PAN now mandatory for Rs 5 lakh and above jewellery purchases

1 comments Thursday, June 30, 2011
Be ready to mandatorily flash your PAN card, for any purchase of jewellery worth Rs five lakh or more from tomorrow -- a move that would help the tax department keep an eye on such high value transactions.

As per the amendments in the income tax rules, coming into effect from July 1, quoting PAN (Permanent Account Number) will be mandatory for any payment of Rs five lakh or more for purchase of bullion or jewellery.
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Faliure to furnish form 15H by deductor within time would not attract penalty-P&H HC

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The Punjab & Haryana High Court in an important case namely Manager, Union Bank of India Ludhiana Versus Commissioner of Income Tax Ludhiana has held that faliure to submit form 15H within time by the Bank would not attract any penalty proceedings u/s 272A(2)(f) since its a default of technical nature. Relying upon  the judgment in The Commissioner of Income Tax Vs. State Bank of Patiala, [2004 -TMI - 10582 - PUNJAB AND HARYANA High Court ] wherein it had been held that unless there was a deliberate default in furnishing the certificates and if no loss of revenue had occasioned due to the said unintentional default on the part of the assessee, no penalty was exigible, the case is decided in favour of assessee by the High Court.
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Exemption u/s 54F available even against depericiable assets if period of acquisition is equivalent to long term capital asset

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Delhi High Court has held in an important case that exemption u/s 54F of Income Tax Act, 1961 will also be available against depericiable asset if it is a long term capital asset i.e if it has been acquired for more that a period of three years.
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Proposed guidelines for strike off name u/s 560 of the Companies Act, 1956 of non profit companies which have been granted license u/s 25 of Companies Act, 1956

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Ministry of Corporate Affairs has released proposed guidelines for strike off name of Companies registered u/s 25 of Companies Act, 1956 i.e Non Profit Companies, which may be implemented after recommendations from general public. It is to be noted that whereas various easy exit schemes have been provided for other defunct companies but there is no such scheme for the Non Profit Companies who have been granted licence u/s 25 of Companies Act, 1956 and who have stopped working. These proposed guidelines if implemented would help a lot such Non Profit Companies who have stopped their activities and want their name to be struck off u/s 560 of Companies Act, 1956.
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Scrutiny on the basis of AIR should be limited to AIR transactions only

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F.No.225/26/2006-ITA.II (Pt.)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, dated the 8th September, 2010
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