DIRECT TAXES made it clear that that is not the intention of the proposed sub-section (5) of section 90. The Tax ” \ ! a contracting state will be accepted as evidence that he is a resident of that contracting state and the Income Tax Authorities in India will not go behind the TRC and question his resident status. In the case of Mauritius, Circular No. 789, dated 13-4-2000 continues to be in force, pending ongoing discussions between India and Mauritius. However, since a concern has been expressed about the language of sub-section (5) of section 90, this concern will be addressed suitably when the Finance Bill is taken up for consideration. _@ % X ^$^'> $
Section 245 of the Income-tax Act, 1961 – Set off of refunds against tax remaining payable – Directions of Hon'ble Delhi High Court in the Writ Petition (Civil) Nos. 2659 & 5443 of 2012 – Order dated 14-3-2013 As per Hon'ble Delhi High Court's Order dated 14-3-2013, the department requires to follow the procedure prescribed under section 245 before making any adjustment of refund payable by the CPC, Bengaluru. Accordingly, the assessee must be given an opportunity to file response or reply and the reply will be considered and examined by the Assessing Officer before any direction for adjustment is made. The process of issue of prior intimation and service thereof on the assessee will be as per the law. The assessee will be entitled to file their response before the Assessing Officer mentioned in the prior } = ! to the CPC, Bengaluru, who will then process the refund and adjust the demand, if any payable. Further the number of high refund cases where demand is outstanding and also intimation
under section 245 has been issued by the CPC, Bengaluru, pertaining to each CCIT(CCA) region has been forwarded as per the Annexure I of the said directions. (Letter [F.No.DIT(S)-iii/ CPC/2012-13/ Demand Management], dated 21-3-2013)
Small Savings Schemes – Revision of interest rates for small savings schemes with effect from 1-4-2013 Based on the decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the interest rates for small saving schemes are { } that year. Accordingly, the rate of interest on ! year 2013-14 effective from 1-4-2013, on the basis of the interest compounding/payment built-in in the schemes, shall be as under: Scheme
Rate of Interest w.e.f. 1-4-2012
Rate of Interest w.e.f. 1-4-2013
1
2
3
Savings Deposit
4.0
4.0
1 Year Time Deposit
8.2
8.2
2 Year Time Deposit
8.3
8.2
3 Year Time Deposit
8.4
8.3
5 Year Time Deposit
8.5
8.4
5 Year Recurring Deposit
8.4
8.3
5 Year SCSS
9.3
9.2
5 Year MIS
8.5
8.4
5 Year NSC
8.6
8.5
10 Year NSC
8.9
8.8
PPF
8.8
8.7
_@ % X ' ^$^'> $
ML-467
The Chamber's Journal April 2013
145