"April, 2008" Archive

SEBI : Revised Monthly Cumulative Report (MCR)

SEBI/IMD/CIR No. 3/124444/08 (30/04/2008)

Compliance officers of all the Mutual Funds are advised to take due care while forwarding the MCR data to SEBI. Compliance officers shall confirm that the data forwarded is correct and does not require any revision....

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Public Notice No. 10 (RE-2008)/2004-2009, Dated: 29.04.2008

Public Notice No. 10 (RE-2008)/2004-2009 (29/04/2008)

Application has to be filed for claiming interest if Terminal Excise Duty (TED)/ Duty Drawback/ Central Sales Tax (CST) due to a claimant is not paid within a period of one month from the date of final approval of claim by the Regional Authority (RA)/ Development Commissioner (DC), Special Economic Zone (SEZ)....

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Notification No. 25/2008-Central Excise; Dated: 29.04.2008

Notification No. 25/2008-Central Excise (29/04/2008)

The principal notification No.6/2006-Central Excise dated the 1st March, 2006, was published in the Gazette of India, Extraordinary, vide number G.S.R. 96(E), dated the 1st March, 2006 and was last amended vide notification No. 6/2008-Central Excise, dated the 1st March, 2008 which was published in the Gazette of India, Extraordinary, vid...

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Amends Notification No. 21/2002-Customs Duty, dated 1st March, 2002

Notification No. 56/2008-Customs [G.S.R 315 (E)] (29/04/2008)

Note: The principal notification No.21/2002-Customs, dated the 1st March, 2002 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.42/2008-Customs, dated the 1st April, 2008 published vide number G.S.R.259(E), dated the 1st April, 2008....

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Circular No. 6/2008-Customs Dated- 28th April, 2008

Circular No. 6/2008-Custom Duty (28/04/2008)

I am directed to state that various representations from importers, exporters, trade and industry associations and references from some of the Customs field formations have been received in the Board seeking clarification regarding refund of 4% Additional Duty of Customs leviable under sub-section (5) of Section 3 of the Customs Tariff A...

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Regarding anti-dumping duty on Pentaerythritol originating in, or exported from Chinese Taipei and Japan

Notification No. 55/2008-Customs (28/04/2008)

Whereas, the designated authority vide notification No. 15/7/2006-DGAD, dated the 15th March, 2007, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 15th March, 2007, had initiated review, in terms of sub-section (5) of section 9A of the Customs Tariff Act....

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Utilization of Vishesh Krishi and Gram Udyog Yojana (VKGUY) scrips (Erstwhile Vishesh Krishi Upaj Yojana (VKUY) scrips)

Policy Circular No. 5 (RE-2008)/2004-2009 (28/04/2008)

In FTP (RE2006), the scheme was renamed as VKGUY. For VKGUY Scrips issued for exports made during 2006-07, import allowed is governed by Para 3.8.3 read with Para 3.8.3.1 of FTP (RE2006). All freely importable items covered under ITC HS book, except for a few items listed in Appendix 37B of the Handbook of Procedures Vol. I, are allowed....

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Regarding anti-dumping duty on Hydrofluoric acid originating in, or exported from the People’s Republic of China

Notification No. 54/2008-Customs (28/04/2008)

rate of exchange applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification, issued from time to time, in exercise of the powers conferred by section 14 of the said Customs Act, and the relevant date for the determination of the rate of exchange shall be the date of presen...

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Determines rate of exchange of conversion of foreign currency

Notification No. 39/2008-Customs (N.T.) (28/04/2008)

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.32/2008-CUSTOMS (N.T.), dated the 27th March, 2008 vide number S.O. 742(E), dated the 27th March, 2008, except as respects thin...

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Entry Tax-Petitioner who had discharged his burden by producing the bills which had no rubber seal to the effect “local goods for the area”, cannot be held liable to pay the tax in the absence of any proof to the contrary

M/s Goel Coal Co. Vs Additional Commissioner of Commercial Tax, Jabalpur : Assistant Commissioner-1, Satna : Secretary Commercial Tax, State of Madhya Pradesh (MP High Court Jabalpur)

In the case of Ranomal Vs. State of M.P. (1985) 18 VKN 53 (M.P.)= 1984 MPLJ 585 it has been held by a Division Bench of this Court that the burden which rests on the dealer is discharged by producing a bill which does not contain rubber stamp endorsement in the nature required to be […]...

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No TDS on Service Tax element- Rent-U/S 194I

Circular No. 4/2008-Income Tax (28/04/2008)

CIRCULAR NO 4/2008-Income Tax It has been decided that tax deduction at source (TDS) under sections 194-I of Income Tax Act would be required to be made on the amount of rent paid/payable without including the service tax....

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SC rules provident fund subscriber is ‘consumer’

The Supreme Court has held that services rendered by the office of Regional Provident Fund Commissioner of the Employees Provident Fund Organisation will fall within the ambit of ‘service’ under the provisions of Consumer Protection Act (1986) and the subscriber under the Provident Fund scheme is a ‘consumer’ under this Act....

