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DTAA between India and Singapore amended — Notification No. 47/2011, dated 1-9-2011.
DTAA between India and Taipei notified — Notification No. 48/2011, dated 2-9-2011.
Procedure for regulating refund of excess amount of TDS deducted and/or paid — Circular No. 6/2011, dated 24-8-2011.
The CBDT vide Circular No. 2/2011, dated 27-4-2011 had notified the procedure to claim excess amount of TDS deducted/paid from the Assessing Officer (TDS) wherein a time limit of two years from the end of the financial year in which such tax was deducted was laid down. This condition is relaxed for the refund claims pertaining to the period up to 31-3-2009 which may now be submitted to the Assessing Officer (TDS) up to 31-12-2012.
Long-Term Infrastructure Bonds notified — Notification No. 50/2011, dated 9-9-2011.
For the purpose of section 80CCF, CBDT has notified conditions to qualify as Long-Term Infrastructure Bonds, namely:
They shall be issued by IFCI, LIC, IDFC, IIFC and NBFC as classified by RBI as Infrastructure Finance Company during financial year 2011- 2012.
The volume of issuance would be limited to 25% of the additional infrastructure investment (as specified) made by the issuer company during financial year 2011-2012.
Tenure of the Bonds would be ten years with a lock-in period of 5 years. Post that the investor would have the option to sell in the secondary market or opt for buyback scheme as mentioned in the offer document at the time of issue by the issuer. Loan, lien, etc. available post lock-in period.
PAN submission during investment is mandatory.
The yields and the end use of the proceeds have been specified.
