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Archive: 04 July 2013

Posts in 04 July 2013

Amendment in Double Taxation Agreement with Bangladesh

July 4, 2013 1150 Views 0 comment Print

Notification No. 50/2013 – Income Tax Whereas the annexed Protocol amending the Convention between the Government of the Republic of India and the Government of the People’s Republic of Bangladesh for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (hereinafter referred to as “Protocol”) signed on the 16th day of February, 2013, shall enter into force on the 13th day of June, 2013, being the date of the later of the notifications after completion of the procedures as required by the laws of the respective countries for the entry into force of the Protocol, in accordance with the provisions of Article 3 of the said Protocol.

Salient features of Revised Online Transfer Claim Form For EPFO

July 4, 2013 880 Views 0 comment Print

SIS Ram Ola Releases Revised Online Transfer Claim Form For EPFO Union Labour & Employment Minister Shri Sis Ram Ola today released Revised Transfer Claim form for EPFO beneficiaries marking this as first step towards launch of online Transfer Claim facilities here in New Delhi. The revised form will have the following salient features: • […]

Conditions to be fulfiled to be notified as a recognised association U/s. 43(5)(e) for Derivative transactions

July 4, 2013 2364 Views 0 comment Print

Notification No. 51/2013 – Income Tax S.O. 2017 (E). -In exercise of the powers conferred by clause (e) of the proviso to clause (5) of section 43 read with section 295 of the Income – tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income – tax Rules, 1962, namely : – 1. (1) These rules may be called the Income – tax (9th Amendment) Rules, 2013. (2) They shall come into force on the date of their publication in the Official Gazette.

Income-tax Rectification Petition Online

July 4, 2013 28771 Views 28 comments Print

Getting notice from income-tax department becomes common today. Thanks to technological improvements and automated world of software coding. Often these software coding require modifications (rectification) that triggers mismatches and issues in the CPC Processing of income-tax returns. We could see that tax payers are saying that they are not getting the refund as claimed, or their tax payment were not considered by CPC or not tagged in their accounts on account of the system being followed in the tax mechanism.

Procedure to avail One Day Liquor License in Maharashtra

July 4, 2013 34239 Views 2 comments Print

New procedure is being Implementation to avail One Day Liquor License As per State Directorate of Accounts and Treasuries Maharashtra, now it is semi online manual but in coming months it will be online.

Risk Management and Inter-Bank Dealings- Liberalization of documentation requirements for resident entities in Indian Forex Market

July 4, 2013 340 Views 0 comment Print

In view of the recommendations of the Technical Committee on Services / Facilities for the Exporters (Chairman: Shri G. Padmanabhan, Executive Director, Reserve Bank of India) regarding rationalization of the documentation process

Payment of interest on overdue public deposits freezed on the orders of enforcement authorities

July 4, 2013 1163 Views 0 comment Print

Kindly refer to clause (10) of paragraph 4 of Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2007. NBFCs are at times required to freeze the term deposits of customer based on the orders of the enforcement authorities or the deposit receipts are seized by the enforcement authorities.

Customs – Rate of exchange of conversion of each of the foreign currency WEF July 05, 2013

July 4, 2013 4282 Views 0 comment Print

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue)

FAQ’s on Service Tax Amnesty Scheme (VCES)

July 4, 2013 13142 Views 0 comment Print

1. Can a person file form VCES 1 by declaring NIL tax dues? ‐ No, a person cannot file form VCES 1 by declaring NIL tax dues. As per the provisions of the scheme, if a person has not paid the tax dues till 01st March, 2013 then he can apply for the scheme. However, if he has already paid the tax dues before 1st March, 2013 then he cannot apply for the scheme.

Assessee cannot claim exemption U/s. 54 on two disparately placed properties

July 4, 2013 11303 Views 0 comment Print

Issue – Assessee in this appeal had sold a residential house at Film Nagar, Hyderabad, during the relevant previous year, for a sum of Rs. 6,50,00,000/-. After deducting indexed cost of acquisition, the long term capital gain came to Rs. 5,98,25,430/-.

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