In view of the assignment of lead bank responsibility in the 11 districts of metropolitan areas of Delhi, the lead bank responsibility of the erstwhile district Delhi (Rural) assigned to State Bank of India is treated as withdrawn. SBI is expected to extend necessary support for smooth transition of lead bank responsibility in districts of Delhi.
It has also been decided that for availment of trade credit, the period of trade credit should be linked to the operating cycle and trade transaction. AD banks may ensure that these instructions are strictly complied with.
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 112 dated April 20, 2012 relating to ECB. On a review, it has been decided that the instructions contained in the above mentioned circular will continue to be applicable till September 30, 2013 and is subject to review thereafter.
As per the extant FEMA provisions, the proposal of acquisition of the shares of Society for Worldwide Interbank Financial Telecommunication (SWIFT), Belgium by the resident bank is considered by the Reserve Bank on case to case basis under the approval route.
On a review, it has been decided that the all-in-cost ceiling as specified in A.P. (DIR Series) Circular No. 99 dated March 30, 2012 will continue to be applicable till September 30, 2013 and is subject to review thereafter.
The Department had introduced the facility of online registration under DVAT/CST Act with effect from 01/04/2013. The process involves pre-verification from VATI by visiting the business premises and obtaining signed copy of registration application with all relevant documents before granting the registration.
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures (Vol. I) (Appendices and Aayat Niryat Forms) 2009-2014.
In exercise of the powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and paragraph 1.1 of Handbook of Procedure (Vol. I) the Directorate General of Foreign Trade hereby notifies modification of the description of the export product under SION bearing Nos. A-3530 and A-3529 in respect of the export product “Activated Polydimethyl Siloxane” and export product “Simethicone” as under.
The CBDT issues instructions with respect to processing of Income-tax returns and giving credit for TDS thereon in the case of TDS mismatch. A few of the instructions on this subject issued in previous years are Instruction No. 1/2010 (25-2-2010) for returns pertaining to A.Y, 2008-09; Instruction No. 05/2010 (21-7-2010), Instruction No. 07/2010 (16-8-2010) and Instruction No. 09/2010 (9-12-2010) for returns pertaining to AY. 2009-10; Instruction No. 02/2011 (9-2-2011) for returns pertaining to A.Y. 2010-11; and Instruction No. 1/2012 (2-2-2012) and Instruction No. 04/2012 (25-5-2012)
Assessee, owner of a residential property, entered into a development agreement for construction of flats with a developer. Under agreement, assessee received 7 flats towards his share. He claimed exemption u/s 54F on the entire amount of capital gain.
