"October, 2007" Archive

SEBI : (Mutual Funds) (Second Amendment) Regulations, 2007

Notification No. 11/LC/GN/2007/4646 (31/10/2007)

Provided that a mutual fund may engage in short selling of securities in accordance with the framework relating to short selling and securities lending and borrowing specified by the Board...

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Notification No. 45 (RE-2007)/2004-2009, Dated: 31.10.2007

Notification No. 45 (RE-2007)/2004-2009 (31/10/2007)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes the following further addition with immediate effect at the end of Paragraph 2 of Notification No. 38(RE-2007...

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Notification No. 226/2007, Dated: 30.10.2007

Notification No. 226/2007 (30/10/2007)

The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above....

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Anti dumping on import of Vitamin A Palmitate originating in, or exported from, Switzerland and P.R. of China

Notification No. 112/2007-Customs (30/10/2007)

The anti-dumping duty imposed under this notification shall be levied with effect from the date of imposition of the provisional anti-dumping duty, that is, the 28th March, 2007....

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Notification No. 265/2007, Dated: 30.10.2007

Notification No. 265/2007 (30/10/2007)

The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above....

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Public Notice No. 78 (RE-2007)/2004-2009, Dated: 30.10.2007

Public Notice No. 78 (RE-2007)/2004-2009 (30/10/2007)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-2009 and Paragraph 1.1 of the Handbook of Procedures (Vol.I), the Director General of Foreign Trade hereby makes the following additions in the Schedule of DEPB Rates (as amended from time to time) with immediate effect....

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Public Notice No. 77(RE-2007)/2004-09, Dated: 30.10.2007

Public Notice No. 77 (RE-2007)/2004-09 (30/10/2007)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby makes the following amendments inthe Handbook of Procedures....

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Clarification regarding procedure to be followed for destruction of drugs imported from un-registered sources under the Advance Authorisation Scheme

Policy Circular No. 18 (RE-07)/2004-2009 (30/10/2007)

Representations have now been received on the difficulties in operation of this provision and accordingly the trade bodies /Associations have requested to provide more flexibility to the exporters so as to enable them to destroy such imported material after payment of applicable customs duty and interest in the event of non-fulfilment of...

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Notification No. 44 (RE-2007)/2004-2009, Dated: 30.10.2007

Notification No. 44 (RE-2007)/2004-2009 (30/10/2007)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 1.3 and paragraph 2.1 of the Foreign Trade Policy, 2004-2009, as amended from time to time, the Central Government hereby makes the following amendment with immediate effect to Paragraph 1 Notificatio...

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Management Representation Letter on Fringe Benefit Tax Audit

We have identified and appropriately classified all such payments/expenditures, which are subject to fringe benefit tax in terms of sections 115WA and 115WB of the Income-tax Act, 1961. There are no unrecorded payments/expenditure which would have otherwise qualified for being subjected to the fringe benefit tax. We acknowledge that we ar...

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Posted Under: SEBI |

Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007-instructions for implementation-reg

Circular No. 41/2007-Customs Duty (29/10/2007)

Sub-rule (9) of Rule 7 of the said Rules, provides for seizure of infringing goods, if there are reasons to believe that the goods are liable to confiscation in terms of section 111 of the Customs Act, 1962. In this context, it may please be borne in mind that Customs is enforcing laws in personam while protecting intellectual property...

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Import of New trim Cutting Waste for use in manufacture of Chindi rugs

Circular No. 40/2007-Customs Duty (29/10/2007)

It is accordingly informed that import of trim cutting waste or fabric trims of continuous length with maximum width restriction of two inches (2") falling under heading 6310, required for manufacture of chindi rugs shall not be subjected to restrictions imposed by the present policy of ITC (HS) Code 6310 and shall be cleared without an ...

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ESOP norms – Many issues await clarification

The taxman may have to consider naming some top ten stock exchanges around the world as ‘recognised stock exchanges’ for the purpose of Rule 40C, suggest Mr Sanjiv Agrawal and Mr Amitabh Singh, Partners, Ernst & Young, commenting on the new income-tax rule on thevaluation of ESOPs (employee stock options) for the purpose of FBT (fring...

