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Archive: 09 February 2015

Posts in 09 February 2015

CBEC issues Instructions on Digitalization of Manual Customs Data

February 9, 2015 520 Views 0 comment Print

As your are aware the Customs data of manual Ports is not available in digitalized from for reporting, policy/decision making or statistical purposes. A need for digitalization of manual customs data for statistical, analytical or policy making requirements has been felt.

Encashment earned leave alongwith LTC- clarification

February 9, 2015 1285 Views 0 comment Print

It is clarified that the Government servants governed by the CCS (Leave) Rules, 1972 and entitled to avail LTC may encash earned leave upto 10 days at the time of availing both types of LTCs, i.e. ‘Hometown’ and ‘anywhere in India’.

CBEC instructs to file timely reply / affidavits in CAT/Court Cases

February 9, 2015 1177 Views 0 comment Print

It is noted with concern that recently in some cases CATs/Courts have imposed penalty on the Government on account of delay in filing or non-filing of reply affidavits in respect of the OAs/CWPs filed in the CATs/Courts despite ample opportunity having been given to the Government to file the reply affidavits.

Sec. 234E Fine For Late Filing Of TDS Returns is constitutionally valid: Bombay HC

February 9, 2015 42751 Views 0 comment Print

Petitioners have challenged the constitutional validity of section 234E of the Income Tax Act, 1961. Section 234E seeks to levy a fee of Rs.200/- per day (subject to certain other conditions as set out therein) inter alia on a person who deducts Tax at Source (TDS) and then fails to deliver or cause to be delivered the TDS return/statements to the authorities within the prescribed period.

Fast Track Exit mode for Defunct Companies

February 9, 2015 30473 Views 0 comment Print

Fast Track Exit mode for Defunct Companies under section 560 of Companies Act 1956 A number of Companies registered under the Companies Act 1956 are inoperative since incorporation or commenced business but became inoperative or defunct later on due various reasons. Thus, the Registrar of Companies, under section 560 of the Companies Act 1956, may […]

Penalty Imposable on cash loan from person other than partners

February 9, 2015 2902 Views 0 comment Print

The authorities below as well as the Tribunal, on verification of the materials on record, came to a finding that the audit report and balance sheet of the assessee had shown the outstanding amount as loan received from 12 persons.

Amends Notification No. 12/97-Customs (N.T.), Dated the 2nd April 1997

February 9, 2015 823 Views 0 comment Print

In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes following further amendments in the notification of the Governemnt of India

Section 269SS not applies to loan between firm and partners

February 9, 2015 32055 Views 0 comment Print

Section 269SS would not be violative when money is exchanged inter-se between the partners and partnership firm in spite of the fact that the partnership firm and individual partners are separate assessees.

Features of various Deposit Schemes for Non Resident Indians (NRIs)

February 9, 2015 1084 Views 0 comment Print

Features of various Deposit Schemes available for Non-Resident Indians (NRIs)1 Particulars Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR (B) Account] Non-Resident (External) Rupee Account Scheme [NRE Account] Non-Resident Ordinary Rupee Account Scheme [NRO Account] (1) (2) (3) (4) Who can open an account NRIs (individuals / entities of Bangladesh / Pakistan nationality / ownership require […]

Foreign Bank Accounts Held By 1195 Indians – Govt. will take action

February 9, 2015 456 Views 0 comment Print

Concealment Penalty Proceedings U/S 271(1)(C) of Income Tax Act 1961 Initiated in 128 Cases in which Assessments were Completed While in the Remaining Cases, Assessment Proceedings are at Advance Stage; Information About Hsbc Foreign Bank Accounts was Received from the French Authorities in Respect Of 628 Indian Persons/Entities; Necessary Investigation as Per The Provisions of […]

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