It is seen from the records that the first appellate authority has rejected the appeal filed by the appellant on the question of limitation. It is undisputed that the appellant had received the order in original on 28.8.2010 and the appellant had a right to file an appeal within three months from the date of receipt of the order and he also gets further period of three months for seeking condonation of delay from the first appellate authority.
The Government has initiated action on various fronts to tackle the menace of black money. These include enactment of the Benami Transactions (Prohibition) Act, amendment of the Prevention of Money Laundering Act, setting up of a special committee to examine measures to strengthen laws to curb black money generation in the country, and commissioning of studies by independent agencies to assess the quantum of black money both inside and outside the country. The framing of the General Anti-Avoidance Rules and Controlled Foreign Company Rules has been taken up under the proposed Direct Taxes Code. Efforts are underway to build political consensus on the Goods and Services Tax, which will give a major boost to the economy by rationalising indirect taxes and giving full input credit.
With a view to further rationalizing the reporting mechanism, it has now been decided that AD Category-I banks should submit quarterly reports instead of monthly reports to the Chief General Manager-in-Charge, Foreign Exchange Department, Reserve Bank of India, Trade Division, Amar Building, Mumbai – 400 001, giving details of the name and address of the firm / company in whose name the Diamond Dollar Account is opened, along with the date of opening / closing the Diamond Dollar Account with effect from the quarter ended March 2012, by the 10th of the month following the quarter to which it relates.
Category-I banks are advised that a further revision has taken place on February 6, 2012 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.68.838139 with effect from February 9, 2012.
Banking is a risky business. Banks, or more generally the credit institutions, in their role as intermediaries take upon themselves significant credit risks, while interposing between lenders (depositors) and borrowers. Credit risk is, by far, the largest risk faced by banks. The risk transformation, where they become borrowers to lenders and lenders to borrowers, leads to warehousing of risks in credit institutions. In fact, this risk transformation offered by credit intermediaries is the cornerstone of credit intermediation which facilitates pooling of savings for being lent for various economic activities.
Circular No. 08/2012-Customs Attention is invited to Board’s Circular No. 06/2012-Cus dated 06-03-2012 and DGFT RE Notification No.102 (RE-2010)/2009-14 dated 5th March, 2012 amending Notification no. 74(RE-2010)/2009-14 dated 12-09-2011 imposing ban on export of cotton (Tariff code 5201 and 5203).
The first and foremost issue is that whether the Circulars issued by the Board will be binding on the Revenue? Whether the Board circulars will be binding on the Assessee? Also, whether the Circulars will be binding on the Quasi Judicial Bodies i.e. the Original Adjudicating Authority (Deputy/Additional/Assistant Commissioner), Commissioner (Appeals) and the Tribunal? Whether, the High Court and the Supreme Court will also be bound by these circulars? Can department challenge the Circular issued by the Board when assessee has a right to challenge the same?
Recovery of its due has been a hectic exercise for the Banks in the absence of a special legislation. ‘Non-performing Assets’ were growing and a need was felt to reduce the ‘Non-performing Assets’ of the Banks drastically. As the recovery through Courts was a difficult exercise for the Banks, initially, a special legislation called ‘The Recovery of Debts due to Banks and Financial Institutions Act, 1993’ was enacted creating a Special Tribunal called ‘Debt Recovery Tribunal’.
Download Income Tax Calculator for Salaried Employee for Financial Year (FY) 2011-12, 2010-11, 2009-10 / Assessment Year 2012-13, 2011-2012, 2010-2011 in excel format category wise , Male/Female/Sr Citizen Age 60=
Tds Rates for financial year 2011-12 and assessment year 2012-13 – The Rate Chart for the Financial Year 2011-12 i.e. Assessment Year 2012-13 is tabulated below. TDS Rates for the Financial Year 2010-11 is also same.
