TIOL-DDT 1720 · the untouched capture
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<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="3">TIOL-DDT 1720 </font><br>
25.10.2011 <br>
Tuesday </strong></font></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">CBDT Notifies new PAN Application Form </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>RULE</strong> 114 of the Income Tax Rules, 1962 has been amended and a new PAN application form has been prescribed. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The following categories of applicants have to file the application in the new Form 49A notified. </font></p>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Individual who is a citizen of India </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Hindu undivided family </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Company registered in India </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Firm (including Limited Liability Partnership formed or registered in India </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Association of persons(Trusts) formed or registered in India </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Association of persons (other than Trusts) or body of individuals or local authority or artificial juridical person formed or registered in India <br>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The following categories of applicants have to file the application in the new Form 49AA. This form is missing from the Notification. </font></p>
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<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Individuals not being a citizen of India </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ LLP registered outside India </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Company registered outside India </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Firm formed or registered outside India </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Association of persons(Trusts) formed outside India </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Association of persons (other than Trusts) or body of individuals or local authority or artificial juridical person formed or any other entity (by whatever name called) registered outside India </font></p>
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<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Those already allotted a ten digit alphanumeric PAN shall not apply again as having or using more than one PAN is illegal. </font></strong></p>
<p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Highlights in the new Form: </font></strong></p>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Form to be filled in Black Ink </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span"> preferably. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">Two recent colour photographs </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">to be affixed instead of One for Individual applicants. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">Signature/Left Hand thumb impression should be provided across the photo affixed on the left side of the form. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">Signature /Left hand thumb impression should be within the box provided on the right side of the form. The signature should not be on the photograph affixed on right side of the form. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">Abbreviations should not be used in First Name and Last Name. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">The full name as mentioned in the application will be printed on the PAN Card. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">Trusts </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">for Date of Creation of Trust Deed also added in the field of Date of Birth/Incorporation/Agreement/Partnership or trust Deed/Formation of Body of Individuals/Association of Persons. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">In case, a foreign address is provided then it is mandatory to provide Country Name along with ZIPCODE. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Telephone Number/ </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">Mobile Number </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">is required. </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">Country Code </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">is to be filled along with STD Code. 91 is Country Code for India. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">Application Status updates are sent using the SMS facility on the Mobile Numbers mentioned in the Application Form. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span"> In case of 'Limited Liability Partnership', the PAN will be allotted in "Partnership Firm" status. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">It is mandatory to indicate at least one of source of incomes, as mentioned in the form. In case, the income from Business/Profession is selected by the applicant then an appropriate business profession code should be mentioned. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">KYC Details:- It is mandatory to provide KYC details. Refer the guidelines issued by SEBI and Prevention of Money Laundering Act for filling these details. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Applicants may obtain the application form for PAN (Form 49AA) from TIN-Facilitation Centres (TIN-FCs) / PAN Centres, Depository Participants (DP), any other stationery vendor providing such forms or download from the TIN website <a href="http://www.tin-nsdl.com"><strong>http://www.tin-nsdl.com</strong></a>. </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">This duly filled Form 49AA along with the prescribed documents is required to be submitted to the DP. </font></p>
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<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2011/it11not056.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBDT Notification No. 56/2011, Dated: October 17, 2011 </font></strong></a></p>
<p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/pdfdocs/forms/itforms/itr_2011-12/New_PAN_Form.pdf">Form No. 49A </a><a href="http://www.taxindiaonline.com/RC2/pdfdocs/forms/itforms/itr_2011-12/Instructions_PAN.pdf">Instructions </a></font></strong></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">CESTAT without a Regular President </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CESTAT</strong> President Justice Khandeparkar retired on 12 th August 2011. Ms. Jyoti Balasundaram who acted as HOD retired yesterday, having held reigns for less than three months. Now we have another Vice President holding the fort till a regular President is appointed. The Government knew about the date of retirement of Justice Khandeparkar on the day he joined. Why couldn't they select a new President at least three months before his retirement? Maybe the Government should consider selecting the new President six months before the incumbent President retires and appoint the president designate as a Senior Vice-president, so that he gets to know the Tribunal before actually heading it.</font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Jurispruden</font><font color="#FF6633" size="5">tiol</font><font color="#006600"> – Thursday's cases</font></strong></font></strong></font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a></a><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_hammer.jpg" alt="Legal Corner Icon" width="100" height="84" hspace="5" border="0" align="left"><strong><font color="#663399">Customs </font></strong></font></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">If an exporter is found to have committed acts of duty evasion exemption from furnishing of bank guarantee could be revoked - In such circumstances, it cannot be said that Circular No. 58/2004-Cus dated 21.10.2004 is arbitrary and illegal: HC</font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> petitioner was engaged in the manufacture of woven bags meant for export to foreign countries. The petitioner is one of the biggest exporters and is recognized as a star export house by the DGFT. It was submitted that in terms of Para 3.10.4 of the FTP certain privileges were conferred on status holders like the petitioner. It was contended that by the impugned Circular, the benefits and privileges conferred under FTP were curtailed or withdrawn. </font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Income Tax </font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Whether when assessee discloses income in two stages after search is conducted, even then it can claim penalty not imposable as incomes were offered voluntarily - NO, rules ITAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>A</strong> search u/s 132(1) was carried out on 25.11.2005 and the instances of suppression of sales were detected. During the search proceedings, statement of one of the Directors was recorded in which he admitted that 75% of sale proceeds were received with cash memo and by omitting certain cash sales average 25% of sale proceedings in cash every day were not recorded in the books of the assessee, which manufactures and sells sweets and bakery products. On this basis, assessee had disclosed additional sales varying from Rs 1,05,00,000/- and Rs.1,50,00,000/- and additional profit varying from Rs 7,00,000/- to Rs 7,50,000/- respectively for above AYs respectively. This additional profit was included in the returns filed in response to notice u/s 153A of the Act and taxed accordingly. In response to show cause notice proposing levy of penalty u/s 271(1)(c), it was claimed by assessee before the A.O. that he had filed the revised returns of income showing additional income in pursuance to notice u/s 153A, which was finally assessed on the same figure of income returned. In the circumstances there would be no question of any concealment in the return of income filed and therefore, penalty u/s 271(1)(c) was not attracted. </font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Service Tax </font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Service recipient made liable to pay service tax under category of C&F agency services and Goods Transport operator - as rule 2(1)(d) of Service Tax Rules, 1994 has been held as ultra vires, demands are not sustainable: CESTAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> issue is that during the impugned period whether the service tax can be demanded from the service recipient through show-cause notice issued in this case. The issue has been dealt with by this Tribunal in the case of L.H. Sugar Factories Ltd. (supra) wherein it has been held that "the above would show that even the amended Section 73 takes in only the case of assessees who are liable to file return under Section 70. Admittedly, the liability to file return is cast on the appellants only under Section 71A. The class of persons who come under Section 71A is not brought under the net of Section 73. The above being the position show-cause notices issued to the appellants invoking Section 73 are not maintainable. </font></p>
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<p><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">See our columns Thursday for the judgements </font></strong></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Thursday with more <strong>DDT</strong></font></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a Nice Day. </font></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <a href="mailto:vijaywrite@taxindiaonline.com"><strong>vijaywrite@taxindiaonline.com </strong></a></font></p>
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