"October, 2007" Archive - Page 2

Residential property and capital gains

When investors make profits on sale of assets like land, shares and mutual fund units, it is termed as capital gains. The investor has to pay tax on the resulting gains that is commonly referred to as capital gains tax. The amount of money outflow from your pocket depends on how long you held the property. If a residential property is hel...

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Posted Under: Income Tax |

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: Income Tax |

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: Income Tax |

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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