"24 January 2014" Archive

Original Proof Verification Mandatory for PAN Application wef 03.02.2014

Press Release 01/01/1970

The procedure for PAN allotment process will undergo a change w.e.f. 03.02.2014. From this date onwards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth (DOB) documents and also produce original documents of such POI/POA/DOB documents, for verification at the coun...

Posted Under: Income Tax |

CBDT releases Explanatory Notes on Finance Act, 2013

Circular No. 03/2014 - Income Tax 24/01/2014

CBDT CIRCULAR NO.03/2014 Section 10 Change in the definition of keyman insurance policy, exemption to income of investor Protection Fund of depositors, pass through status to certain Alternative Investment Funds exemption of income received in India in Indian currency by a foreign company exemption to National Financial Holdings company ...

CBI arrests Email alleged hacker for hacking over 900 email accounts

CBI ARRESTS A PUNE BASED PRIVATE PERSON, AN ALLEGED OPERATOR OF HACKING WEBSITES, AND CONDUCTS SEARCHES AT PUNE, MUMBAI & GHAZIABAD             The Central Bureau of Investigation arrested a Pune based private person, an alleged operator of hacking websites. CBI has registered two Regular Cases against Pune based private pe...

Posted Under: Income Tax |

Divergent practices of assessment with respect to compounded levy scheme applicable for smokeless tobacco products

Circular No. 980/04/2014-Central Excise 24/01/2014

Under the compounded levy scheme, excise duty is chargeable with respect to deemed production based on the number of packing machines in the factory of the manufacturer. The issue raised is whether excise duty can be re-determined based on the speed of the packing machine and actual production thereof, which may be higher than the deemed ...

Amendment in ‘Chewing Tobacco and Un-manufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty ) Rules, 2010’

Notification No. 04/2014-Central Excise (N.T.) 24/01/2014

Provided further that annual capacity of production for the period from the 24th day of January, 2014 to the 31st day of January, 2014 shall be calculated on pro-rata basis for the total number of days in the month of January, 2014 and the number of days remaining in the month starting from and including the 24th day of January, 2014...

PAN Allotment only after verifying documents with Original

F.No: oPAN/1/3/2003/Part 24/01/2014

F.No: oPAN/1/3/2003/Part Change in procedure for PAN allotment wef 03.02.2014 - From 03.02.2014 onwards, every PAN applicant has to submit self-attested copies of Proof of Indentify (POI), Proof of Address (POA) and Date of Birth (DOB) documents and also produce original documents of such POI/POA/DOB documents for verification at the cou...

Amendment in Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008

Notification No. 3/2014-Central Excise (N.T.) 24/01/2014

Provided further that the annual capacity of production for the period from the 24th day of January, 2014 to the 31st day of January, 2014 shall be calculated on pro-rata basis for the total number of days in the month of January, 2014 and the number of days remaining in the month starting from and includingthe 24th day of January, 2014...

Rationale behind withdrawal of Banknotes issued prior to 2005

Press Release: 2013-2014/1491 24/01/2014

The RBI has already been withdrawing these bank notes from the market in a routine manner through banks. In Reserve Bank’s view, the volume of the banknotes printed prior to 2005 today, still in circulation, is not significant enough to impact the general public in a large way....

Change in rate of excise duty in Compound Levy Scheme applicable to chewing tobacco and unmanufactured tobacco

Notification No. 2/2014-Central Excise 24/01/2014

Provided that for the purposes of entry in column number (7), against Sl.No.12, the existing entry in column number (2) shall be read as Rs. 10.01 and above...

Change in rate of Excise duty in Compound Levy Scheme applicable to Pan masala and Pan masala containing Tobacco

Notification No. 01/2014-Central Excise 24/01/2014

The rate of duty per packing machine per month for a Pan masala pouch having retail sale price of Rs. 8.00 (i.e. P) shall be= Rs. 81.46 + 13.28 * (8-6) lakhs = Rs. 108.02 lakhs....

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