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Posted Under: SEBI |

Entitlement of DEPB prior to issuance of Public Notice withdrawing the benefit under the Scheme-regarding

Policy Circular No. 4 (RE-2008)/2004-2009 (24/04/2008)

Attention is invited to the Public Notice No. 130 dated 27.3.2008 (as amended from time to time), PN No. 137 dated 3.4.2008 wherein DEPB Benefits were withdrawn against export of primary steel items, Cement and Rice with immediate effect. Representations have now been received from Trade and Industry and the Regional Authorities of D...

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Aban Loyd Chiles Offshore Ltd. Vs UOI (Supreme Court)

Whether oil rigs engaged in operations in the exclusive economic zone/ continental shelf of India, falling outside the territorial waters of India, are foreign going vessels as defined by Section 2(21) of the Customs Act, 1962, and are entitled to consume imported stores thereon without payment of customs duty in terms of Section 87 of th...

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Policy Circular No. 3 (RE-2008)/2004-2009, Dated: 24.04.2008

Policy Circular No. 3 (RE-2008)/2004-2009 (24/04/2008)

In terms of the above provision, it is, once again, clarified that where export is under DEPB Scheme, for claim of DEPB only for Packing Material, exporters are entitled to VKGUY Scheme benefits @ 5% of Fob Value of Exports....

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Public Notice No. 09 (RE-2008)/2004-2009, Dated: 24.04.2008

Public Notice No. 09 (RE-2008)/2004-2009 (24/04/2008)

Consequently, for exports w.e.f 17.4.2008, export of Milk and value added Milk Products (covered under ITC HS codes 0401 to 0406, 19011001, 19011010 & 2105) shall not be entitled to VKGUY scheme benefits....

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Notification No. 6 (RE-2008)/2004-2009, dated: 24.04.2008

Notification No. 6 (RE-2008)/2004-2009 (24/04/2008)

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 11.4.2008....

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Amends Notification No. 12/1997-CUSTOMS (N.T.), G.S.R. 193 (E), dated 2nd April, 1997

Notification No. 38/2008-Customs (N.T.) (24/04/2008)

The principal notification No.12/97-CUSTOMS(N.T.), dated the 2nd April, 1997 was published in the Gazette of India, Extraordinary, Part-II, section 3(i) vide number G.S.R. 193(E), dated the 2nd April, 1997 and was last amended by notification No.34/2008-CUSTOMS(N.T.), dated the 28th March, 2008, published in the Gazette of India, Extraord...

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Public Notice No. 08 (RE-2008)/2004-2009, Dated: 23.04.2008

Public Notice No. 08 (RE-2008)/2004-2009 (23/04/2008)

In exercise of power conferred under paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendment in Appendix 17 of the Handbook of Procedure....

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Exemption specified goods when imported from Bangladesh through Dhaka- Darsana- Gede- Kolkata route

Notification No. 53/2008-Customs (23/04/2008)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified in column (2) of the Table below when imported into India from Bangladesh through Dhaka- Darsana- Gede...

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Voluntary Filing of MVAT E-returns and continuation of 10days Grace

Trade Circular No. 16T of 2008 (23/04/2008)

A large number of representations have been received from dealers who are not covered by the Notification for filing of e_Return. These dealers made a request and shown their willingness for filing e_Return even though it is not mandatory for them to file e-Return. It is the endeavor of the department to encourage the filing of e_return. ...

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Public Notice No. 07 (RE-2008)/2004-09, Dated: 22.04.2008

Public Notice No. 07 (RE-2008)/2004-09 (22/04/2008)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2004-09, as notified in the Gazette of India extraordinary Part II, Section 3, Sub section (ii) as amended from time to time and in supersession of Public Notice No. 69 (RE- 2006) dated 21.11.2006 and Public Notice No. 13 (RE-2007) dated 02.07.2007....

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Re-constitution of National Advisory Committee on Accounting Standards

Notification No. S.O. 901(E) (22/04/2008)

In exercise of the powers conferred by sub-section (1) of Section 210A of the Companies Act, 1956 (1 of 1956), the Central Government hereby constitutes an Advisory Committee to be called the National Advisory Committee on Accounting Standards, consisting of the following persons to advise the Central Government on the formulation and lay...

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Amends Notification No.26/2000-Customs dated the 1st March, 2000

Notification No. 52/2008-Customs (22/02/2008)

The principal notification No. 26/2000-Customs, dated the 1st March, 2000, was published in the Gazette of India, Extraordinary, vide G.S.R.178(E) dated the 1st March, 2000 and was last amended by notification No. 3/2007-Customs, dated the 5th January, 2007 published vide G.S.R. No. 11 (E), dated the 5th January, 2007....

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Public Notice No. 06 (RE-2008)/2004-2009, Dated: 21.04.2008

Public Notice No. 06 (RE-2008)/2004-2009 (21/04/2008)

In exercise of power conferred under paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendment in Appendix 4-C (List of agencies authorized to issue Certificate of Origin Non-Preferential ) of the Handbook of Procedure....

