CBEC Notifies Tariff Value of Palm Oil, Palmolein, Soyabeen Oil, Brass Scrap, Poppy seeds, Gold and Silver

Notification

No. 50/2013-CUSTOMS (N. T.)

New Delhi, the 26^th of April, 2013

6 Vaisakh, 1935 (SAKA)

S.O.    (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.) dated, the 3^rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S. O. 748 (E), dated the 3^rd August, 2001, namely:-

Disclosure of information respecting assessees to Specified Officer, Authority or Body Performing functions under any other law - Notified Authority

SECTION 138 OF THE INCOME-TAX ACT, 1961 - DISCLOSURE OF INFORMATION RESPECTING ASSESSEES TO SPECIFIED OFFICER, AUTHORITY OR BODY PERFORMING FUNCTIONS UNDER ANY OTHER LAW - NOTIFIED AUTHORITY

NOTIFICATION NO. 32/2013 [F.NO.225/62/2013-ITAT.II], DATED 18-4-2013

Whereas the Central Government is of the opinion that it is necessary to do so in the public interest; and, therefore, in pursuance of sub-clause (ii) of clause (a) of sub-section(1) of section 138 of the Income-tax Act, 1961, the Central Government hereby specifies officers of the rank of Joint Director and above serving in Directorate of Enforcement, Department of Revenue, Ministry of Finance, Government of India, who are performing functions under the Foreign Exchange Management Act, 1999 and the Prevention of Money Laundering Act, 2002, for the purpose of the said clause.

CG amends Notification No. 1/2013 dated 08-01-2013

SECTION 80-IA, SUB-CLAUSE (III) OF SUB-SECTION (4) OF THE INCOME-TAX ACT, 1961 - DEDUCTIONS - IN RESPECT OF PROFITS AND GAINS FROM INDUSTRIAL UNDERTAKINGS, OR ENTERPRISES ENGAGED IN INFRASTRUCTURE DEVELOPMENT, ETC. - NOTIFIED UNDERTAKINGS - AMENDMENT IN NOTIFICATION NO.1/2013, DATED 8-1-2013

NOTIFICATION NO. 31/2013 [F.NO.178/02/2008-ITAT-I], DATED 18-4-2013

In exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes following amendment to the notification of the Government of India in the Ministry of Finance, Department of Revenue published in the Gazette of India, Part II, section 3, sub-section (ii), vide Notification number 01/2013, F.No.178/02/2008-(ITA-I) dated the 8th January, 2013, namely:-

RBI - Clarification on Overseas Direct Investments

RBI/2012-13/481
A.P. (DIR Series) Circular No. 100

April 25, 2013

To
All Category-I Authorised Dealer Banks
Madam / Sir,

Overseas Direct Investments – Clarification

Attention of the Authorised Dealers (AD) is invited to Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004 notified by the Reserve Bank vide Notification No. FEMA 120/RB-2004 dated July 07, 2004 and as amended from time to time.

ICAI - PNGRB Reference on Compliance with AS 17 by CGD Entities

ATTENTION MEMBERS

PNGRB reference on compliance with AS 17 by CGD entities

The Petroleum and Natural Gas Regulatory Board (PNGRB), entrusted with the duties, interalia, of regulating the transportation rate for city or local natural gas distribution networks or common or contract carrier pipelines, has recently informed the Institute that in the course of their consultation process, they have come to know that CGD entities i.e. entities engaged in the activities of laying building, operating or expanding city or local natural gas distribution networks are not adhering to the requirements of segment reporting on the ground that they operate in only one segment of business and therefore Accounting Standard 17 (Segment Reporting) that contains provisions for segment reporting does not apply to them.

Filing of online DVAT Returns for March, 2013 and Fourth Quarter 2012-13 is extended

In order to facilitate the filing of online DVAT/CST returns, in exercise of the powers conferred under Rule 49A of the DVAT Rules, 2005, the last date of online filing of return for monthly dealers and composition dealers, for the return due on April 25, 2013, is hereby extended up to 01.05.2013. The last date of filing of hard copy of the return for the above tax period is also extended up to 06.05.2013.

All Forms (Other than ITR) are available in the e-Filing portal of Income Tax for filing.

Forms (Other than ITR) are available in the e-Filing portal for filing. Click here to know more on the Forms.

CG notifies the rate of Variation between the ALP determined u/s 92C & the price at which the internation transaction or specified domestic transaction has taken

In exercise of the powers conferred by the second proviso to sub‐section (2) of section 92C of the Income Tax Act, 1961 (43 of 1961), the Central Government hereby notifies that where the variation between the arm’s length price determined under section 92C and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one per cent of the latter for wholesale traders and three per cent of the latter in all other cases, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm’s length price for assessment year 2013‐2014.

NOTIFICATION NO. 30/2013 (F.NO. 500/185/2011‐FTD I]

(Sanjay Kumar Mishra)

Joint Secretary to the Government of India

Issuance of certificate for TDS in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules 1962

1. Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules 1962 (“the Rules”) stipulates furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars such as amount of TDS, valid permanent account number (PAN) of the deductee, tax deduction and collection account number (TAN) of the deductor, etc. The relevant form for such TDS certificate is Form No. 16 in case of deduction under section 192 and Form No. 16A for deduction under any other provision of Chapter XVII-B of the Act. TDS certificate in Form No. 16 is to be issued annually whereas TDS certificate in Form No. 16A is to be issued quarterly. TDS Certificate in Form No 16 as notified vide Notification No. 11/2013 dated 19.02.2013 has two parts viz Part A and Part B (Annexure). Part A contains details of tax deduction and deposit and Part B (Annexure) contains details of income.

Extension of due date of submission of Service Tax Return for October 2012 to March 2013

Recently Central Board of Excise and Custom vide Order No. 03/2013 dated 23.04.2013 has announced the last date of submission of Service Tax Return for the period October, 2012 to March, 2013 to be 31st August 2013.