RBI/2012-13/509 DBOD. No. Dir. BC. 96/13.03.00/2012-13 (27/05/2013)

In this context, we have also been receiving references from certain banks asking whether advance against units of gold Exchange Traded Funds (ETF) and gold Mutual Funds is permitted. As these products are backed by bullion/primary gold, it is clarified that the restriction on grant of loan against gold bullion stipulated in terms of our ...

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