Notification No.238 – Income Tax In exercise of the powers conferred by section 295 read with sub-section (3) of section 200 and proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely
ll time barred, pending or rejected applications which were filed after six months from the expiry of prescribed last date of submission of application, but are now within 12 months of the expiry of last date of submission of application should be processed with 5% late cut.
Pending the finalization of the applications for grant of recognition, existing status holders who have applied for recognition before the expiry of their status, shall have a grace period of 6 months. During this grace period of 6 months such status holders shall continue to be recognized as Status holders even after the expiry of earlier Status Certificate.
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.
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.
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 notification of the Government of India, in the Ministry of Finance.
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 subject countries) and imported into India, the designated authority in its preliminary findings vide notification No. 14/1/2006-DGAD dated the 23rd February, 2007, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 23rd February, 2007, had come to the conclusion that.
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 details of deductee(s) and bank where TDS amount is deposited with the Income Tax Department (ITD).
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 twelve months) is elaborated in section 112 and such gain if covered by securities transaction tax is exempt (i.e., nil) under section 10(38). The taxability of short-term capital gain as per section 111A is at a flat rate of 10 per cent in addition to surcharge and cess. Shares held as capital asset by the investor will be chargeable under the head Capital gain.
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 PAN on challans for any payments due to Income Tax Department.
