Govt introduces new PAN form for non-residents

Govt introduces new PAN form for non-residents

Posted: 31 Oct 2011 08:33 PM PDT

New Delhi: The Income Tax Department  introduces a separate permanent account number (PAN)application form for non-residents in which NRIs, PIOs and entities having interest in India will have to provide additional information to the Central Board...

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Corrigendum to Circular 2 Of 2011 – Consolidated FDI Policy

Posted: 31 Oct 2011 07:56 PM PDT

Circular 2 of 2011 was issued on 30th September, 2011. Para NO.3.3.2.1 of the above Circular hereby stands deleted. Erstwhile paragraph 3.3.2.1 of 'Circular 2 of 2011' went like this:

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Income Tax notification Notifying Amendment in Form No. 49A and 49AA

Posted: 31 Oct 2011 06:05 PM PDT

Notification nO. 58/2011 [F.No. 133/48/2011-SO(TPL)]/S.O.2468(E), dated 29-10-2011 - S.O.2468(E).- In the notification of Government of India, Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes), number 56/2011 dated 17th...

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Changes in due dates for filing Form No. 24Q/26Q where deductor is Govt. office

Posted: 31 Oct 2011 05:43 PM PDT

Notification no. 57/2011 Income-tax Rules, 1962 were amended, vide notification No. S.O. 2429(E) dated 24th of October, 2011, for (i) extending the time limit of submission of TDS statements by the Government deductors in view of filing of Form...

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Revenue department opposed abolition of Securities Transaction Tax (STT)

Posted: 31 Oct 2011 03:15 PM PDT

The revenue department is opposed to abolition of Securities Transaction Tax (STT) as the levy helps keep a tab on investments in markets and track flow of unaccounted funds. STT helps in overall regulation and keep a check on cost involved. The...

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S.K.Goel Takes Over as Chairman, Central Board of Excise and Customs (CBEC)

Posted: 31 Oct 2011 02:44 PM PDT

Shri. S.K.Goel (IRS:1975) today took charge as the Chairman, Central Board of Excise & Customs (CBEC) on 31st October, 2011. He took charge from Shri S.Majumdar who demitted the office today on his superannuation. Shri Goel joined Indian...

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FM Inaugurates Government's E-Payment System

Posted: 31 Oct 2011 01:20 PM PDT

The Union Finance Minister Shri Pranab Mukherjee today formally launched the central government e-payment system He said that the commissioning of the e-payment system is a major achievement and indicates Government's strong commitment towards...

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Interest Rates – Party Spoiler

Posted: 31 Oct 2011 09:37 AM PDT

Dr. Sanjiv Agarwal This is neither a festival bonanza nor a diwali blast from Reserve Bank of India. From common men's perspective, Reserve Bank has given yet another blow (this time thirteenth in succession in last twenty months) by hiking interest...

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Where the assessee discloses all the facts truly, no penalty can be levied for concealment of income – Bombay HC

Posted: 31 Oct 2011 09:22 AM PDT

The Metal Rolling Works Ltd. V/s. CIT (Bombay High Court)- The development agreement did contain a clause to that effect and, therefore, since the last instalment was not received in AY 2002-03, the assessee was justified in not offering the capital...

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Revision in Limits of Housing Loans and Repayment Period – Second Quarter Review of Monetary Policy 2011-12

Posted: 31 Oct 2011 08:37 AM PDT

As announced in the Second Quarter Review of the Monetary Policy 2011-12 (para 89 - extract appended), it has been decided to permit Tier-I UCBs to extend individual housing loans upto a maximum of `30 lakh per beneficiary of a dwelling unit and...

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ICAI – President's Message – November 2011

Posted: 31 Oct 2011 08:35 AM PDT

Dear Friends, In my message, this time, I would like to recall Shri V. Narhari Rao, the first Comptroller and Auditor General of independent India, who had come to our headquarters in Delhi, on the occasion of the First Conference of Chartered...

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Government Considering Raising FDI Limit in Single Brand Retail

Posted: 30 Oct 2011 10:57 PM PDT

hri Sharma also informed that India allows 51 per cent FDI in single brand retail and government is considering the ways of raising this limit. Shri Sharma said that the micro, small and medium enterprises sector is the backbone of Indian economy,...

