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Archive: August, 2009

Posts in August, 2009

Import of sports weapons by ‘Renowned Shooters’

August 27, 2009 610 Views 0 comment Print

On for import of sports weapons by ‘Renowned Shooters’ shall be made to the concerned RA of DGFT. The list of RAs of DGFT along with their addresses and jurisdiction has been provided in Appendix 1 of HBPv1. A copy of this Appendix is available on DGFT website at www.dgft.gov.in.

Amendment of Policy Circular No. 77 dated 31.03.09 related to “Guidelines for import of Precious Metal by the Nominated agencies"

August 27, 2009 388 Views 0 comment Print

Attention is invited to Notification No. 88 dated 26.2.2009 and the Policy Circular No. 77 dated 31.03.09 on the above subject and to inform that the provision at Sl. No. 3(c) of the said circular stands amended as follows.

Rescinds Notification No. 25/2009-Customs Duty, Dated: 23.03.2009

August 27, 2009 541 Views 0 comment Print

In exercise of the powers conferred by sub-section (2) of section 8B of the Customs Tariff Act, 1975 (51 of 1975), read with rules 10 and 14 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, the Central Government hereby rescinds notification of the Government of India in the Ministry of Finance (Department of Revenue) notification No. 25/2009- Customs, dated the 23rd March, 2009, published in the Gazette of India ,Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.186(E), dated the 23rd March, 2009, except as respects things done or omitted to be done before such rescission.

Regarding imposition of provisional safeguard duty on imports of Dimethoate Technical into India

August 27, 2009 403 Views 0 comment Print

Nothing contained in this notification shall apply to imports of Dimethoate Technical from countries notified as developing countries under clause (a) of sub-section (6) of section 8B of the said Act, other than People”s Republic of China.

Notification No. 3/2009-2014, Dated: 27.08.2009

August 27, 2009 1087 Views 0 comment Print

The term formulation” used here may include products, which may contain portions / extracts of plants on the prohibited list. Further the term “formulation” shall also include value added formulations as well as herbal ayurvedic, and exports subject to the provisions of CITES or Wild Life (Protection) Act, 1972 in case where the formulation contains species listed therein.

Notification No. 2/2009-2014, Dated: 27.08.2009

August 27, 2009 382 Views 0 comment Print

Automobile industries, having R&D registration, are allowed to make free import of reference fuels (Petrol and Diesel) which are not manufactured in India, upto a maximum of 5 KL per annum, subject to the condition that the said imported reference fuels shall be used for R&D and emission testing purposes only.

Notification No. 1/2009-2014, Dated: 27.08.2009

August 27, 2009 904 Views 0 comment Print

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,1992 (No.22 of 1992) read with paragraph 1.2 of the Foreign Trade Policy, 2009-2014, the Central Government hereby notifies the Foreign Trade Policy, 2009-2014 as contained in Annexure to this notification. The Policy shall come into force w.e.f. 27th August, 2009.

Educational institutes cannot be denied the benefit of income tax exemption

August 27, 2009 1153 Views 0 comment Print

Educational institutes having multiple objectives, including imparting education, cannot be denied the benefit of income tax exemption, the Delhi High Court has ruled. Allowing a petition of Jaypee Institute of Information Technology Society (JIITS), a division Bench headed by Justice A K Sikri asked the Director General of Income Tax to register the deemed university under the Income Tax Act and provide tax benefits.

Major Highlights of Foreign Trade Policy 2009-14

August 27, 2009 17620 Views 0 comment Print

In cases, where the earlier authorization has been cancelled and a new authorization has been issued in lieu of the earlier authorization, application fee paid already for the cancelled authorisation will now be adjusted against the application fee for the new authorisation subject to payment of minimum fee of Rs. 200.

CBDT instructed to scrutnise all companies which have taken relief under AS-11

August 27, 2009 610 Views 0 comment Print

The Central Board of Direct Taxes (CBDT) has advised its field formations to scrutinise all cases in which companies have amortised foreign exchange losses under the one-time discretion allowed by the government through an amendment to Accounting Standard 11 (AS-11).

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