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All deductors other than Government deductors must file their quarterly TDS statement for the quarter ending 30th June 2012, on or before 15th July 2012 and Government deductors must file their statement on or before 30th July 2012. While submitting their statements, the deductors have to choose correct and relevant form, quote correct PAN against all entries and ensure that correct CIN/BIN is quoted in the TDS statement. Non-quoting of PAN or TAN in TDS statements or delay in filing of TDS statements may lead to levy of penalty.

Filing of TDS statement with correct PAN and CIN/BIN is important because under Rule 37BA of Income Tax Rules, 1962 credit for tax deducted at source is given to the deductees on the basis of TDS statement furnished to the Income-tax Department by the deductor. Filing of TDS statements with incorrect PAN or other details of the deductee would, therefore, cause inconvenience to the deductees (taxpayer).

In case the income on which tax has been deducted at source is assessable in the hands of a person other than the deductee, the deductee must file a declaration with the deductor that credit for the TDS shall be given to the other person and not to the deductee. The declaration filed by the deductee must contain the name, address, Permanent Account Number of the person to whom credit is to be given and reasons for giving credit to such person. The deductor must, in the TDS statement, report the tax deduction in the name of such other person and also issue the TDS certificate in the name of the person in whose name credit is shown in the TDS statement.

TDS certificates for deductions on income other than salary income (Form 16A) for the quarter ending 30th June 2012 should be issued on or before 30th July 2012.

Courtesy :

CIRCULAR No. 21/2012

Office of the Commissioner, Commercial Taxes Department Thiruvananthapuram dated: 21.07.2012

Sub: KVAT Act 2003 – Online Application & download of Form No.15 Delivery Note – Instructions issued – reg.

Ref:- Circular No. 19/2012 dt. 29.06.2012

Delivery Note in Form No.15 is a statutory document required for the transportation of notified goods. This document is also required for transportation of consignment which is not in pursuance of a sale. Consequent to the switch over to e-Platform of tax administration, it has been decided to implement online downloading of filled in delivery notes for transportation of goods from 01st August 2012 onwards, vide Circular no.19/2012 dt. 29.06.2012.

The dealers shall download the delivery note from KVATIS from their login homepage. After entering the transaction details, the delivery note is to be digitally signed by the authorised signatory. The copy of the digitally signed delivery note shall be downloaded and printed from the system and should be accompanied with the consignment.

The digitally signing date and time will be recorded as the date and time of downloading the delivery note. Therefore the dealer shall download the delivery note before the commencement of journey. The requirement of affixing of office seal in the downloaded forms from Assessing Office is not required. Since the electronically downloaded delivery note is recorded in KVATIS, the requirement of surrendering of used copy of the delivery note along with returns at offices is dispensed with.

Presently, delivery notes are used for the procurement of hill produces from the agriculturists. The dealers who procure latex, rubber sheet, hill produce etc from agriculturist are excluded from the use of online delivery note. In such cases dealers shall issue 8E purchase invoice for collection from agriculturists. The assessee shall maintain a stock register of 8E invoice and affix office seal from the Assessment Circle in all invoices. After completing collection of materials / goods from different locations and when the load is ready for sale / stock transfer, the dealer shall apply
online and download delivery note.

The manual Form 15 delivery notes already bought from the department can be used till 30-09-2012. All unused forms shall be surrendered to the assessment circle on or before 15th October 2012. From 01st October 2012 onwards, the digitally signed delivery note alone shall be used..

Courtesy :


Subject: Relaxation from compulsory e-filing of return of income for assessment year 2012-13 - for representative assesses of non-residents and in the case of private discretionary trusts -reg

Rule 12 of the Income-tax Rules, 1962 mandates that an individual or Hindu undivided family, if his or its total income or the total income in respect of which he is or it is assessable under the Act, during the previous year, exceeds ten lakh rupees, shall furnish the return electronically for the assessment year 2012-13 and subsequent assessment years.

2. It has been brought to the notice of the Board that the agents of non-residents, within the meaning of section 160(1) (i) of the Income –tax Act, are facing difficulties in electronically furnishing the returns of non-residents. This is because there may be more than one agent of the non-resident in India for different transactions or a person in India may be an agent of more than one non-resident. Such situations are not covered by the existing e-filing software which functions on the principle of one assessee-one PAN-one return.

