In the Budget 2012-13, vide Finance Bill, 2012 as introduced in the Lok Sabha on 16.03.2012, the basic excise duty rate was increased on various lengths of cigarettes by imposing an ad valorem component in addition to the specific duty, through clause 141 of the Finance Bill read with the Seventh Schedule as under:
It is being intimated that no company should be allowed to be registered with the word ‘National’ as part of its title unless it is a government company and the Central / State government(s) has a stake in it.
Circular No. 5/2014-Income Tax Central Board of Direct Taxes, in exercise of its powers under section 119 of the Act hereby clarifies that Rule 8D read with section 14A of the Act provides for disallowance of the expenditure even where taxpayer in a particular year has not earned any exempt income.
Circular No. 06/2014-Income Tax It has been reported that some field authorities are taking a view that mutual funds/specified companies are required to pay additional income tax under sub-section (2) to section 115R of the Act not only on income distributed by way of dividend but also on payments made at the time of redemption/repurchase of units as well as at the time of allotment of bonus units to existing investors.
Circular No. 04/2014-Income Tax CBDT extends the date for filing ITR-V Form for Assessment years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns e-Filed with refund claims within the time allowed under section 139 of the Act . CBDT also relaxes the time-frame of issuing the intimation as provided in second proviso to sub section (1) of section 143 of the Act .
Amongst the stricter conditions are – (a) export is subject to pre-import condition and the resultant product exported has to be manufactured out of the raw material already imported under the scheme
bring the provisions of this circular to the notice of the stock brokers / trading members of the stock exchange and also disseminate the same on their websit
Depository System Review Committee (DSRC) was constituted by SEBI to undertake a comprehensive review of the depository system of Indian Securities market.
The existent automation system of the sales tax department encompasses various functional modules of automation like Registration, Returns, Recovery, Refunds and Assessment etc. Each of the Modules has been developed on the concept of automation of physical processes underlying each of the functionalities. The Department has also established its own web site for an interface with the tax payers and has provided various e services to them.
Vide circular no. SMDRPD/Policy/Cir-37/2001 dated June 28, 2001, stock exchanges had been advised to implement appropriate individual scrip wise price bands in either direction.