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Posted Under: SEBI |

Rescinds Notification No.96/2005-Customs, Dated: 16.11.2005

Notification No. 111/2007-Customs (26/10/2007)

In exercise of the powers conferred by sub-section (1) read with sub-section (5) of Section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with Rules 18, 20 and 22 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995....

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Amends Notification No. 73/2003-Customs, Dated 1st May, 2003 on anti-dumping duty

Notification No. 110/2007-Customs (26/10/2007)

The principal notification No. 73/2003-Customs, dated the 1st May, 2003, was published in the Gazette of India vide number G.S.R. 376(E), dated the 1st May, 2003 and last amended vide notification No. 67/2007-CUSTOMS dated the 11th May, 2007, published vide number G.S.R.343 (E), dated the 11th May, 2007....

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Public Notice No. 76 (RE-2007)/2004-2009, Dated: 26.10.2007

Public Notice No. 76 (RE-2007)/2004-2009 (26/10/2007)

Copy of the contract between the importer and the exporter stipulating that the consignment does not contain any type of arms, ammunition, mines, shells, cartridges, radio active contaminated, or any other explosive material in any form either used or otherwise....

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Public Notice No. 75 (RE-2007)/2004-2009, Dated: 26.10.2007

Public Notice No. 75 (RE-2007)/2004-09 (26/10/2007)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09 and Paragraph 1.1 of Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following additions in the Handbook of Procedures, Vol.2, 2004-2009, as amended....

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Notification No. 110/2007-Customs Duty (N.T.), Dated: 26.10.2007

Notification No. 110/2007-Customs (N.T.) (26/10/2007)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notifications of the Government of India in the Ministry of Finance (Department of Revenue) No.99/2007(NT)-CUSTOMS, dated the 25th September, 2007 vide number S.O. 1595(E), dated the 25th September, 2007 and notification No....

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Vishesh Krishi Upaj Yojana benefits for export of Cashew, Pepper, Chilly, Cardamom and Sesamum Seeds for exports from 1.4.2004 till 31.8.2004

Policy Circular No. 17 (RE-2007)/2004-2009 (26/10/2007)

After giving due consideration to the representations from the exporting community, it has been decided, with approval of C&IM, that exports of Cashew [covered by ITC HS codes 080131 & 080132 (Cashew Nuts & Kernel) and covered by ITC HS codes 20081910 (Cashew nut, roasted, salted or roasted and salted)]; Pepper & Chilly both covered by IT...

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Labour norms eased for firms with 40 workers

New Delhi, Oct 25 The Government has approved easing of labour laws to exempt establishments employing up to 40 workers from maintaining mandatory registers and submitting returns.The Government proposes to introduce a simplified form, which will give relief to employers of such establishments, who are currently required to maintain regis...

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Posted Under: SEBI |

FBT on ESOP should not apply to foreign securities?

Does the FBT law intend to cover securities under SCRA? I don’t think so. We have to look at the rationale of levy of FBT. In a booming economy, accompanied with a vibrant stock market, corporates have figured out a creative way to compensate their employees through the ESOP scheme. It could be ESOP of a listed company or an unlisted co...

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Posted Under: SEBI |

How to Write a Better Resume

whether you're looking for your first job, hoping for advancement with your current employer, considering a job change, or just getting your records in order, maybe now is the time to make sure your resume is in good shape. Robert Half International offers some tips on building a good resume. A good resume alone won't get you a job. But a...

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Posted Under: SEBI |

SEBI : Parking of Funds in Short Term Deposits of Scheduled Commercial Banks by Mutual Funds – Pending deployment

SEBI/IMD/CIR No. 8/107311/07 (26/10/2007)

circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market....

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SEBI announces new Promissory Note policy

M Damodaran, Chairman, Sebi, while addressing the new policy on P-notes said that this is not a board meeting to decide on a single issue. He said the stock exchanges would be mandated to onstitute a committee chaired by a non-executive member of a concerned exchange to focus on surveillance. This, he feels, would make the market a safer ...

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Posted Under: SEBI |

Tax implications of offshore derivative instruments

Will the proposed review of foreign institutional investor (FII) regulations about issuance of ODIs (offshore derivative instruments) have any income-tax implications in India for the foreign investors? The answer appears to be in the affirmative."The proposals may lead to tax cost for the overseas investors and these investors will have ...

