Archive for March, 2010

1.0 In any civilised society, a taxing statute is expected to be prospective i.e. levying the tax on the income / transaction which will take place in future. This is for the reason that, at the time of entering into the transaction, the tax payers (TP) must have knowledge of the taxes which he is expected to pay. It also provides an opportunity to the TP of carrying out cost-benefit analysis of the proposed transaction and to decide whether to enter into such a trans.. Full Article

Following criticism and pressure from the Opposition, Sheila Dikshit-led Delhi government today withdrew a four-per-cent value-added tax (VAT) on cooking gas, resulting in a Rs 12-13 relief to consumers. The Delhi government, however, did not roll back the withdrawal of the Rs-40 subsidy on LPG cylinders. The government also withdrew the five-per-cent VAT on compressed natural gas (CNG). Full Article

Cases of fraudulent companies selling insurance products in India without a licence from the sector regulator, Insurance Regulatory and Development Authority (Irda), are on the rise. Several such incidents have come to Irda’s attention in the last eight to ten months. Full Article

Internet-based money transfer service Paypal has resumed remittances to small-time exporters who will now have to report them as export revenue to Indian authorities. “Customers who rely on PayPal are now able to sell their goods and services around the world and withdraw money to their local bank accounts,” explained Anuj Nayar, director of global communications, PayPal. Full Article

An application for entering into an arrangement or understanding involving site visit, on-site verification or access to records/documentation by a foreign government or a foreign third party either acting directly or through an Indian party as mentioned in Appendix 3 of Schedule 2 of ITC(HS) shall be made in ANF 2EE to DGFT(Hqrs.), New Delhi along with documents prescribed therein. Full Article

NOTIFICATION NO. 35 /2009-2014, NEW DELHI, THE 30TH MARCH, 2010- In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014 (as amended from time to time), the Central Government hereby substitutes, with immediate effect, Para 3 (i) of Notification No.15 (RE-2006)/2004-2009, dated 27.6.2006, read with Noti.. Full Article

The Supreme Court has dismissed the appeal of the income tax authorities who had insisted on imposing penalty on Reliance Petroproducts Ltd for alleged concealment of income and furnishing inaccurate particulars. The firm had claimed expenditure made for paying interest on loans incurred by it by which amount it bought IPL shares by way of its business policies. Full Article

In terms of Rule 133 of the Drugs and Cosmetics Rules, 1945, no cosmetics shall be imported into India except through the points of entry specified in Rule 43A of the said Rules. Further, under Schedule “D” to the said Rules read with Rule 43, an exemption has been provided to certain categories of substances from the restrictions under Chapter III of the Drugs and Cosmetics Act, 1940 relating to import of Drugs and Cosmetics. Full Article