3. It has also been brought to the notice of the Board that 'private discretionary trusts' having total income exceeding ten lakh rupees are facing problems in filing their return of income electronically in cases where they are filing their return in the status of an individual. This is because status of a private discretionary trust has been held in law as that of an 'individual'. The existing e-filing software does not accept the return of a private discretionary trust in the status of an 'individual'.

4. Accordingly it has been decided by the Board that:

(i) it will not be mandatory for agents of non-residents, within the meaning of section 160(1) (i) of the Income –tax Act, if his or its total income exceeds ten lakh rupees, to electronically furnish the return of income of non-residents for assessment year 2012-13;

(ii) it will not be mandatory for 'private discretionary trusts', if its total income exceeds ten lakh rupees, to electronically furnish the return of income for assessment year 2012-13..

Courtesy :

CIRCULAR NO. 22/2012 Dated. 01/08/2012

Office of the Commissioner, Commercial Taxes Thiruvananthapuram, Government of Kerala

Sub:- Commercial Tax Department - KVAT Act 2003 – Floor rate of imported timber - Further instruction issued-reg.

Ref:- Circular No. 17/2012 dated 18.06.2012

As per the Circular read above, floor rates were fixed for imported timber for the purpose of collection of Advance Tax / Security Deposit. The rate of imported teak wood was fixed at Rs.2340/- per cubic feet, as per the circular read above. The trade bodies, particularly All Kerala Timber Importers Association have submitted that this value is on the higher side and have requested to rationalize the floor rate fixed, for imported teak. The trade had also complained that the above floor rate is being applied by the department without considering the girth of the logs.

Hence, a Committee of three Joint Commissioners was set up to examine the contentions raised with regard to floor rate of imported teak and to submit a report. This Committee heard the representatives of the trade on 29-06-2012, and examined the import documents and invoices produced by the trade and also the reports obtained from the field formation in the matter.

After detailed deliberations and considering the matter in its entirety, the Committee concluded that the present valuation is slightly on the higher side and recommended to re-fix the floor rate for imported teak at Rs.2100/- per cubic feet. In the circumstances, the recommendations of the Committee of Joint Commissioners is accepted and the floor value of the imported teak wood is re-fixed @ Rs. 2100/- per cubic feet, for the purpose of collection of Advance Tax as per section 47(16A) of the Kerala Value Added Tax Act, 2003.

The circular referred above is modified to the above extent.

This shall take effect from 02.08.2012 onwards. .

Courtesy :

Updating of Income Tax PAN details in MCA21 DIN DATA

General Circular No: 32/2011 dated 31/05/2011, 66/2011 Dated 4/10/2011, 70/2011 dated 15.12.2011 and 04/2012 dated 09.03.2012, Ministry of Corporate GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS

Affairs has mandated providing Income-tax Permanent Account Number (Income-tax PAN) for obtaining Director Identification Number (DIN) in case of Indian nationals.

All existing DIN holders who have not furnished their PAN earlier at time of obtaining DIN are also required to furnish PAN details by filing DIN-4 form on MCA21 by 30th April, 2012.

In addition, in case of those DIN holders who have furnished their PAN earlier, there may be mismatch between particulars provided in their DIN application (i.e. name or father's name or date of birth) with Income Tax PAN details. Such DIN holders are also required to correct their particulars in DIN data base by filing Form DIN4; In case of correction needed in PAN data base, they need to apply to Income Tax authorities and then file correct information with MCA21 using DIN4 form. This activity is also to be completed by 30th April, 2012.

E-mails have been sent to such DIN holders who are covered in the above categories, viz non-availability of PAN or mismatch of PAN with DIN, and whose e-mail addresses are available in the MCA21 system. However, there are such DIN holders also whose e-mail addresses are not available in MCA21 system. All such cases of non-availability of PAN or mismatch between PAN and DIN have been made available in MCA21 Portal. You are advised to visit the MCA21 Portal to check your details and to file the DIN4 form wherever required. Filing information under DIN4 form is free of any charges.

Non-provision of PAN details or any mismatch in DIN and PAN information will be treated as default and such DINs may be disabled for access of MCA21 System after 30th April, 2012. .

