"November, 2007" Archive

Notification No. 117/2007-Customs Duty, Dated: 30.11.2007

Notification No. 117/2007-Customs (30/11/2007)

Therefore, in exercise of the powers conferred by sub-section (2) of section 9A of the said Customs Tariff Act, 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, on the basis of the af...

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Notification No. 116/ 2007-Customs Duty, Dated: 30.11.2007

Notification No. 116/2007-Customs (30/11/2007)

The principal notification No. 43/2002-Customs, dated the 19th April, 2002 was published in the Gazette of India, Part II, Section 3, Sub-Section (i) Extraordihnary vide GSR 292 (E), dated the 4th May, 2007 was published in the Gezette of India, Part II, Section 3, Sub-Section (i) Extraordinary vide GSR 328 (E) dated the 4th May, 2007....

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Notification No. 286/2007 – Income Tax Dated 30/11/2007

Notification No. 286/2007 - Income Tax (30/11/2007)

Notification No. 286 - Income Tax In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the income-tax authorities specified in column (3) of the Schedule below shall be subordinate to the income-tax authority specified in column (2) of the said ...

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Notification No. 285/2007 – Income Tax Dated 30/11/2007

Notification No. 285/2007 - Income Tax (30/11/2007)

Notification No. 285 - Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Cen­tral Board of Direct Taxes hereby directs that Commissioner specified in column (2) of the Schedule below, having his head­quarters at the place specified in the corresponding...

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Notification No. 284/2007 – Income Tax Dated 30/11/2007

Notification No. 284/2007 - Income Tax (30/11/2007)

Notification No. 284 - Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income- tax Act, 1961 (43 of 1961), the Cen­tral Board of Direct Taxes hereby...

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Notification No. 283/2007 – Income Tax Dated 30/11/2007

Notification No. 283/2007 - Income Tax (30/11/2007)

Notification No. 283 - Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 117 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby appoints the officer specified in column (2) of the Schedule below to be the Income-tax authority as specified in column (3) having his headquarters at the...

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Notification No. 59 (RE-2007)/2004-2009, Dated: 30.11.2007

Notification No. 59 (RE-2007)/2004-2009 (30/11/2007)

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. 40/2007-Central Excise (N.T.), Dated: 30.11.2007

Notification No. 40 /2007- Central Excise (N.T.) (30/11/2007)

In pursuance of the provisions of sub- rule (ea) of rule 2 of the Central Excise Rules, 2002, made under Central Excise Act, 1944 (1 of 1944), and sub-rule (cccc) of rule 2 of the Service Tax Rules, 1994, made under Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following amendment in the notification of the Minis...

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Amends No. 21/2002-Customs, Dated: 01.03.2002

Notification No. 115/2007-Customs (29/11/2007)

The principal notification was published in the Gazette of India, Extraordinary, vide number G.S.R. 118 (E), dated the 1st March 2002 and was last amended vide notification No. 93/2007-Customs, dated the 8th August, 2007 which was published in the Gazette of India, Extraordinary, vide number G.S.R.539(E), dated the 8th August, 2007....

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Public Notice No. 87 (RE-2007)/2004-2009, Dated: 29.11.2007

Public Notice No. 87 (RE-2007)/2004-2009 (29/11/2007)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-209, the Director General of Foreign Trade hereby makes the following amendments in Hand Book of Procedures....

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Notification No. 43/2007 – Service Tax, dated 29-1-2007

Notification No. 43/2007-Service Tax (29/11/2007)

Notification No. 43/2007-Service Tax In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable service, specified in sub-clause (zzo) of clause (105) of section 65 o...

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Notification No. 42/2007 – Service Tax, dated 29-11-2007

Notification No. 42/2007-Service Tax (29/11/2007)

Notification No. 42/2007-Service Tax In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.41/2007-Service Tax, dated the 6t...

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Amendment to Notification S.O.1329 dated 08 May 1978

Notification No. S.O. 2007(E) (29/11/2007)

In exercise of the powers conferred by sub-section (2) of section 4A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following further amendment in the notification of Government of India, published in the Gazette of India...