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Posted Under: SEBI |

Five key issues in FBT guidelines on ESOPs

As you may be aware, the Finance Act, 2007 amended the provisions of the Income-tax Act, 1961 to provide that employers will be liable to pay FBT (fringe benefit tax) on the value of ESOPs granted to employees as and when the ESOPs were allotted or transferred to the employees. The value of ESOPs for the purposes of levy of FBT shall be t...

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Notification No. 43 (RE-2007)/2004-2009, Dated: 24.10.2007

Notification No. 43 (RE-2007)/2004-2009 (24/10/2007)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes the following further addition with immediate effect at the end of Paragraph 2 of Notification No. 38(RE-200...

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Public Notice No. 74 (RE-2007)/2004-09, Dated: 24.10.2007

Public Notice No. 74 (RE-2007)/2004-09 (24/10/2007)

RA, will calculate unfulfilled export obligation, as per prevailing norms. In case norms are not fixed, R.A. will take up with Norms Committee for its fixation. Such export performance would only be taken into account, as within valid export obligation period of Advance Authorization....

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Public Notice No. 73 (RE-2007)/2004-2009, Dated: 24.10.2007

Public Notice No. 73 (RE-2007)/2004-2009 (24/10/2007)

The above procedure shall be applicable only in respect of EDI enabled ports. However, in case of exports through non-EDI ports, separate application shall be filed consolidating all shipments for each port. Such application for non-EDI shipments shall not be treated as supplementary application even if periodicity (Apr-Sept or Oct- Mar p...

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Public Notice No. 72 (RE-2007)/2004-09, Dated: 24.10.2007

Public Notice No. 72 (RE-2007)/2004-09 (24/10/2007)

In respect of multi product exporters having their head office/registered office in the North Eastern States, RCMC may be obtained from Shellac & Forest Products Export Promotion Council....

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ICAI comes out with new Accounting Standard

Corporates houses, banks and financial institutions have got just 18 months to begin the changeover to a new set of transparency, inducing accounting standards that will have a major impact on their financial statements. The new norms to classify, value and disclose the complex financial instruments they trade in is expected to change the...

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Posted Under: SEBI |

Warrant of authorisation issued by Addl Director without proper authority

Warrant of authorisation issued by Addl Director without proper authority - entire search and assessment consequent to such invalid search is bad in law and annulled -ITAT. The warrant of authorization issued in the present case by the Addl. Director of Income Tax (Investigation) has therefore to be held without proper authority and the ...

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Posted Under: SEBI |

Interest earned on surplus funds deposited in banks cannot be business income

THE assessee company was incorporated with the main object of acquiring a holding of equity and preference shares of companies engaged in the business of cement, ready mix and aggregate and to provide financial management. It was the first return of the assessee company. The Assessing Officer noted that the total capital was at Rs.209.33 ...

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Posted Under: SEBI |

Ruling on PF deductions from leave encashment

Allowing a batch of writ petitions filed by various factories, Justice K. Chandru said leave encashment could not be considered part of the basic wage for deducting provident fund contributions. Employees usually did not exhaust their earned leave; they chose to encash them at the time of retirement, or the sum was paid to their heirs in ...

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Posted Under: SEBI |

Interest on refund of interest paid u/s 234B of Income Tax Act allowed – ITAT

THE assessee approached CIT(A) in appeal whereby CIT (A) allowed interest on refund of interest paid u/s 243B of the Income Tax Act. And predictably, the Revenue moved Tribunal in appeal against the said order.In this case, the refund is out of payments made by the assessee, clause (b) of sub-section (1) of section 244A would be workable ...

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Posted Under: SEBI |

CA Certificate required before before making remittances to non-residents

759 (18/11/1997)

Reserve Bank of India (RBI), vide its AP (DIR) circular no. 03/2007-08 dated 19.07.2007, has clarified that a remitter of foreign exchange is required to submit to the authorised dealer, an undertaking and CA certificate in the format prescribed by Central Board of Direct Taxes (CBDT) vide circular No. 10/2002 dated October 9, 2002 at the...

