Archive for July, 2007

The assessment under the Central Excise law in the name of partnership firm will virtually, for all purposes, be assessment of the partners of such firm who will be jointly and severally liable for the duty liability that was incurred during the currency of their partnership venture of manufacturing excisable goods. The decisions of this Tribunal taking a contrary view are no longer good law and will stand overruled. Full Article

Units undertaking to export their entire production of goods and services except to the extent of permissible sales in the DTA. Second hand capital goods, without any age limit, may also be imported duty free. Full Article

Chapter III of the Income-tax Act, 1961 (hereinafter referred to as the ‘Act’) deals with incomes which do not form part of total income. Sections 10A and 10B of the Act are covered under Chapter III. These sections allow certain deductions, for certain years, from the total income of an assessee. These deductions are commonly described as ‘tax holiday’ and the period during which these deductions are available is commonly described as ‘tax holiday period’. Full Article

Section 77 essentially states that no company limited by shares, and no company limited by guarantee and having a share capital, shall have power to buy its own shares, unless the consequent reduction of capital is effected and sanctioned in pursuance of sections 100 to 104 or of section 402. Section 77(2) then furthers the objective of Section 77 (1) by providing that a company cannot give financial assistance for the purchase of its shares. This is to ensure, at least,.. Full Article

It is almost impossible to receive a job offer without first attending an interview of some sort, and who would want to take a job without first meeting their boss and perhaps a few colleagues? The secret of a successful interview lies in preparation, so it's worth spending a little time doing your homework to make it a positive, useful experience. Good employers understand the pitfalls of interviewing, such as the tendency of people to recruit in their own image, but.. Full Article

What should your CV Contain :- Your aim is to convince the employer that you have the necessary experience, knowledge and hunger to do the job. Many CVs do nothing more than provide a stark list of job titles and duties; but all companies are results-orientated - so you must emphasize what you've achieved within a role, show how you added value to a company or how you made a difference. Full Article

NEW SCRUTINY NORMS FOR FINANCIAL YEAR 2007-08 - Board hereby lays down the following procedure for selection of returns / cases of *Non-Corporate Assessees* for scrutiny during the current financial year i.e. 2007-08.2. The following categories of cases shall be compulsorily scrutinized; - Full Article

CIRCULAR NO. 5 / 2007, DATED 26-7-2007. The Central Board of Direct Taxes, vide notification S.O. No.762(E) dated 14th May, 2007 have notified following new return forms for assessment year 2007-08 under a new series:- (i) ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest chargeable to income-tax under the head Income from other sources; Full Article