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Provisional assessment of exports made by M/s Qingdao Lian Chuang Stock Company Ltd., People’s Republic of China

Notification No. 114/2007-Customs (28/11/2007)

In case of recommendation of anti-dumping duty after completion of the said review by the designated authority, the importer shall be liable to pay the amount of such antidumping duty recommended on review and imposed on all imports of subject goods exported by M/s Qingdao Lian Chuang Stock Company Ltd., People's Republic of China and imp...

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Notification No. 282/2007 – Income Tax Dated 28/11/2007

NNotification No. 282/2007 - Income Tax (28/11/2007)

Notification No. 282 - Income Tax Whereas the annexed Protocol amending the agreement between the Government of the United Arab Emirates and the Government of the Republic of India for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income which was published in the Gazette of India, Extraor...

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Public Notice No. 86 (RE-2007)/2004-2009, Dated: 28.11.2007

Public Notice No. 86 (RE-2007)/2004-2009 (28/11/2007)

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 amendments / correction in the DEPB rates....

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Whether lease agreement for a period for less than one year with an extension clause which is normally an agreement of Leave and Licence, will not be covered by section 4(8)(b) of the W-T Act and section 269UA(f) of the I-T Act.

Voltas Ltd Vs Asst. CWT (ITAT Mumbai Special Bench (WT)

It is the legal owner (i.e. the assessee in the case before us) who is liable to the wealth-tax levy on the value of specified assets licensed/leased by him for a term of less than twelve years as laid down in section 269UA(f). However, the legal owner shall not be liable to wealth-tax levy on the value of specified assets leased by him f...

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Notification No. 280/2007, Dated: 27.11.2007

Notification No. 280/2007 (27/11/2007)

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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Notification No. 279/2007, Dated: 27.11.2007

Notification No. 279/2007 (27/11/2007)

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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Notification No. 278/2007, Dated: 27.11.2007

Notification No. 278/2007 (27/11/2007)

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. 85 (RE-2007)/2004-2009, Dated: 27.11.2007

Public Notice No. 85 (RE-2007)/2004-2009 (27/11/2007)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby amends the Public Notice No.81 (RE-2007)/2004-2009 dated 15th November,2007 in Hand Book of Procedures, Vol-I as under....

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Notification No. 281/2007 – Income Tax Dated 27/11/2007

Notification No. 281/2007 - Income Tax (27/11/2007)

Notification No. 281 - Income Tax In exercise of the powers conferred by section 295 read with clause ( iv) of sub-section (3) and clause (a) of sub-section (6) of section 80-ID 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. 277/2007 – Income Tax Dated 27/11/2007

Notification No. 277/2007 - Income Tax (27/11/2007)

Notification No. 277 - Income Tax Whereas the annexed Agreement between the Government of the Republic of India and the Government of the State of Kuwait for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income signed in India on the 15th day of June, 2006 shall come into force on the 17th...

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Notification No. 115/2007-Customs Duty (N.T.), Dated: 27.11.2007

Notification No. 115/2007-Customs (N.T.) (27/11/2007)

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.110/2007(NT)-Customs, dated the 26th October, 2007 vide number S.O. 1839(E), dated the 26th October, 2007, except as respects thi...

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Notification No. 276/2007, Dated: 26.11.2007

Notification No. 276/2007 (26/11/2007)

This notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of account are maintained in respect of such business....

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Public Notice No. 84 (RE-2007)/2004-2009, Dated: 26.11.2007

Public Notice No. 84 (RE-2007)/2004-2009 (26/11/2007)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures....

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Notification No. 58 (RE-2007)/2004-2009, Dated: 26.11.2007

Notification No. 58 (RE-2007)/2004-2009 (26/11/2007)

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-20...

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Depreciation not allowable till clearance by Customs – SC

Nothwithstanding the fact that the imported Rolls Royce car gathered dust at the Customs godown for nine long years due to non-clearance, the importer would still not be entitled to any depreciation, the Supreme Court has held. ...