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Instructions regarding Power of adjudication of Central Excise Officers

Posted: 30 Oct 2011 10:39 PM PDT

Circular No. 957/18/2011-CX-3, the Board has noticed that the monetary limits for adjudicating cases (both extended period and others), for Joint Commissioners is with regard to cases involving duty– above Rs 5 lakhs and upto Rs 50 lakhs and for...

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Amendment in notifications specifying all Industry Rates of Duty Drawback, 2011-12

Posted: 30 Oct 2011 10:28 PM PDT

Circular No. - 48/2011-Customs As you are aware, the All Industry Rates (AIR) of Duty Drawback 2011-12 were notified vide Notification No. 68/2011-Cus. (N.T.) dated 22.09.2011. These rates have come into effect on 01.10.2011. Subsequently, the...

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MCA withdrawn draft of Companies (Dematerialization of Certificates) Rules, 2011

Posted: 30 Oct 2011 10:22 PM PDT

The Ministry of Corporate Affairs was considering the proposal to issue Companies(Dematerialization of Certificates) Rules, 2011 and comments /Recommendations were invited by the Ministry latest by 30th June, 2011 vide letter of even number dated...

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ICAI invites comments /suggestions on Discussion paper on Tax accounting Standards released by CBDT

Posted: 30 Oct 2011 10:18 PM PDT

The Central Board of Direct taxes has recently released a Discussion paper on Tax Accounting Standards (TAS) for comments/suggestions by all stakeholders. The Direct Taxes Committee of ICAI is in the process of considering the inputs to be given to...

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Amendments in the Reward/Incentive Schemes of Chapter 3 of FTP 2009-14:- Notification of Table-8 under Appendix 37D of Handbook of Procedure Vol.1

Posted: 30 Oct 2011 10:02 PM PDT

PUBLIC NOTICE NO.  83 (RE2010)/2009-14         DATED:  31st  October 2011 Subject: Amendments in the Reward/Incentive Schemes of Chapter 3 of FTP 2009-14:- Notification of Table-8 under Appendix 37D of Handbook of Procedure Vol.1 In exercise of...

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The Status Holders shall also be eligible for the Status Holders Incentive Scrip on exports made during 2012-2013

Posted: 30 Oct 2011 09:58 PM PDT

Amendments in the Para 3.16.1 of FTP 2009-14. Notification No. 84 (RE-2010)/2009-2014, New Delhi, the 31st October, 2011. In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with...

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DGFT permits export of 1053.625 MTs of Casein and Casein products already manufactured on or before 18.02.2011

Posted: 30 Oct 2011 09:55 PM PDT

Notification No 83 (RE – 2010)/2009-2014, In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government...

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Amendment in chapter 2 of ITC(HS) relating to export of meat

Posted: 30 Oct 2011 09:51 PM PDT

Notification No 82 (RE – 2010)/2009-2014 Exporters would now be required certify both (a) that the items have been obtained/sourced from an APEDA registered integrated abattoir or from APEDA registered meat processing plant and (b) that the raw...

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Amendment in Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 related to tariff value of Crude Palm Oil, RBD Palm Oil etc

Posted: 30 Oct 2011 09:48 PM PDT

NOTIFICATION NO 76/2011-Cus., (NT.), Dated: October 31, 2011 In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby...

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DPIN will be treated as DIN

Posted: 30 Oct 2011 09:42 PM PDT

Ministry of Corporate Affairs has decided to simplify issuance of identification numbers to those who wish to incorporate a Company or LLP; hence identification scheme of Designated Partner Identification Number (DPIN) is merged with Director...

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Exemption for export of excise verified stock of 1053. 625 MTs of casein and casein products manufactured prior to imposition of ban on export of milk products i.e. 18.02.2011

Posted: 30 Oct 2011 09:42 PM PDT

Trade Notice No. 21 On the basis of information available with the DGFT, the following firms are permitted to export the excise verified stock of quantities mentioned against their names (which were manufactured prior to ban):

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Banks' Exposure to Capital Market – Issue of Irrevocable Payment Commitments (IPCs)

Posted: 30 Oct 2011 09:25 PM PDT

Please refer to our circular No. DBOD.Dir.BC.46 /13.03.00/2010-11 dated September 30, 2010 in terms of which certain risk mitigation measures were prescribed in the context of banks issuing IPCs to various Stock Exchanges on behalf of Mutual Funds...

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