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TRO given power to rectify mistakes apparent from face of record regarding tax demanded from a taxpayer

The Finance Ministry has passed on certain powers of an income-tax assessing officer to the tax recovery officer (TRO) in the I-T department. A TRO has been given power to rectify the mistakes apparent from the face of record regarding tax demanded from a taxpayer, official sources said. Hitherto, a TRO could not exercise any […]...

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Posted Under: SEBI |

Notification on Valuation of ESOP for FBT

264/2007 (23/10/2007)

NOTIFICATION NO. 264/2007, DATED 23-10-2007 Valuation of specified security or sweat equity share being a share in the company. 40C. (1) For the purposes of clause (ba) of sub-section (1) of section 115WC, the fair market value of any specified security or sweat equity share, being an equity share in a company, on the date on which the op...

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Notification No. 42 (RE 2007)/2004-2009, 23.10.2007

Notification No. 42 (RE 2007)/2004-2009 (23/10/2007)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 1.3 and paragraph 2.1 of the Foreign Trade Policy, 2004-2009, as amended from time to time, the Central Government hereby makes the following additions with immediate effect at the end of Paragraph 2...

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Notification No. 41 (RE-2007)/2004-2009, Dated: 23.10.2007

Notification No. 41 (RE-2007)/2004-2009 (23/10/2004)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes following amendments in Notification NO.32(RE-2007)2004-09 dt.4.10.2007(with regard to export of onions)....

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Procedure for refund of TDS U/s. 195 to person deducting tax- reg

Circular No. 7/2007-Income Tax (23/10/2007)

CIRCULAR NO. 7/2007-Income Tax The Board had issued Circular No. 790 dated 20th April, 2000, laying down the procedure for refund of tax deducted under section 195, in certain situations to the person deducting the tax at source from the payment to the non-resident. Representations have been received in the Board from taxpayers requesting...

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Notification No. 40 (RE-2007)/2004-2009, Dated: 22.10.2007

Notification No. 40 (RE-2007)/2004-2009 (22/10/2007)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes the following amendments in Notification No.38 (RE-2007) 2004-09 dated 15.10.2007....

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Notification No. 263/2007, Dated: 22.10.2007

Notification No. 263/2007 (22/10/2007)

The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above....

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Public Notice No. 71 (RE-2007)/2004-2009, Dated: 22.10.2007

Public Notice No. 71 (RE-2007)/2004-2009 (22/10/2007)

For proof of landing, in addition to documents prescribed therein, “tracking report from goods carrier, evidencing arrival of export cargo to destination Focus Market” shall also be acceptable for grant of Focus Market Scheme benefits for exports made from 1.4.06 till 31.3.2007....

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Issuance of End Use (No Objection) Certificate for import of Boric Acid-Clarification regarding

Policy Circular No. 16 (RE-2007)/2004-2009 (22/10/2007)

Since Advance Authorization is issued with AU condition either to manufacturer exporter or merchant exporter tied up with manufactures, it has been decided that the Regional Authorities may henceforth endorse the following End-Use Certificate clause in the condition sheet attached to the advance authorization for duty free import of Boric...

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Modvat Credit available to assessee on last day of previous year does not amount to payment of Central excise duty u/s. 43B

DCIT V/s. M/S. Glaxo Smithkline Consumer healthcare Ltd. (ITAT Chandigarh Special Bench)

1.Whether deduction for tax, duty etc. is allowable u/s. 43B of the Income Tax Act, 1961, on payment basis before incurring the liability to pay such amounts? The deduction for tax, duty etc. is allowable u/s. 43B of the Income Tax Act, 1961 on payment basis before incurring the liability to pay such amount. 2.Whether Modvat Credit availa...

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Ban on export of non-basmati rice-clarification regarding

Policy Circular No. 15 (RE-2007)/2004-2009 (19/10/2007)

It has been brought to the notice of this office that various customs authorities are not permitting export of rice even in cases where shipping bills have been filed and let export date given much prior to the date of ban. In this connection attention is invited to the provisions contained in paragraph 9.12 of the Handbook of Procedures ...

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Notification No.109/2007-Customs Duty (N.T.), Dated: 17.10.2007

Notification No. 109/2007-Customs (N.T.) (17/10/2007)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Central Excise (Adjudication), Bangalore and authorises him to exercise the powers and discharge the duties conferred or im...