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Posted Under: Custom Duty |

Calling ID safe browsing toolbar

CallingID safe browsing toolbar automatically shows whether sites visited are real and safe to login, submit personal information to or deal with. It displays the site owner's name and physical address and a risk indication for safe e-commerce and online banking. Calling ID checks if the site owner is actively conducting business. Problem...

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Posted Under: Custom Duty |

Notification No. 114/2007-Customs Duty (N.T.), Dated: 23.11.2007

Notification No. 114/2007-Customs (N.T.) (23/11/2007)

In exercise of the powers conferred by sub-section (2) of Section 14 of the Customs Act, 1962, (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby fixes the tariff value specified in column (4) of the Table below, in respect of the imported goods of the description specified in the corresponding e...

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DTAA – CIT vs. P.V.A.L. Kulandagan Chettiar (Supreme Court)

CIT vs. P.V.A.L. Kulandagan Chettiar (Supreme Court) -The review petition filed by the department against the judgement reported in CIT P.V.A.L Kulandagan Chettiar (2004) 267 ITR 654 (SC) {reg applicability of DTAA} has been dismissed....

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Posted Under: Custom Duty |

80HHC -Hero Exports vs. CIT (Supreme Court)

Hero Exports vs. CIT (Supreme Court) -Though section 80HHC does not provide so, an assessee is entitled, in computing the indirect cost of goods exported, to claim deduction at 10% as indirect expenses incurred for earning export incentives, misc income and brokerage etc. The deduction is allowed on estimate basis and as per the underlyin...

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Posted Under: Custom Duty |

Circular No. 860/18/2007-Central Excise, Dated: 22.11.2007

Circular No. 860/18/2007-Central Excise (22/11/2007)

I am directed to refer to Boards circular no. 736/52/2003-CX dated 11.08.2003 on the above subject. Vide this circular, the facility of self-sealing was extended to all categories of manufacturer-exporters. In this regard, references have been received from field formations that in spite of this facility being available to the exporters,...

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Clarification issued by PF Dept in ‘2005 requirng the inclusion of Leave Encashment for PF contributions

Provident fund contributions need not be deducted from the payment made towards annual leave encashment, the Madurai Bench of the Madras High Court has ruled. 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 c...

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Posted Under: Custom Duty |

Latest Advance Ruling may impact billion-dollar Vodafone takeover case

Latest Advance Ruling may impact billion-dollar Vodafone takeover case; Capital gains - Transfer of shares between two non-resident entities abroad - Since situs of income is located here, it is taxable in India. TAXING capital gains has always been a tricky subject for the Revenue. If it ever involved two non-resident entities, it always...

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Posted Under: Custom Duty |

Penalty – For failure to get accounts audited under the Income Tax Act, 1961

Commissioner of Income-tax, Bareilly v. Bisauli Tractors (Allahabad High Court)

Section 271B, read with section 44AB, of the Income-tax, 1961 - Penalty - For failure to get accounts audited - Assessment years 1987-88 to 1989-90 - Whether section 271B is not attracted in a case where no account has been maintained and instead recourse under section 271A can be taken - Held, yes...

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AS-22 related to deferred tax accounting upheld by Apex Court

The Supreme Court has upheld the revised accounting standards AS 22 issued by the Institute of Chartered Accountants of India which has been made mandatory for all the companies listed in the stock exchanges since the financial year 2001-02. Dismissing the appeals of a large number of companies that opposed the new policy, the bench heade...

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Posted Under: Custom Duty |

No export obligation burden on SEZs

There is good news in store for SEZ units. The government is likely to put on hold its plan of placing an export obligation on units operating in SEZs. The commerce department has suggested to the finance ministry that the government should consider imposing an export obligation only if exports from such zones fall below a threshold limit...

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Posted Under: Custom Duty |

Mere addition agreed to by assessees during course of Survey u/s 133A would not empower Assessing Officer to levy penalty : Madras HC

THE assessees were the Directors of M/s Hotel AMS Pvt. Ltd., Kondalapatti, Salem. During the course of survey conducted on 16.11.1999 under Section 133A of the Income Tax Act, it was noticed that the company had constructed the hotel with the share capital funds said to have been floated by the Directors. On enquiry with the assessees, th...