Courtesy :

CIRCULAR No. 23/2012 Dated. 04.08.2012

Office of the Commissioner
Commercial Taxes

Sub: -Commercial Tax Department– Fixation of Floor Rate of Manufactured Sand (m-sand) for the collection of Advance Tax/Security Deposit– Instructions issued- reg.

Ref: - 1. Circular No. 50/2006 dated 18.02.2012 2. Order No. C2/10543/12/CT dated 05.06.2012 of the CCT 3. Lr. No. P13.1988/12 dtd.26.07.2012 of Dy. Commissioner, Palakkad.

Due to the scarcity of river sand in the state, the construction industry is mainly depending on manufactured-sand (m-sand) as an alternative. As such, the value of m-sand has increased in the State and huge quantities of m-sand are being transported into Kerala by lorry loads, through the Commercial Tax Check Posts. Due to the peculiar nature of this trade, whereby the sand directly goes to the consumer, rampant undervaluation of these consignments has been detected. In the circumstances, m-sand is identified as an evasion prone commodity by virtue of section 47 (16A) of the Kerala Value Added Tax Act, 2003, and the circular referred is modified to the above extent.

In order to check undervaluation at the check posts, it was felt that a floor value needs to be fixed for m-sand. The Government has also requested to examine the feasibility of fixing the floor rate for m-sand. Hence, in order to ensure a better tax administration of this commodity and to protect the State revenue, an expert
committee was constituted consisting of the three Zonal Deputy Commissioners (Intelligence) and Deputy Commissioner, Thiruvananthapuram under the chairmanship of Deputy Commissioner, Palakkad to study the market trends and to recommend the viable floor rate that can be adopted, for the purpose of collecting Advance Tax/Security Deposit etc, vide reference 2nd cited above.

The Chairman of the Committee, Deputy Commissioner, Palakkad has submitted a report read as 3rd paper above, based on the market studies and consultations with the trade. The report was examined in detail and it is decided to adopt the recommendations of the Committee. In the circumstances, floor rate of the m-sand is fixed at Rs. 4500/- per unit of 100 cft. for the purpose of collection of Advance Tax/Security Deposit as per section 47(16A) of the Kerala Value Added Tax Act, 2003. All officers are directed to ensure that m-sand consignments are not valued at a lower rate than above.

This order shall take effect from 8th August 2012 onwards. .

Courtesy :

Notification No 9 (RE – 2012)/2009-2014, Dated : 1st August, 2012

Government of India Ministry of Commerce & Industry Department of Commerce, Udyog Bhawan

Subject: Ban on export of edible oil in branded consumer packs.

S.O.(E) In exercise of the 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 (as amended from time to time), the Central Government hereby amends, with immediate effect, Notification No. 77 dated 28.09.2011 read with Notification No. 85 dated 17.03.2008.

2. As per Para 4 of Notification No. 77 dated 28.09.2011, export of edible oils is permitted only in branded consumer packs of upto 5 Kgs, within a ceiling of 10,000 tons, for the period 01.11.2011 to 31.10.2012. Now, with immediate effect, even such export of edible oils is prohibited. Accordingly, Para 4 of Notification No. 77 dated 28.09.2011 stands withdrawn.

3. Transitional arrangements under para 1.5 of Foreign Trade Policy, 2009-14 will not be applicable. Export of the consignments handed over to the customs up to 24.00 hrs on 01.08.2012 will be permitted under para 9.12 of Handbook of Procedure.

4. Effect of this notification:

(i) Export of edible oils in branded consumer packs has been prohibited.
(ii) Transitional arrangements under Para 1.5 of FTP shall not be applicable. .

Courtesy :

Issue of multicity / payable at all branches cheques by CBS enabled banks

RBI/2012-13/163 DPSS.CO.CHD.No.274/03.01.02/2012-13
Dated August 10, 2012

The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks

As you are aware, various Core Banking Solutions (CBS) implemented in banks marked a paradigm shift in Customer Services. Customers of a branch are now the bank's customers as they can access their accounts from any branch for defined purposes. The new opportunities offered by CBS have enhanced customer service by way of offering various payment products and channels resulting in speedy movement of funds across the country. Leveraging the CBS, banks have started issuing "payable at par" / "multi-city" cheques to select customers with separate transaction codes (29, 30 and 31) by putting in place infrastructure for processing such cheques at all CBS enabled branches.