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Notification No. 108/2007-Customs Duty (N.T.), Dated: 17.10.2007

Notification No. 108/2007-Customs (N.T.) (17/10/2007)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Central Excise and Customs, Surat-1 to act as a common adjudicating authority to exercise the powers and discharge the duti...

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Notification No. 107/2007-Customs Duty (N.T.), Dated: 17.10.2007

Notification No. 107/2007-Customs (N.T.) (17/10/2007)

for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Edward Life Sciences (India) Private Limited, E-201, Remi Bizxourt, Veera Desai Road, Andheri(W), Mumbai issued, vide, F.No. DRI/MZU/INV-10/2006-07/4406 to 4413, dated the 5th June 2007, by the Additional Director General, Directorate General of R...

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Notification No. 106/2007-Customs Duty (N.T.), Dated: 17.10.2007

Notification No. 106/2007-Customs (N.T.) (17/10/2007)

for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Samay Electronic Private Limited, M.R. Industrial Area, Rajkot-Morbi-Highway, Virpar, Morbi- Gujrat issued, vide, F.No. DRI/JRU/INQ-CFL (SAMAY)/2006/1369, dated the 23rd May, 2007, by the Additional Director General, Directorate General of Revenue...

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Amends notification No. 61/1994-Customs (N.T.), Dated: 21.11.1994

Notification No. 105/2007-Customs (N.T.) (17/10/2007)

The principal notification was published in the Gazette of India Extraordinary Part-II, Section 3, Sub-section (i) vide Notification No.61/94-Customs (N.T.), dated the 21st November 1994 [S.O. No.828 (E), dated the 21st November 1994] and was last amended vide Notification No.78/2006- Customs (N.T.) dated the 4th July 2006....

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Amends Notification No. 12/1997-Customs (N.T.), Dated: 2.04.1997

Notification No. 104/2007-Customs (N.T.) (17/10/2007)

The principal notification was published in the Gazette of India Extraordinary Part-II, Section 3, Sub-section (i) vide Notification No.12/97-Customs (N.T.), dated the 2nd April 1997 [G.S.R. 193(E), dated the 2nd April, 1997] and was last amended vide Notification No.78/2007- Customs (N.T.) dated the 10th August 2007....

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SEBI : (Certification Of Associated Persons In Securities Markets) Regulations, 2007

Notification No. 11/LC/GN/2007/4567 (17/10/2007)

The Board may by notification in the Official Gazette require such categories of associated persons to obtain requisite certificate for engagement or employment with such classes of intermediaries and from such date as may be specified in the notification...

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Notification No. 39 (RE-2007)/2004-2009, Dated: 16.10.2007

Notification No. 39 (RE-2007)/2004-2009 (16/10/2007)

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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Notification No. 262/2007 – Income Tax Dated 16/10/2007

Notification No. 262/2007 - Income Tax (16/10/2007)

Notification No. 262 - Income Tax In exercise of the powers conferred by section 295 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...

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Notification No. 261/2007 – Income Tax Dated 16/10/2007

Notification No. 261/2007 - Income Tax (16/10/2007)

Notification No. 261 - Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India ...

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Notification No. 260/2007 – Income Tax Dated 16/10/2007

Notification No. 260/2007 - Income Tax (16/10/2007)

Notification No. 260 - Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India ...

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Notification No. 259/2007 – Income Tax Dated 16/10/2007

Notification No. 259/2007 - Income Tax (16/10/2007)

Notification No. 259 - Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961(43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India i...

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Notification No. 258/2007 – Income Tax Dated 16/10/2007

Notification No. 258/2007 - Income Tax (16/10/2007)

Notification No. 258 - Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-1A of the Income-tax Act, 1961(43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India i...

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Notification No. 257/2007 – Income Tax Dated 16/10/2007

Notification No. 257/2007 - Income Tax (16/10/2007)

Notification No. 257 - Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961(43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India i...

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Notification No. 38 (RE-2007)/2004-2009, Dated: 15.10.2007

Notification No. 38 (RE-2007)/2004-2009 (15/10/2007)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes the following amendments in the ITC(HS) Classifications of Export and Import items, 2004-2009 as amended, f...