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Posted Under: Custom Duty |

Securities transaction tax likely to be hiked

Now it's the government's turn to cash in on the stock market boom. The finance ministry is considering raising the rate at which securities transaction tax (STT) is levied. One of the options is to increase the ceiling rate to 0.5% of the value of the taxable securities transactions. At present, it is levied at rates of 0.017- 0.25% on e...

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Posted Under: Custom Duty |

Provision for NPA debited to P & L account as per RBI Act, not eligible for deduction under I-T Act

Whether, a Provision for Non Performing Assets ('NPA') debited to profit and loss account and claimed as a deduction in accordance with the prudential norms issued by the RBI in exercise of powers conferred on it under section 45JA of the RBI Act, 1934, called the Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions,...

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Posted Under: Custom Duty |

Scrutiny of I-T return, why's not for you to ask

Has your income-tax return been picked up for scrutiny by the income-tax department? You may not get to know the reason. The department is against bringing scrutiny under the purview of the Right To Information (RTI) Act. This means an assessee will not have the right under the RTI Act to ascertain as why his case was selected for scrutin...

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Posted Under: Custom Duty |

Free gifts may have a tax tag

isit a mall this festive season and you are likely to see some huge hoardings announcing bumper draws with prizes of food hampers, gift coupons, diamonds and so on. If you are lucky enough, even a fancy car could be yours. You cannot fail to spot this, as the car revolves seductively at the mall's entrance enticing everyone who visits the...

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Posted Under: Custom Duty |

Tax refund scheme to cover entire country

The Income Tax Department is planning to extend the Refund Banker Scheme to the entire country as a move aimed at expediting refund of excess tax. The scheme, launched in Delhi and Patna in March this year, was later extended to Kolkata, Chennai, Bangalore and Mumbai. It will now be extended to the entire country for the non-corporate ca...

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Posted Under: Custom Duty |

Public Notice No. 83 (RE-2007)/2004-09, Dated: 21.11.2007

Public Notice No. 83 (RE-2007)/2004-09 (21/11/2007)

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 in the Handbook of Procedures....

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Notification No. 57 (RE-2007)/2004-2009, Dated: 21.11.2007

Notification No. 57 (RE-2007)/2004-2009 (21/11/2007)

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. 56 (RE-2007)/2004-2009, Dated: 21.11.2007

Notification No. 56 (RE-2007)/2004-2009 (21/11/2007)

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....

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Notification No. 55 (RE-2007)/2004-2009, Dated: 21.11.2007

Notification No. 55 (RE-2007)/2004-2009 (21/11/2005)

Supply of LPG produced in an EOU refinery to Public Sector domestic oil companies for being supplied to household domestic consumers at subsidized prices under the Public Distribution System (PDS) Kerosene and Domestic LPG Subsidy Scheme, 2002, as notified by the Ministry of Petroleum and Natural Gas vide notification No. E-20029/18/2001-...

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Notification No. 54 (RE-2007)/2004-2009, Dated: 21.11.2007

Notification No. 54 (RE-2007)/2004-2009 (21/11/2007)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 read with paragraph 1.3 of the Foreign Trade Policy (FTP), 2004-2009, as amended, the Central Government hereby makes the following amendments in FTP, 2004-2009 (Updated as on 19.4.2007)....

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Notification No. 53 (RE-2007)/2004-2009, Dated: 21.11.2007

Notification No. 53 (RE-2007)/2004-2009 (21/11/2007)

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. 52 (RE-2007)/2004-09 , Dated: 21.11.2007

Notification No. 52 (RE-2007)/2004-09 (21/11/2007)

Import of arms is permitted against a license to renowned shooters/rifle clubs for their own use on the recommendation of Department of Youth Affairs and Sports, Government of India, However, Import of 0.177 bore air guns and air pistols will be free for shooters registered with Rifle Clubs or District/State/National Rifle Association. Fr...

