Permanent account number

Know Your Customer Norms/Anti-Money Laundering Standards/Combating of Financing of Terrorism/Obligations under PMLA, 2002

RBI/2013-14/135 DBOD.AML.BC.No.29 /14.01.001/2013-14 July 12, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/Local Area Banks / All India Financial Institutions Dear Sir, Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligations under Prevention of Money Laundering Act (PMLA), 2002 We invite a reference to paragraph 89 (extracts… Read More

Tags: BankCommercial bankKnow Your CustomerMaster CircularModern Language Associationmoney launderingPrevention of Money Laundering Act 2002Terrorism financing

Rectification of mistakes u/s 154 – Manner of disposal of application received for rectification of mistake

Hon'ble Delhi High Court vide Judgment in case of Court On its Own Motion v. UOI and Ors. in W.P. (C) 2659/2012 dated 14.03.2013 has issued several Mandamuses for necessary action by income-tax Department one of which is regarding maintenance of "Rectification Register" in which details like receipt of applications under section 154 of the IT Act,… Read More

Tags: Delhi High CourtHonIdaho Transportation DepartmentIncome taxIncome Tax ActTaxUnited States

Acknowledgement by RRBs at the time of submission of Form 15-G / 15-H

RBI/2012-13/542 RPCD.CO.RRB.BC.No. 78/03.05.33/2012-13 June 24, 2013 All Regional Rural Banks Dear Sir/Madam, Acknowledgement by RRBs at the time of submission of Form 15-G / 15-H As you are aware RRBs are not required to deduct TDS from depositors who submit declaration in Form 15-G/15-H under Income Tax Rules, 1962. However, it has been brought to… Read More

Tags: CustomerGeneral managerIncome taxIndian Banks AssociationPrincipal Chiefs of the CherokeeRegional Rural BankTax

How to Pay TDS on Sale of immovable property

Introduction As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be… Read More

Tags: BankFinance ActFiscal yearImmovable propertyIncome taxIncome Tax ActIncome Tax Act 1961TaxTDS

List of Penalties under IT Act 1961

The following are the various penalties under the Income Tax Act 1961 along with the corresponding nature of defaults. PENALTIES UNDER INCOME TAX ACT Section Nature of Default Quantum of penalty NON PAYMENT 221(1) Tax payments including  SelfAssessment Tax Amount of tax in arrears Failure to comply 271(1)(b) with the notice u/S 115WD(2)/ 115WE(2)/ 143(1)/ 142(2) Rs. 10,000 of… Read More

Tags: Fiscal yearIncome taxRupeeTaxTax deductionTaxationTDS

DVAT Important Notification – All dealers to furnish information online by 30th June 2013

(TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY) GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002 No.F. 3(352)/Policy/VAT/2013/231-241                                              … Read More

Tags: CommissionerDelhiDVAT ActIndiaNew DelhiPrashant GoyalValue Added Tax

GoI clarification on Electoral Trusts Scheme

The Government has notified the Electoral Trusts Scheme, 2013 vide Notification No. S.O.309(E) dated 31st January, 2013. Beside rule 17CA for functioning of electoral trusts for the purpose of section 13B of the Income-tax Act, 1961 has also been notified vide Notification No. S.O. 308(E) dated 31st January, 2013. The scheme and the rules provide… Read More

Tags: Companies ActCompanies Act 1956Electoral Trusts SchemeGovernmentIncome Tax ActIndiaRepresentation of People Act

Government launches drive against Fake Pan Cards

The Government has launched drive against fake Permanent Account Number (PAN) cards. As a continuous process, in order to know the genuineness of Know Your Customer (KYC) documents on Proof of Identity (POI) and Proof of Address (POA), third party field verification is conducted after allotment of PAN. The information of failed KYC verification is… Read More

Tags: AadhaarIdentity documentKnow Your CustomerKYCUnique Identification Authority of India

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