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Notification No. 37 (RE-2007)/2004-2009, Dated: 15.10.2007

Notification No. 37 (RE-2007)/2004-2009 (15/10/2007)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes following amendments in the existing entries at Sl.No.44 of Table B Schedule 2 of ITC (HS) Classifications of ...

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Public Notice No. 70 (RE:2007)/2004-2009, Dated: 15.10.2007

Public Notice No. 70 (RE:2007)/2004-2009 (15/10/2007)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, addition/revision/amendments/corrections at appropriate places as mentioned in ANNEXURE "A” (Pages 1-2 ) to this Public Notice are made....

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Amends Notification No.36/2001-Customs (N.T.), Dated: 03.08.2001

Notification No. 103/2007-Customs (N.T.) (15/10/2007)

The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No.36/2001 - Customs (N.T.), dated, the 3rd August, 2001 (S.O.748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 101/2007-Customs (N.T.), dated, the 4th October, 2007 (S.O.1699(E) dated 4th October, 2007)....

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INCORPORATION OF COMPANY – PROMOTED BY FOREIGN COMPNAY

Company registration As per Indian law there needs to be 2 directors to register a company in India. One share to be nominated to some one here to start the company registration that will be returned. Digital signatures certificate application forms of all persons, 2 directors and 1 nominee need to be submitted for company […]...

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Posted Under: SEBI |

E-filing of Income-tax return forms

As you are kindly aware, the Central Board of Direct taxes came out with the new series of Income-tax return forms. The ICAI constituted a study group to analyze the same. Several suggestions, collected from all over the country and duly analysed were submitted to the CBDT. The CBDT accepted most of the suggestions of […]...

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Posted Under: SEBI |

Notification No. 288/2007 – Income Tax Dated 10/12/2007

Notification No. 288/2007 - Income Tax (10/12/2007)

Notification No. 288 - Income Tax In exercise of the powers conferred by sub-clause (f ) of clause (iii) of sub-section (3) of section 194A of the Income-tax Act, the Central Government hereby notifies the India Infrastructure Finance Company Limited , New Delhi, for the purpose of said sub-clause...

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Public Notice No. 69 (RE:2007)/2004-2009, Dated: 12.10.2007

Public Notice No. 69 (RE:2007)/2004-2009 (12/10/2007)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, the amendments/additions/deletions/corrections at appropriate places as mentioned in ANNEXURE "A” to this Public Notice are made....

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Public Notice No. 68 (RE-2007)/2004-09, Dated: 12.10.2007

Public Notice No. 68 (RE-2007)/2004-09 (12/10/2007)

All the agencies already enlisted for issuing a Certificate of Origin( Non Preferential) under Appendix 4-C are required to fulfill all the above criteria with documentary proof latest by 31.3.2008, failing with their recognition as authorized agencies to issue Certificate of Origin (Non Preferential) will be cancelled and they will be de...

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Notification No. S.O.1745(E), dated 12/10/2007

Notification No. S.O. 1745(E) (12/10/2007)

—In exercise of the powers conferred by sub-section (1) of Section 210-A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendment in the notification of Government of India, in the Ministry of Corporate Affairs...

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Public Notice . 67 (RE: 2007)/2004-2009, Dated: 12.10.2007

Public Notice No. 67 (RE:2007)/2004-2009 (12/10/2007)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, addition/revision/amendments/corrections at appropriate places as mentioned in ANNEXURE "A” (Pages 1-2 ) to this Public Notice are made....

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Circular No. 6/2007-Income Tax Dated 11-10-2007

Circular No. 6/2007-Income Tax (11/10/2007)

Circular No. 6 of 2007-Income Tax Instances have come to the notice of the Board wherein Assessing Officers have disallowed the claim of harvesting and transportation expenses incurred by the Co-operative sugar mills for procuring sugarcane from farmers, who are members of such Co-operative Sugar Mills and who are bound under an agreem...

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Two interpretations of an Explanation

If a building is taken on lease and expenditure incurred on renovation of the same, Explanation 1 will apply and such expenditure can be capitalised for claiming depreciation. When a company incurs expenditure either by way of construction or renovation to an existing building in leasehold premises, questions arise with regard to the dedu...

