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CBDT prescribes single form for filing self declaration u/s 197A (1 & 1A)

The Central Board of Direct Taxes (CBDT) has prescribed a single Form, Form No.15G for the purpose of filing of self-declaration as required under the provisions of rule 29C, Section 197A(1) or 197(1A) of the Income Tax Act. This Form will be applicable to persons other than senior citizens. The rule relates to declaration by a person claiming receipt of certain incomes without deduction of tax at source and the relevant forms for the purpose of filing of self declarations.

CBDT has issued a notification in regard to the amendment of Rule 29C. The notification as well as the Form is available on the Finance Ministry website (finmin.nic.in)              

Source : Finance Ministry Press Note dated 18.6.03

Due date for filing IT Return u/s 139(1) extended

The Central Board of Direct Taxes has extended the due date for filing the return of income by assessees falling within the meaning of Explanation 2(c) of Section 139(1) of the Income tax Act, 1961 from 31st July, 2003 till 30th day of September, 2003 for assessment year 2003-04.

The concerned Section 139(1) pertains to individual assessees whose accounts are not required to be audited.
Source : Finance Ministry Press Note dated 17.6.03 (finmin.nic.in)

Amendments regarding TCS ( Tax Collected at Source) for Country liquor and Scrap to be effective from September 1, 2003

The Finance Ministry has postponed the date of coming into effect of the amendments made by finance Act, 2003 in the matter of collection of tax at source from dealers in country liquor and scrap to 1st September, 2003. These amendments were to become effective from 1st June, 2003.

The step follows representations from various quarters including State Government authorities in the matter of various consequences flowing from the above amendments.

Section 206C of the Income-tax Act provides for collection of tax at source from dealers of country liquor by the manufacturer/distiller at the time of purchase by the dealers and deposit of the same to the credit of Central Government. The scheme which came into effect vide Finance Act, 1988, however, excluded from the purview of the scheme, the buyers who do not obtain goods by way of auction and where the sale price of such goods to be sold by the buyer is fixed by or under any State Act.

Finance Act, 2003 removed the above condition from section 206C and made it applicable irrespective of whether the buyer obtained the goods by way of auction or the sale price of such goods were fixed under the State Act. Further, while the scheme was applicable to buyers at the first point of sale from manufacturers/distillers, Finance Act, 2003 made it applicable to all buyers, except the consumer. It also extended the scheme of tax collection at source to dealers of scrap.

Source : Finance Ministry Press Note dated 16.6.03 (finmin.nic.in)

Due date for electronic submission of income-tax return extended

The CBDT has extended to September 30ththe due date for filing returns electronically for AY 2003-04 , under Section 139(1B). Section 139 (1B) is a new section that has been inserted by Finance Act, 2003, permitting filing of returns through electronic media in accordance with a Scheme to be framed by CBDT. The Scheme is yet to be notified.

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CBDT has issued instructions under section 119 of the Income-tax Act, giving guidelines for reference to Transfer Pricing Officer (TPO) for computation of income from an international transaction and the procedure for such computation by the TPO. It may be noted that the reference to the TPO will be made only in cases where the aggregate value of international transactions with one or more Associated Enterprises exceeds Rs 5 crore.

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Major changes in Karnataka Sales Tax w.e.f.1.6.03

The Karnataka Sales Tax Ordinance has been issued bringing about some important changes in Sales Tax with effect from 1.6.03. The details can be had at the Commercial Tax Department Website at www.kar.nic.in/ctax/Ord2003.htm

IEC holders to file annual returns of import and export before June 30th – New provision

The DGFT has notified that all Import-Export Code ( IEC) number holders have to necessarily file an Annual return by the 15th of June every year. The return has to be filed electronically only by filling in the necessary details on the DGFT website. The DGFT assures that it is a very simple procedure and it is to help the Directorate to weed out inoperative IEC code numbers. Failure to file the return will entail deletion of the Code No. with effect from July 1st. Once the number is deleted a code number holder may renew it with a fee of Rs.500.

Due dates for all TDS returns extended to 30th September

Due dates for filing of TDS returns has been extended to 30th September 2003.

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Service Tax Rate increased for existing services from 5 % to 8 % w.e.f May 14,2003

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Amended Rules for credit of service tax paid on input services notified.

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Companies Amendment Bill, 2003, introduced

The Companies Amendment Bill,2003 has been introduced in the Lok Sabha. The Bill proposes some important changes.

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PPF and NSC Interest rates reduced

Post Budget 2003, the Central Government has issued a series of Notifications reducing the rate of interest on various Small Savings instruments with effect from March 1st, 2003. The Rate of interest onNational Savings Certificates (VIII Series) has been reduced to 7.5 % p.a and that on the Public Provident Fund to 8 % p.a. See 261 ITR Parts 1 & 2.

Depreciation rates for pollution control equipment increased from 80 % to 100%

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Simplified Exit Scheme for Defunct Companies

The Department of Company Affairs (DCA) has launched a new amnesty scheme for defunct companies to  get their names deleted from the Register of Companies (ROC) and avoid prosecution for violating the provisions of the Companies Act, 1956.

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Stamp duty to be paid in SBM, SBI, SBH 
-  Deccan Herald – April 16, 2003

With the State Government discontinuing issuance of non-judicial stamp papers with effect from April 1, arrangements are now made for the public to pay the stamp duty for registration of their documents in 203 designated branches of State Bank of Mysore or its associates, State Bank of India and State Bank of  Hyderabad located across the State, from tomorrow. However, the public can also pay the stamp duty at sub-registrar’s offices (SROs) as being done now.

Here’s where you pay stamp duty

Following is the list of SBOs linked to SBM in Bangalore city: Gandhinagar - Bangalore main SBM branch; Jayanagar - Shopping complex branch; Shivajinagar, BDA complex, Domlur-Indiranagar branch; Rajajinagar – Rajajinagar branch; Srirampuram – Vijayanagar branch; Bangalore north-west of Chord Road branch; Bangalore south – Koramangala branch; Kengeri – Rajarajeshwari Nagar branch and Basavanagudi – Chamarajpet branch.

DCA eyes the ‘e’ world
-EconomicTimes April 8, 2003

The Department of Company Affairs (DCA) expects to make filing of returns as prescribed under the  Companies Act by corporates easier, by going the electronic route as a part of its ambitious e-governance  project, according to Mr. Vinod Kumar Dhall, DCA’s secretary. “The National Institute for Smart Governance (NISG) has already commenced work in areas like software architecture besides process flow. The aim is to make the DCA a paperless office. We would be able to promote e-filing besides allowing electronic access to information about corporates”, he said. The e-governance initiative is expected to be completed at a cost of Rs 90 crore.

Concurrent audit mandatory for all UCBs
-Economic Times April 5 , 2003

Widening the scope of the concurrent audit, the Reserve Bank of India has made concurrent audits]  mandatory for all urban co-operative banks with immediate effect. The system of concurrent audit until now was only applicable to those UCBs whose deposit base was  more than Rs 50 crore.