"03 January 2008" Archive

Notification No. 03/2008-Customs Duty, dated 03-01-2008

Notification No. 03/2008-Customs 03/01/2008

therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the said Act and in pursuance of rule 23 of the said Rules, the Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 102/2006-Customs, dated...

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Amends Notification No. 117/2003-Customs, dated 24th July, 2003 on anti-dumping duty on Para Hydroxy Phenyl Glycine Methyl Potassium Dane Salt (PHPG DS)

Notification No. 02/2008-Customs 03/01/2008

therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the said Act and in pursuance of rule 23 of the said Rules, the Central Government hereby makes the following further amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 117/2003-Custom...

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Tax paid by employer is not a perk

A Special Bench of the Delhi Income Tax Appellate Tribunal has ruled that the income tax that an employer pays on behalf of its employee is a non-monetary benefit in kind and, therefore, exempt from tax. The Tribunal's ruling will benefit multinational companies operating through liaison and sales offices and unregistered Indian companies...

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Posted Under: Custom Duty |

CAs now allowed to advertise services

The New Year brings in good news for independent finance professionals like company secretaries, chartered accountants and cost & works accountants, who will be allowed to advertise their services and area of proficiency, a move that would enable them to offer services globally and effectively highlight their areas of competence....

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Posted Under: Custom Duty |

Cos have to appoint monitoring agencies for IPO funds

Companies shall be required to appoint agencies to monitor the utilisation of funds raised through public and rights issues, and report any deviation in utilisation to the stock exchanges, the Securities and Exchange Board of India announced on Thursday. They will also have to make public the adverse comments of their audit committee (or ...

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Posted Under: Custom Duty |

RTI Act – Income Tax Department determined to deny information – fails in second Appeal

JUST a week ago, we carried a story and case where a Single Bench of the Delhi High Court had taken serious note of the lackadaisical approach of the Department in releasing the information. The High Court had directed the department to furnish the information within two weeks....

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Posted Under: Custom Duty |

Deferred tax liability is Not a provision for Income Tax -ITAT

Deferred tax liability is a provision for tax effect of difference between taxable and accounting income - Not a provision for I -T paid or payable - it is also not reserve as same cannot be transferred to P&L a/c, unlike a regular reserve - ITAT ...

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Posted Under: Custom Duty |

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