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Posted Under: SEBI |

All Fools Day rates basis for DEPB II

(10/10/2007)

While under the duty draw back scheme, exporters are refunded the customs duties and excise duties paid on inputs, like raw materials, and intermediates after the products are exported, the DEPB scheme, seeks to neutralise the incidence of customs duty on the import content of the export product by way of grant of duty credit against the ...

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Posted Under: SEBI |

IT professional can’t avoid tax on foreign earnings

In a ruling which could affect tax payments of thousands of employees of Indian IT companies earning mega bucks on overseas assignments, the Authority of Advance Rulings (AAR) has said that that there was no escape from paying tax on the amount earned during a stint with the employer's foreign affiliates....

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Posted Under: SEBI |

Appeal to High court – Estimate of income

CIT vs Aero Leather (P) Ltd. (Delhi High Court)

The learned Tribunal has noted that it was common ground between both the parties that the income of the Assessee was liable to be determined on an estimate basis. ...

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SEBI :(Depositories And Participants) (Amendment) Regulations 2007

Notification No. 11/LC/GN/2007/4485 (10/10/2007)

For the purposes of this clause, a Strategic Business Unit shall be an organizational unit of a company with its own mission, objectives and business strategy that is given the responsibility to serve the particular demands of one business area with appropriate technological, financial and other segregations....

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Validity of Return-Return signed by General Manager of Company

CIT vs Bhiwani Synthetics Ltd. (Delhi High Court)

CIT vs Bhiwani Synthetics Ltd.- Citation 199 Taxation 204 Validity of Return - Return signed by General Manager of Company The return of the assessee company was signed by the General Manager (Finance). The CIT(A) and the Tribunal directed the A.O. to give an opportunity to the assessee to cure the defect. The company had given a power of...

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LICs Maiden Health Insurance Product Soon

Life Insurance Corporation of India will file its maiden health insurance product with the insurance regulator by next month. The product will be a long-term policy and have a savings element, said Mr D.D. Singh, Executive Director (Health), LIC. It will have a unit-linked component and be issued as a family floater policy....

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Posted Under: SEBI |

Jurisdiction of the Bench is to be determined not by the business or residence of the assessee but by the location of the office of the Assessing Officer.

The Commissioner of Income Tax, Faridabad Vs M/s Motorola India Ltd. (Punjab & Haryana High Court)

Director General or Chief Commissioner or Commissioner is empowered to transfer any case from one or more Assessing Officers subordinate to him to any other Assessing Officer. It also deals with the procedure when the case is transferred from one Assessing Officer subordinate to a Director General or Chief Commissioner or Commissioner to ...

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FAQs by NGOS, Queries related to Income Tax Act, 1961

Q1 : Whether the Income-tax Act, 1961 is applicable to all the Voluntary Organisations who are engaged in socio-economic development programmes in India ? Please clarify. Ans : The Income Tax Act, 1961, is applicable to Voluntary Organisations which are engaged in public charitable or religious activity. Hence, Voluntary Organisations whi...

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Posted Under: SEBI |

Data from service tax department and state VAT departments may now come handy for I-T sleuths to catch those evading taxe

Data from service tax department and state value-added tax (VAT) departments may now come handy for the I-T sleuths to catch those evading taxes. Traders have to register with the state VAT departments once their annual turnover crosses Rs 5 lakh. Similarly, service providers register themselves once they reach Rs 7 lakh in annual turnove...

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Posted Under: SEBI |

Confusion in the AIR

Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assessees is the `limit' relating to financial transactions for AIR, specified in one of the `fre...

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Posted Under: SEBI |

Board circulars are binding on the Department, even if they are wrong or against decisions of the Supreme Court

IT is now an axiomatic law that Board circulars are binding on the Department, even if they are wrong or against decisions of the Supreme Court. But our Boards do not have the habit of tracking down the multitude of circulars they issue and considering whether they are relevant after the Law has been amended and the Apex Court had already...

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Posted Under: SEBI |

Format of Development Agreement with Builder

DEVELOPMENT AGREEMENT WITH THE BUILDER This Agreement is made here at New Delhi on this ….th day of ………, 200…., between ………………………………………………….. through its………………&...

