"29 August 2007" Archive

Issues concerning import & export through courier mode-regarding

Circular No. 31/2007-Customs Duty (29/08/2007)

Accordingly, field formations may permit the operation of Authorised Courier based on the intimation as per Regulation 12 of the Courier Imports and Exports (Clearance) Regulations, 1998 and subject to execution of specified Bond and Security. No separate registration is required....

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Notification No. 25 (RE-2007)/2004-2009, Dated: 29.08.2007

Notification No. 25 (RE-2007)/2004-2009 (29/08/2007)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy – 2004-09, the Central Government hereby amends Schedule – I (Imports) of the ITC(HS) Classifications of Export and Import Items, 2004-09....

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Rescinds notification No. 40/2007-Customs, Dated: 19th March, 2007

Notification No. 97/2007-Customs (29/08/2007)

In exercise of the powers conferred by sub-sections (2) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rules 13 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notif...

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Anti-dumping duty on import of Peroxosulphates also known as Persulphates

Notification No. 96/2007-Customs (29/08/2007)

Whereas in the matter of import of Peroxosulphates also known as Persulphates (hereinafter referred to as the subject goods) falling under tariff item 2833 40 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, the People's Republic of China and Japan (hereinafter referred to as the su...

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Useful information on eTDS

As per the income tax laws, entities (both corporates and non-corporates - deductors) making payments to third parties (deductees) are required to deduct tax at source (Tax Deducted at SourceTDS) from these payments and deposit the same at any of the designated branches of authorised banks. They should also furnish TDS returns containing ...

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Posted Under: Custom Duty |

Income from Share Trading – Business Gain or capital Gain?

Indian tax laws As per the Income-tax Act, 1961, capital asset [as defined under section 2(14)] could be either short-term [as defined under section 2(42A) and 2(42B)] or long-term [as defined under section 2(29A) and 2(29B)]. The tax liability of long term capital gains in respect of shares, securities and units (holding period more than...

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Posted Under: Custom Duty |

PAN- Frequently asked Questions

1. What Is PAN? Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department. Why Is It Necessary To Have PAN? It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PA...

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Posted Under: Custom Duty |

Notification No. 89/2007-Customs Duty (N.T.), Dated: 29th August, 2007

Notification No. 89/2007-Customs (N.T.) (29/08/2007)

In exercise of the powers conferred by sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962 (52 of 1962) and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.76/2007-NT-Customs, dated the 26th July, 2007....

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Notification No. 88/2007-Customs Duty (N.T.), Dated: 29.08.2007

Notification No. 88//2007-Customs (N.T.) (29/08/2007)

relating to imported goods, that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II appended hereto into Indian currency or vice versa shall, with effect from the 1st September, 2007 be the rate mentioned against it in the corresponding entry in column (3) ther...

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Telecommunication services through earth station set up by the assessee cannot be characterized either basic or cellular and, therefore assessee not entitled to deduction u/s. 80IA

Videsh Sanchar Nigam Ltd. Vs The CIT (ITAT Mumbai 'G' Bench)

The learned D.R has vehemently contended before us that no assessee can be said to be providing telecommunication services unless such services are provided from one end to the other end. According to him, the assessee is operating as backbone industry and connect the calls received through other service providers and, therefore, does no...

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