In sub-clause 8.2 of Part II regarding maintenance of records pertaining to identity of clients: The words The records of the identity of clients have to be maintained and preserved for a period of ten years from the date of cessation of transactions between the client and intermediary, i.e. the date of termination of an account or business relationship between the client and intermediary.
.It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories.
A Dealer had applied for registration on 27th December 2013 under Voluntary Registration Scheme and was granted registration on 15th February 2014. This dealer is required to file quarterly return for the QE 31St December 2013 on or before 21st January 2014.
Attention is invited to Notification No 12/2012- Cus dated 17.03.2012 ( Sl No 321) regarding import of gold by ‘eligible passengers’ which provides that the gold in the form of bars and ornaments are allowed to be imported by ‘eligible passengers’ upon payment of 10% customs duty.
CBDT Circular No. 07/2014 All Chief Commissioners of Income-tax All Directors General of Income-tax Sub: Ex-post facto extension of due date for filing TDS/TCS statements for FYs 2012-13 and 2013-14 – regarding The Central Board of Direct Taxes (‘the Board’) has received several petitions from deductors/collectors, being an office of the Government (‘Government deductors’), regarding delay in filing of TDS/TCS statements due to late furnishing of the Book Identification Number (BIN) by the Principal Accounts Officers (PAO) / District Treasury Office (DTO) / Cheque Drawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees under section 234E of the Income-Tax Act, 1961(‘the Act’).
Under the Customs Baggage Declaration Regulations 2013 all incoming international passengers will be required to declare the content of their baggage in the Indian Customs Declarations Form prescribed in the regulation.
The Public Notice No.47 dated 18.5.2011, inter alia, had deleted ‘Actual User’ condition for imports under Tariff Rate Quota (TRQ) Scheme. This was challenged before the Hon’ble High Court of Andhra Pradesh in WAMP No. 447 of 2012 in WA No. 228 of 2012. The Hon’ble High Court of Andhra Pradesh had passed an interim order on 04.04.2012 (in para 30) as under:“ …………we grant interim relief prayed for by the appellant and hold that till the disposal of the writ petition the Public Notice No. 47 (RE-2010/2009-14 dated 18.5.2011 does not delete the Actual User condition on the import of maize (corn)(other than seed).
The constitutional validity of the amendment to section 2(24) of the Maharashtra Value Added Tax Act, 2002 was challenged by the Maharashtra Chamber of Housing Industry and others by way of the Writ Petition bearing number 2022 of 2007 filed before the Hon Bombay High Court.
Earlier it was administratively decided that if an Audit Report in form 704 for the period 2012-13 pertaining to developers (other than those opting for composition scheme) is filed within one month from the due date i.e. on or before 15th February 2014, then penalty under section 61(2) of the MVAT Act, 2002 shall not be imposed.
Services Related to Transportation of rice by a rail or a vessel or by goods transport agency, services related to Loading, unloading, packing, storage and warehousing of rice and services for Milling of paddy into rice are exempt from service tax.