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Cenvat credit availed during the period 01/01/2005 to 15/06/2005 on the basis of TR-6 challans, which were used for payment of Service Tax on the services received from GTA, is admissible

Puja Ferro Alloys Ltd. Vs. The Commissioner of Central Excise, Goa (CESTAT Mumbai - Court No. II)

TR-6 challan is the most primary document evidencing payment of duty/tax. No doubt the TR-6 challan was not included in the list of specified documents. It was included by virtue of Notification No.28/2005-CE(NT) dated 7/6/2005. I find that this is an inadvertent omission, which was rectified by issuing the said Notification. This is so b...

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Notification No. 275/2007, Dated: 16.11.2007

Notification No. 275/2007 (16/11/2007)

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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Notification No. 274/2007, Dated: 16.11.2007

Notification No. 274/2007 (16/11/2007)

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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Amends Notification No.106/2002-Customs, Dated: 09.10.2002

Notification No. 113/2007-Customs (16/11/2007)

Whereas, the designated authority (hereinafter referred to as the DA) vide notification No. 10/7/2006-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 ...

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Public Notice No. 82 (RE-2007)/2004-09, Dated: 16.11.2007

Public Notice No. 82 (RE-2007)/2004-09 (16/11/2007)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09, and in partial modification of Public Notice No. 32 (RE-2007)/2004-09 dated 10.08.07, the Director General of Foreign Trade hereby announces the All Industry Rate of Drawback of Rs. 1160/- per MT for both HSD and Furnace Oil, supplied by Domestic Oil...

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Revision to Schedule VI to the Companies Act, 1956

Notification No. G.S.R. 719(E) (16/11/2007)

the amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006;...

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SEBI : All Mutual Funds Registered with SEBI Association of Mutual Funds in India (AMFI)

SEBI/IMD/CIR No. 9/108562/07 (16/11/2007)

The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the Principal Regulations were published in the Gazette of India on December 9, 1996 vide S.O. No. 856(E)....

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Public Notice No. 81 (RE-2007)/2004-2009, Dated: 15.11.2007

Public Notice No. 81 (RE-2007)/2004-2009 (15/11/2007)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendment in Handbook of Procedures....

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Notification No. 113/2007-Customs Duty (N.T.), Dated: 15th November, 2007r

Notification No. 113/2007-Customs (N.T.) (15/11/2007)

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. 103/2007-Customs (N.T.), dated, the 15th October, 2007 (S.O.1755 (E) dated15th October, 2007)....

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Amends Notification No. 15/2002-Customs (N.T.), Dated 7th March, 2002

Notification No. 112/2007-Customs (N.T.) (14/11/2007)

The principal Notification No. 15/2002-Customs (N.T.), dated the 7th March, 2002 was published in the Gazette of India vide number G.S.R. 171 (E), dated the 7th March, 2002 and was last amended by Notification No.89/2006-Customs (N.T.), dated the 18th August, 2006, G.S.R. 486(E), dated the 18th August, 2006....

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Notification No. 51 (RE-2007)/2004-2009, Dated: 14.11.2007

Notification No. 51 (RE-2007)/2004-2009 (14/11/2007)

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 substitutes the existing entries pertaining to export policy of onions at Sl.No.44 and 44A (as inserted by Notificatio...

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Notification No. 50 (RE-2007)/2004-2009, Dated: 14.11.2007

Notification No. 50 (RE-2007)/2004-2009 (14/11/2007)

Item number (vii) under second paragraph of Condition 16 of Chapter 1 A (General Notes to Import Policy) of the ITC (HS) Classifications of Export and Import items, 2004-09 notified vide Notification No. 30 (RE-2007)/2004-09 dated 24th September, 2007....

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Notification No. 49 (RE-2007)/2004-2009, Dated: 14.11.2007

Notification No. 49 (RE-2007)/2004-2009 (14/11/2007)

Once transferability is endorsed, imports / domestic procurement against authorisation or transfer of imported inputs / domestically procured inputs shall be subject to payment of applicable additional customs duty / excise duty. While endorsing transferability, authorisation would bear a note as to liability of such additional customs du...

