"18 December 2007" Archive

Eligibility of shank buttons, snap fasteners (snap buttons), zippers etc. for benefit under notification No.21/2002-Customs, Sl.No.140, 167, 167A and 167B-reg

Circular No. 44/2007-Customs Duty (18/12/2007)

The above clarification is issued to ensure uniformity in classification and assessment of the goods covered under the above exemption entries. These instructions may be brought to the notice of the trade by issuing suitable Trade / Public Notices and Suitable Standing orders / instructions for the guidance of the Customs field formations...

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Notification No. 290/2007, Dated: 18.12.2007

Notification No. 290/2007 (18/12/2007)

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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Rescinds notification No.7/2006-Customs, dated 13th February, 2006.

Notification No. 120/2007-Customs (18/12/2007)

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, the Central Govern...

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Anti-dumping duty on import of Compact Fluorescent Lamps

Notification No. 119/2007-Customs (18/12/2007)

For the purposes of this notification, "rate of exchange" applicable for the purposes of calculation of anti-dumping duty shall be the rate which is specified in the notification of the Government of India in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by sub-clause (i) of...

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NRI investments – Some FAQs

One of the first things you should know as an NRI is that your existing bank accounts are no longer valid.The Foreign Exchange Management Act (FEMA) requires you to inform all the banks where you have an account,be it savings or deposits, about your changed residential status. ...

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Posted Under: Custom Duty |

Norms for citizenship

Pursuant to the discussion on rights, interests and titles in immovable properties and property development transactions, it is useful to focus on legal persons and entities who are involved in them and the laws governing them. The first legal person and entity to be taken for discussion is an Individual in all his roles and legal statuse...

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Posted Under: Custom Duty |

Time limit for rectification of orders by the Income Tax Appellate Tribunal (ITAT)

Sub-section (2) of Section 254 of the Income-Tax Act,providing for rectification of orders by the Income Tax Appellate Tribunal (ITAT), reads thus: “The Appellate Tribunal may, at any time within four years from the date of the order, with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub-...

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Posted Under: Custom Duty |

Jurisdiction when the business or profession is carried on at more places than one

Under the Act, if an order is made by an Assessing Officer other than the one entitled to exercise jurisdiction, it may account merely to irregular exercise or assumption of jurisdiction. Under section 124 of the Income-tax Act, 1961, where the Assessing Officer has been vested ith jurisdiction over any area, within the limits of such are...

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Posted Under: Custom Duty |

Due Date Extended for filing of new ITR forms

The Supreme Court directed tax payers all over the country to file Income Tax returns under the prescribed new ITR forms for assessment year 2007-08 by February 29, 2008 - the new deadline set by the government. The direction was passed after Additional Solicitor General Mohan Parasaran informed the bench headed by Justice B N Agarwal tha...

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Posted Under: Custom Duty |

ITAT mathematics – Transfer pricing is no science

The Income-Tax Appellate Tribunal has held that transfer pricing is not an exact science in which mathematical certainty is possible and some approximations cannot be ruled out. The case relates to transfer pricing of captive software development services rendered by an Indian subsidiary Mentor Graphics to its US-based overseas parent. ...

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Posted Under: Custom Duty |
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