2. In this regard, Reserve Bank of India had suggested vide its circular DPSS. CO. No. 644 / 03.01.02 / 2007-08 dated October 31, 2007, that the facility of "payable at par" / "multi-city" cheques should be made available by all the CBS enabled banks to all the eligible and requesting customers taking into consideration the availability of CBS in more than 35, 000 bank branches at that time.

3. On a review of the practice followed by banks in this regard, it has been observed that banks are issuing these types of cheques differently. While a few banks are issuing "payable at par" / "multi-city" cheques with value cap, some other banks issue these cheques as per category of account (High Net-worth Customers). Instances of levying intersol charges when such cheques are cleared at other than the base branch city have also come to our notice.

4. Taking into consideration the availability of processing infrastructure for clearing outstation cheques at all clearing locations across the country and to bring about further efficiency in cheque clearing, all CBS enabled banks are hereby advised to issue only "payable at par" / "multi-city" CTS 2010 Standard cheques to all eligible customers. Appropriate Board approved risk management procedures based on risk categorization of accounts may also be put in place. Since such cheques (payable at par) are cleared as local cheques in clearing houses, customers should not be levied extra charges. The updated Board approved policy of banks in this regard may be placed on the web-site of banks, customers notified and a copy thereof forwarded to us.

5. The above instructions are issued under Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007)..

Courtesy :

Will the existing PAN card issued by the Department remain valid ?

All PAN allotted and PAN card issued by the Department will remain valid. All persons who have been allotted a PAN need not apply again.

Income Tax Department has issued a PAN card; can an applicant obtain a new tamper proof PAN card ?

For obtaining the tamper proof PAN card an application will have to be made in the form for 'Request For New PAN Card Or/ And Changes In PAN Data' to IT PAN Service Center or TIN Facilitation Center, in which existing PAN will have to be indicated and old PAN card surrendered. Payment will be required.

You had applied for PAN and received PAN number but have not received the PAN Card. Then what to do ?

Apply in the form for 'Request For New PAN Card Or/ And Changes In PAN Data' at any IT PAN Service Center or TIN Facilitation Center quoting the PAN allotted to you.

How will the new PAN card be delivered to an applicant ?

The UTIISL or NSDL, as the case may be, will ensure delivery of new PAN card at the address indicated by you in the PAN
For obtaining the tamper proof PAN card an application will have to be made in the form for 'Request For New PAN Card Or/ And
Changes In PAN Data' to IT PAN Service Center or TIN Facilitation Center, in which existing PAN will have to be indicated and old
Apply in the form for 'Request For New PAN Card Or/ And Changes In PAN Data' at any IT PAN Service Center or TIN Facilitation
application form or form for 'Request For New PAN Card Or/ And Changes In PAN Data'

I want to pay taxes today but I do not have a PAN ?

It takes about 15 days to get a new PAN allotted. However, PAN can be obtained in around 5 days if application is made through Internet and processing fee paid through credit card. It is advisable to initiate action for obtaining PAN will in time.

Courtesy :

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The requirements for Service Tax registration is as follows:

  1. Self certified copy of Permanent Account Number (PAN) issued by income Tax Authorities (both side). Proprietor/ Firm/ Company.
  2. Residential Address Proof of Proprietor/ Partners and Directors/Authorized Signatory -Rent Agreement/ Ownership Proof.
  3. ID Proof (PAN Card) of Director/ Partner / Authorized Signatory.
  4. Address of the Business Premises (to be registered) along with address proof – Rent Agreement/ Ownership paper.
  5. Name / Nature of Services Provided in detail description.
  6. In case of Companies, please furnish.
  7. Extract of Board of Resolution/ List of Director.
  8. MOA with Form 32 in case of change in Directors.
  9. In case of others.
  10. Notorised Partnership Deed showing date of formation.
  11. No Objection Certificate from other partners/HUF.
  12. Undertaking to be signed – Format Enclosed.
  13. Form of Declaration to be signed.
  14. Power of Attorney to be signed.