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Circular No. 859/17/2007-Central Excise, Dated: 13.11.2007

Circular No. 859/17/2007-Central Excise (13/11/2007)

in sub-para (b) of para 2, for the words and figures the proper officer shall issue a certificate in Form C.T.-3 annexed to the notification as Annexure-VI in quadruplicate, the words and figures the proper officer shall issue a certificate in Form C.T.-3 annexed to the circular as Annexure-A in quadruplicate shall be substituted...

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Notification No. 273/2007, Dated: 13.11.2007

Notification No. 273/2007 (13/11/2007)

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. 80 (RE: 2007)/2004-2009, Dated: 13.11.2007

Public Notice No. 80 (RE-2007)/2004-09 (13/11/2007)

Any product in the name of fillers may not be allowed because formulated products manufactured by Leather Chemical Companies (as supported by their technical data sheets) are used in Leather Industry....

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Notification No. 39/2007-Central Excise (N.T.); dated: 13.11.2007

Notification No. 39/2007-Central Excise (N.T.) (13/11/2007)

The principal rules were published in the Gazette of India, Part II, Section 3, sub-section (i) Extraordinary vide notification No. 23/2004-Central Excise (N.T.), dated the 10th September, 2004, G.S.R. 600 (E), dated the 10th September 2004, and subsequently amended by notification No. 35/2007-Central Excise (N.T.). dated the 14th Sep...

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Notification No. 48 (RE-2007)/2004-2009, Dated: 12.11.2007

Notification No. 48 (RE-2007)/2004-2009 (12/11/2007)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 read with paragraph 1.3 of the Foreign Trade Policy (FTP), 2004-2009, as amended, the Central Government hereby makes the following amendments in FTP, 2004-2009 (RE 2006)....

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Amendment in Rules Related to Valuation of Perquisites forming part of salary income

271/2007 (07/11/2007)

The value of perquisite as determined under column (3) and increased by 10% per annum of the cost of furniture (including television sets, radio sets, refrigerators, other household appliances, air-conditioning plant or equipment) or if such furniture is hired from a third party, the actual hire charges payable for the same as reduced by ...

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Income Tax – Exemption of Allowance in the hands of Employees working in mines

270/2007 (07/11/2007)

Income Tax notification no. 270/2007 dated 7-11-2007 has been issued to extend the exemption contained in Rule 2BB of Income Tax Rules, 1962 read with section 10(14) of the Income Tax Act, 1962 vide serial no. 12 to all workers / employees working in mines. Earlier the exemption was available to employees working in "Coal Mines" only upto...

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Notification No. G.S.R. 720 (E), dated 16/11/2007

Notification No. G.S.R. 720(E) (10/11/2007)

Provided that if the name so allowed is not adopted on or before the expiry of the period of sixty days from the date it is allowed, the applicant may apply for extension for retention of such name for a further period of thirty days on payment of fifty per cent of the fee prescribed for the application at the initial stage:...

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Circular No. 858/16/2007-Central Excise, Dated: 08.11.2007

Circular No. 858/16/2007-Central Excise (08/11/2007)

It is clarified that para- 2 of the said circular stands amended to the extent that in case, credit taken on inputs used in the manufacture of the said goods cleared under notification No.14/2002-CE or notification No. 30/2004-CE, has been reversed before utilization, it would amount to credit not having been taken....

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Notification No. 272/2007 – Income Tax Dated 8/11/2007

Notification No. 272/2007 - Income Tax (08/11/2007)

Notification No. 272 - Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry of Finance, Department of Revenue, (Central Board of Di...

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Notification No. 270/2007, Dated: 07.11.2007

Notification No. 270/2007 (07/11/2007)

In exercise of the powers conferred by section 295 read with sub-clause (ii) of clause (14) of section 10 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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Amends notification No. 39/2005-Customs (N.T.), Dated: 13th May, 2005

Notification No. 111/2007-Customs (N.T.) (07/11/2007)

The principal notification No. 39/2005-Customs (N.T.) dated the 13th May, 2005 was published vide number G.S.R 307(E), dated the 13th May, 2005 and was amended by the following numbers....

