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Archive: February, 2008

Posts in February, 2008

Circular No. 866/04/2008-Central Excise, Dated: 28.02.2008

February 28, 2008 550 Views 0 comment Print

The undersigned is directed to refer to Circular no. 863/1/2008 dated 18th January, 2008 issued vide F. No.354/122/2002-TRU [Pt.I] and to state that Board has already assigned the said circular number to another Circular (vide F. No. 275/116/2007-CX8A on 2.1.2008) pertaining to filing of appeals in the Supreme Court

Public Notice No. 119 (RE-2008)/2004-2009, Dated: 27.02.2008

February 27, 2008 157 Views 0 comment Print

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.

Public Notice No. 118 (RE-2008)/2004-2009, Dated: 27.02.2008

February 27, 2008 148 Views 0 comment Print

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.

Public Notice No. 117 (RE-2007)/2004-09, Dated: 27.02.2008

February 27, 2008 202 Views 0 comment Print

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

Public Notice No. 116 (RE-2007)/2004-2009, Dated: 27.02.2008

February 27, 2008 157 Views 0 comment Print

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 amendments in Handbook of Procedures.

Highlights of Rail Budget 2008-09 Presented by Railway Minister on 26.02.2008

February 27, 2008 772 Views 0 comment Print

Following are the highlights of Railway Budget 2008-09 presented by the Railways Minister, Mr Lalu Prasad, in Parliament on Tuesday.· Second-class Sleeper fares cut by 5%. · AC-1 fare cut by 7%. · AC-2 fare cut by 4%. ·AC-3 fare cut by 3%.

IT Department has sought clarity from the CBDT on non-compete fee

February 27, 2008 306 Views 0 comment Print

According to income tax officials, Section 55(2) of the I-T Act estimates the cost of right to carry on any business as nil. However, non-compete compensation received by a person carrying on a reputed business is not explicitly covered in the clause right to carry on any business and is claimed as capital receipt. The department has favoured an amendment to Section 28 of the I-T Act to exclude such compensation from the list of capital transactions. The non-compete fee is shown as capital receipt and thus gets exemption.

Circulation of copy of Notification No S.O -298(E)

February 26, 2008 403 Views 0 comment Print

directed to forward herewith a copy of the Notification published in the Gazette of India for your information and necessary action.

Amends Notification No. 39/2005-Customs Duty (N.T.), dated 13th May, 2005

February 26, 2008 235 Views 0 comment Print

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.05/2008(NT)-CUSTOMS, dated the 28th January, 2008 vide number S.O. 158(E), dated the 28th January, 2008, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st March, 2008 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

Circular on Grant of Certificate for TDS

February 26, 2008 1297 Views 0 comment Print

Trade Cir. No. 4 T of 2008 Section 31 of the Maharashtra Value Added Tax Act, 2002 provides for deduction of tax at Source. Section 31(1) (b) (ii) of the Act empowers the Commissioner of Sales Tax to grant certificate to a contractor who is not doing Works contract. Where an application is made by the contractor and if the Commissioner is satisfied that the contract is not a works contract, then, he shall grant him the certificate for non-deduction of tax at source. The Commissioner may, after giving the contractor a reasonable opportunity of being heard, reject the application or cancel or modify such certificate.

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