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. 58/2005-Customs dated the 30th June, 2005, published in the Official Gazette vide number G.S.R.434 (E), namely.
Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Segment (TFTS) to Rolling Segment.
In what could be a significant deterrent to corporate frauds, the concept of rotation of partners received a green signal from the apex body for chartered accountants, Institute of Chartered Accountants of India (ICAI), and mandates change of partners after seven consecutive years with a listed company. The step, cleared by ICAI, will be operational from April 2009 and is expected to significantly reduce complexity between individual partners in audit firms and their assigned companies, something that has been a cause behind many of the big corporate frauds to have hit the financial world.
It is hereby clarified that in terms of Para 3(i) of the aforesaid Policy Circular, the last date for making applications would be 31st of July for each licensing year. Thereafter, further applications would be considered on “first come first served” basis, provided the earmarked quantity has not been exhausted.
Notification No. 34-Income Tax In exercise of the powers conferred by sub-section (1) of section 295 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:- 1. (1) These rules may be called the Income-tax (Fourth Amendment) Rules, 2008.
therefore, in exercise of the powers conferred by sub-section (2) of section 9A of the said Customs Tariff Act, 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 aforesaid preliminary findings of the designated authority, hereby imposes on the goods, the description of which is specified in column (3) of the Table below, falling under sub-heading of the First Schedule to the said Customs Tariff Act as specified in the corresponding entry in column (2), originating in the countries as specified in the corresponding entry in column (4) of the said Table, and produced by the producers as specified in the corresponding entry in column (6), when exported from the countries as specified in the corresponding entry in column (5), by the exporters as specified in the corresponding entry in column (7), and imported into India, an anti-dumping duty which shall be equal to the amount specified in the corresponding entry in column (8), in the currency as specified in the corresponding entry in column (10) and per unit of measurement as specified in the corresponding entry in column (9) of the said Table.
There is no change in the peak rate of the custom duty in the current budget. Exemption from 4% additional duty of customs has been withdrawn :- The exemption from 4% additional duty of custom leviable under section 3(5) of the Custom Tariff Act has been withdrawn from Power generation projects, (Other than mega power projects) transmission, sub-transmission and distribution projects, and goods for high voltage transmission projects.
The cenvat rate is reduced from 16% to 14% from 1.3.2008. Consequently, the education cess will be computed on 14% and the rate including the education cess will be 14.42%. · In some products like medicaments, the duty rate has been reduced to 8%. The cenvat credit availed by the manufacturer is not dependent on the duty rate of the final product. Therefore, whatever duty is paid by the manufacturer of the inputs, the credit of the same would be available to the manufacturer of the final product even if the rate of duty for such product is 8%. Thus, if a manufacturer of medicament buys bulk drug which attracts duty @ 14%, the credit of entire amount of duty would be available to the manufacturer. There will be no reduction in the quantum of credit available to the manufacturer.
Stock Exchanges are advised to give effect to the abovementioned policy and communicate to SEBI, the status of implementation of the requirements of this circular in the next Monthly Development Report.
Attention is invited to the provisions of section 73 D of the Finance Act, 1994. This section empowers the Central Government to publish information relating to the names of the assessees or any other particulars relating to any proceedings under the Finance Act, 1994 in respect of such persons, in the manner as may be prescribed, if it is considered necessary and expedient in the public interest to do so