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Common Errors in PC & The First Aid

1. MONITOR LED IS BLINKING- Check all the connections like Monitor Cable, Data cables,RAM, Display Card , CPU connections. 2. CONTINUOUS THREE BEEPS- Problem in RAM Connection. 3. THREE BEEPS ( 1 Long 2 Short)- Problem in Display Card Connection....

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Posted Under: Custom Duty |

Notification No. 269/2007, Dated: 05.11.2007

Notification No. 269/2007 (05/11/2007)

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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Notification No. 268/2007, Dated: 05.11.2007

Notification No. 268/2007 (05/11/2007)

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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Notification No. 267/2007, Dated: 05.11.2007

Notification No. 267/2007 (05/11/2007)

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. 79 (RE-2007)/2004-2009, Dated: 05.11.2007

Public Notice No. 79 (RE-2007)/2004-2009 (05/11/2007)

An application fee equivalent to 1% of duty saved amount. However, no fee shall be charged when such document is lost by Government agencies and a documentary proof to this effect is submitted....

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Applicability of Public Notice No. 36 in respect of pending claims for TED refunds as per amended Para 8.3.1(iii) of HBP Volume 1

Policy Circular No. 19 (RE-2007)/2004-09 (05/11/2007)

All time barred, pending or rejected applications which were filed after six months from end of the option period as exercised by the applicant, but are now within a period of 12 months from end of the originally exercised option period, should be processed as per amended para 8.3.1(ii) of HBP,...

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Period of preservation of accounts or for which books are required to be maintained

Companies Act, 1956 -· A company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year. · A s. 25 company is required to maintain its books of account and vouchers for a period of not less than 4 years. · The books and papers of the Amalgamated/Transferor Company must b...

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Posted Under: Custom Duty |

Circular No. 857/15/2007-Central Excise, Dated: 02.11.2007

Circular No. 857/15/2007-Central Excise (02/11/2007)

I am directed to invite your attention to Board's circular No. 809/6/2005-CX dated 01.03.2005, wherein the procedure relating to sanction and pre-audit of refund/rebate claims has been prescribed. It has been brought to the notice of the Board that various court judgments have held that the procedure of pre-audit before sanction of refund...

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Notification No. 47 (RE-2007)/2004-2009, Dated: 02.11.2007

Notification No. 47 (RE-2007)/2004-2009 (02/11/2007)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009 (as amended from time to time), the Central Government hereby makes following amendment in Notification No.15(RE-2006)/2004-2009 dated 27.06.2006....

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Notification No. 46 (RE-2007)/2004-2009, Dated: 02.11.2007

Notification No. 46 (RE-2007)/2004-2009 (02/11/2007)

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-20...

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Notification No. 37/2007-Central Excise, dated: 01.11.2007

Notification No. 37/2007-Central Excise (01/11/2007)

The principal notification No.64/95-Central Excise, dated the 16th March, 1995 was published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide number G.S.R. 256(E), dated the 16th March, 1995 and was last amended vide notification No.30/2007-Customs, dated the 10th July, 2007 which was published vide number...

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Retrospective Amendment subsequent to Assessment Order will not attract Section 263

Commissioner Of Income-Tax. Vs. Max India Limited (Supreme Court of India)

The problem with Section 80HHC is that it has been amended eleven times. Different views existed on the day when the Commissioner passed the above order. Moreover, the mechanics of the section have become so complicated over the years that two views were inherently possible. Therefore, subsequent amendment in 2005 even though retrospectiv...

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Last date of filing Income Tax /Fringe Benefit Tax Return extended

The Central Board of Direct taxes have extended the last date of filing of income tax /fringe benefit tax returns due by 31st October 2007 as follows:- For electronic returns (companies, and firms requiring tax audit u/s 44AB) to 15th November 2007; and For paper returns (other than those required to file electronic returns) to 2nd Novem...

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Posted Under: Custom Duty |

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