How to Fill PAN Form No. 49A Posted: 17 Jan 2012 07:31 PM PST The following persons should apply for allotment of PAN in Form 49A‑ Every person whose assessable income exceeds the maximum amount which is not chargeable to tax or any person carrying out business or profession whose total sales/turnover is... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| All about Income Tax deductions from Total income available to taxpayers Posted: 17 Jan 2012 07:23 PM PST DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, DEFERRED ANNUITY, CONTRIBUTIONS TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES OR DEBENTURES, ETC. [SEC. 80C, APPLICABLE FROM THE ASSESSMENT YEAR 2006-07] - SECTION 80C 1. Under section 80C,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Sebi cut the timeline for completion of buy back of shares by listed companies to 34-44 days Posted: 17 Jan 2012 06:11 PM PST Sebi has reduced the timeline for completion of buy back of shares by companies to 34-44 days. Earlier, the buyback process could take anywhere between 63 and 114 days. These changes form a part of amendments made by the regulator in the Sebi (Buy... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Gold and Silver to become expensive as Govt changes Import Duty and Excise Duty Structure Posted: 17 Jan 2012 05:50 PM PST Gold and silver are set to become more expensive as the government has changed the duty structure on precious metals from specific to value-linked. The change will enable the exchequer to rake in an additional 600 crore rupees during the remaining... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Revenue cannot prefer appeal before ITAT if tax effect is below the prescribed limit of Rs. 3 lacs Posted: 17 Jan 2012 04:24 PM PST Dy.Commissioner of Income Tax Vs Shri Hridey Vikram (ITAT Delhi) -CBDT, vide above instruction has clearly laid down that the revenue should not prefer appeals against assessees before ITAT if the tax effect involved in the appeal, excluding... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| ITAT restored the matter to CIT(A) as order was by passed him in haste Posted: 17 Jan 2012 04:13 PM PST Baker Technical Services Private Limited Vs ITO (ITAT Mumbai) - As per order of the Ld. CIT (A) the appeal was posted for hearing on 8.02.2010. On the said date, the assessee sought the adjournment. Again the appeal was fixed on 20th February 2010.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Exemption U/s. 10(23C)(iv) not available if assessee has not maintained separate books of account for the activities which are in the nature of business Posted: 17 Jan 2012 04:04 PM PST ACIT (E) Vs. India ITME Society (ITAT Mumbai) Since the assessee has not maintained separate books of account for these activities of providing other services and charging with a margin, the notification issued u/s 10(23C)(iv) will not applicable in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Taxability of Capital Gain on sale of under construction property, Nature of Gain, Date of Indexation, Availability of benefit under section 54 or 54EC Posted: 17 Jan 2012 06:04 AM PST Whether the Right to own the Property is a Capital Asset? What is a capital asset is defined in section 2(14) of the I.T. Act, 1961. Under that provision, a capital asset means property of any kind held by an assessee, whether or not connected with... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| ICWAI – Act to Change of name of Cost accounting institute and to change acronym used by its members Posted: 17 Jan 2012 02:52 AM PST THE COST AND WORKS ACCOUNTANTS (AMENDMENT) ACT, 2011 (No. 10 of 2012) [12th January, 2012.] An Act further to amend the Cost and Works Accountants Act, 1959. BE it enacted by Parliament in the Sixty-second Year of the Republic of India as... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Risk Management and Inter-Bank Dealings – Commodity Hedging Posted: 16 Jan 2012 08:30 PM PST A. P. (DIR Series) Circular No.68 It has now been decided to permit all AD Category-I banks to grant permission to companies to hedge the price risk in respect of any commodity (except gold, silver, platinum) in the international commodity... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Seizure of Idols/Statues of 9th to 12th Century AD believed to be Antiques Posted: 16 Jan 2012 08:11 PM PST On the basis of specific intelligence that, public buses plying between Siliguri & Debiganj are carrying contraband goods intended for illegal export to Nepal, the officers of Headquarter Preventive & Intelligence Branch on 11.01.2012 at... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Transfer/posting of officers following promotion to the grade of Joint Commissioner of Income Tax – Order No. 14 of 2012 Posted: 16 Jan 2012 06:22 PM PST ORDER NO. 14 OF 2012 -In continuation of this Department's order No. 175/2011 dated 27.10.2011, on promotion to the grade of Joint Commissioner of Income Tax on ad hoc basis, following transfer/posting of officers are ordered with immediate effect... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Transfer and posting of Additional / Joint /Deputy / Assistant Commissioner of Income Tax – Order No. 13 of 2012 Posted: 16 Jan 2012 06:18 PM PST ORDER NO. 13 of 2012 - The following officers in the grade of Additional/Joint/Deputy/Assistant Commissioner of Income Tax are hereby transferred and posted at the station indicated against each in the Directorate of International Taxation and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| IDBI MF offers Regular Cash Flow Plan (RCFP) under its Monthly Income Plan Posted: 16 Jan 2012 02:57 PM PST IDBI Mutual Fund has introduced Regular Cash Flow Plan as an added feature under IDBI Monthly Income Plan (MIP). RCFP provides investors with an additional income stream by way of regular cash flow to take care of future projected needs. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Increase in customs duty on Gold and silver in any form when imported into India by an eligible passenger Posted: 16 Jan 2012 08:30 AM PST Notification No. 3/2012-Customs- -In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the government of India in the Ministry of Finance ( Department... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Increase in customs duty on Silver and Gold in any form imported into India, other than through post, courier or baggage Posted: 16 Jan 2012 08:30 AM PST Notification No. 2/2012-Customs, New Delhi, the 16th January, 2012 - G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Further amends Notification No. 21/2002-Customs, dated the 1st March, 2002 Posted: 16 Jan 2012 08:22 AM PST Notification No. 01/2012-Customs, New Delhi, the 16th January, 2012 G.S.R. (E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Vodafone to list its shares in India Posted: 15 Jan 2012 10:48 PM PST UK-based telecom major Vodafone has moved a step further to list its India operations by roping in investment bank NM Rothschild to assist the listing plans. According to sources, Vodafone India has roped in investment bank NM Rothschild to assist... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| China Investments.. Opens South Korea Posted: 15 Jan 2012 08:58 PM PST China promised to support the North Koreans in the event of a war against South Korea. The Chinese support created a deep division between the Korean communities. It might sound strange from where did this come off. Well it is the story of the China... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Amends Notification No. 23/2003-Central Excise, dated the 31st March, 2003 Posted: 15 Jan 2012 08:44 PM PST Notification No. 3/2012-Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Amends Notification No. 5/2006-Central Excise, dated the 1st March, 2006 related to rates of duty on Gold and Silver bar Posted: 15 Jan 2012 08:34 PM PST Notification No. 2/2012-Central Excise - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Amends notification No.70/2010-Customs, dated the 25th June, 2010 Posted: 15 Jan 2012 08:19 PM PST Notification No.8/2012 – Customs (ADD) - In exercise of the powers conferred by sub-sections (1) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 Posted: 15 Jan 2012 08:15 PM PST Notification No. 3/2012 - Customs (N.T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary and expedient so to do, hereby fixes... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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