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Posted Under: SEBI |

Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2007

Notification No. FEMA.164/2007-RB (09/10/2007)

(i) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2007. (ii) These Regulations shall be deemed to have come into effect from the dates specified in these Regulations....

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Drawback Schedule, 2007-08 – increase in drawback rates with retrospective effect from 1.4.2007-exemption from filing supplementary claims-regarding

Circular No. 39/2007-Customs Duty (09/10/2007)

All precautions may please be taken to ensure that only the correct amount gets credited into the exporters' accounts. Sample cases may be taken up for manual checking and validation. It may also be ensured that in cases where the exporters have already taken the differential drawback by filing supplementary claims, the EDI system does...

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Customs Valuation (Determination of Value of Imported Goods) Rules, 2007-Instructions-reg

Circular No. 38/2007-Customs Duty (09/10/2007)

An 'Explanation' has been added to Rule 12 (erstwhile Rule 10A), which relates to rejection of declared value, to bring more clarity and objectivity in exercising the authority for rejection of declared value. The Explanation clarifies that this rule as such does not provide a method for determination of value, and that it merely provide...

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Customs valuation (Determination of Value of Export Goods) Rules, 2007-Instructions-reg

Circular No. 37/2007-Customs Duty (09/10/2008)

While raising doubt about truth or accuracy of the declared value in terms of Rule 8, the proper officer shall issue a query memo specifying reasons for such doubt. Meanwhile, the goods will be released for export against a simple undertaking after drawal of representative sample as indicated in para 5. The decision to initiate the proces...

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Anti-dumping duty on acrylo-nitrile butadiene rubber (NBR), originating in, or exported from Korea R.P. and Germany

Notification No. 109/2007-Customs (09/10/2007)

Whereas, the designated authority vide notification No.15/6/2007-DGAD, dated the 8th October, 2007, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 8th October, 2007 has initiated review, in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rule 23 of the Customs...

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Public Notice No. 66 (RE-2007)/2004-2009, Dated: 09.10.2007

Public Notice No. 66 (RE-2007)/2004-2009 (09/10/2007)

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY (PART-I, SECTION-I) GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE NO. 66 (RE-2007) /2004-2009 NEW DELHI, DATED THE 9th October, 2007 In exercise of powers conferred under Paragraph 2.4 of the Foreign Trad...

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Public Notice No. 65 (RE-2007)/2004-2009, Dated: 09.10.2007

Public Notice No. 65 (RE:2007)/2004-2009 (09/10/2007)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, amendments/corrections at appropriate places as mentioned in ANNEXURE "A” to this Public Notice are made....

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Notification No. 36/2007-Central Excise, Dated: 09.10.2007

Notification No. 36/2007-Central Excise (09/10/2007)

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance....

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Notification No. 36 (RE-2007)/2004-2009, dated: 08.10.2007

Notification No. 36 (RE-2007)/2004-2009 (08/10/2007)

Export obligation under the scheme shall be, over and above, the average level of exports achieved by him in the preceding three licensing years for the same and similar products within the overall export obligation period including extended period, if any; except for categories mentioned in paragraph 5.7.6 of Handbook of Procedures, Vol....

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Notification No. 35 (RE-2007)/2004-2009, Dated: 08.10.2007

Notification No. 35 (RE-2007)/2004-2009 (08/10/2007)

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 the Notification No. 56 (RE-2006)/2004-09 dated 29th March, 2007....

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Notification No. 34 (RE-2007)/2004-2009, Dated: 08.10.2007

Notification No. 34 (RE-2007)/2004-2009 (08/10/2007)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes the following amendments in the ITC(HS) Classifications of Export and Import items, 2004-2009 as amended, ...

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Notification No. 33 (RE-2007)/2004-2009, dated: 08.10.2007

Notification No. 33 (RE-2007)/2004-2009 (08/10/2007)

The term “durum wheat” means wheat of the Triticum durum species and the Hybrids derived from the inter – specific crossing of Triticum durum which have the same number (28) of chromosomes as that species....

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Notification No. 256/2007, Dated: 08.10.2007

Notification No. 256/2007 (08/10/2007)

The approved organization shall maintain a separate statement of donations received and amounts applied for research in social sciences and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above....

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