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Exemption to goods imported into India from Bangladesh under SAFTA

Notification No. 51/2008-Customs (21/04/2008)

Provided that the importer proves to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, that the goods in respect of which the benefit of this exemption is claimed are of the origin of Bangladesh, in accordance with the Rules of Determination of Origin of Goods under the Agreem...

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Amends Notification No. 147/2003-Customs Duty, dated 7th October, 2003

Notification No. 50/2008-Customs (21/04/2008)

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. 147/2003-Customs, dated...

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SMS Based Service for PAN and TAN Application Status

The applicant can send an SMS to 53030 with a message containing the word PAN followed by a space and the 15-digit acknowledgment number provided at the time of submission of application i.e., PAN ACKNOWLEDGMENT NUMBER (e.g., PAN 123456789012345 – this is an illustrative acknowledgment number. Actual acknowledgment number should be prov...

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Posted Under: SEBI | ,

Service Tax – sale of constructed houses – liable to pay Service Tax under ‘construction service’ and not under ‘works contract’ : Advance Ruling

Whether the activity of booking the residential units to be undertaken by the applicant is a taxable service liable to Service Tax under the provisions of section 65 (105) of the Finance Act, 1994? Whether the applicant is liable to service tax under section 65 (105) (zzzh) of the Finance Act, 1994 under the notified taxable service of co...

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Posted Under: SEBI |

Track your tax refund status online now

To check the status of their Income Tax refund, taxpayers can log in at https://tin.tin.nsdl.com/oltas/ refundstatuslogin.html . If there is a problem, they can contact the assessing officer or the refund banker, the State Bank of India. In case of any grievance, taxpayers can also contact the additional commissioner in charge of the ran...

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Posted Under: SEBI | ,

SEBI : Interpretation of term “shareholder having trading rights” under Securities Contracts (Regulation) (Manner of Increasing and Maintaining Public Shareholding in Recognised Stock Exchanges) Regulations, 2006.

MRD/DSA/SE/Cir-09 /08 (17/04/2008)

A shareholder having a trading interest “indirectly” in relation to a person having trading rights, would be understood in the same manner as the term “associate” is in relation to a shareholder having trading rights under regulation 2(1)(b) of the Securities Contracts (Regulation) (Manner of Increasing and Maintaining Public Shar...

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Refund of service tax on services used by exporters attributable to export activities

F. No. 341/15/2007-TRU (17/04/2008)

Refund of service tax paid on taxable services used by exporters which are not input services but could be attributable to export activities - Regarding...

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Public Notice No. 05 (RE-2008)/2004-2009, Dated: 17.04.2008

Public Notice No. 05 (RE-2008)/2004-2009 (17/04/2008)

Export of Skimmed Milk Product (SMP), Casein and any other Milk Product shall not be entitled for the benefit of VKGUY Scheme and Focus Market scheme with immediate effect....

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Public Notice No. 04 (RE-2008)/2004-2009, Dated: 17.04.2008

Public Notice No. 04 (RE-2008)/2004-2009 (17/04/2008)

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 in the “Schedule of DEPB Rates”, as amended from time to time, with immediate effect....

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SEBI : Comprehensive Risk Management Framework for cash market

MRD/DoP/SE/Cir-10/2008 (17/04/2008)

Necessary systems shall be put in place so as to enable adjustment of the pay-in obligations of the membrs from the cash component of the liquid assets deposited by them. ...

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SEBI : Collateral deposited by clients with brokers

MRD/DoP/SE/Cir- 11/2008 (17/04/2008)

circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market....

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Clarification regarding Actual User Condition for import of Sugar under Advance Authorisation Scheme

Policy Circular No. 2 (RE-2008)/2004-2009 (16/04/2008)

Attention is invited to the provision contained in paragraph 4.1.5 of FTP wherein it has been stated that the “Advance Authorisation and / or materials imported thereunder will be with Actual User Condition. However, in case of Advance Authorisation wherein the input allowed is Raw Sugar, a special dispensation was allowed vide CBEC le...

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SEBI : (Mutual Funds) (Amendment) Regulations, 2008

Notification No. LAD-NRO/GN/2008/03/123042 (16/04/2008)

the scheme is launched after the commencement of the Securities and Exchange Board of India (Mutual Funds)(Second Amendment) Regulations, 2006 and prior to commencement of the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2008....

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Amends Notification No. 36/2001-Customs Duty (N.T.), dated, 3rd August 2001

Notification No. 37/2008-Customs (N.T.) (16/04/2008)

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. 28/2008-Customs (N.T.), dated, the 17th March, 2008 (S.O. 519 (E) dated 17th March, 2008)....

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Notification No. 5 (RE-2008)/2004-2009, Dated: 15.04.2008

Notification No. 5 (RE-2008)/2004-2009 (15/04/2008)

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, with immediate effect, following amendments to the Notification No. 4 (RE-2008)/2004-2009....

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ICAI to launch shorter version of CA course

The Institute of Chartered Accountants of India (ICAI) said on Thursday it will launch a course of accounting technicians from April 22 for undergraduate students. "We are launching this course considering that there is a need for second tier of accountants, with so many accounting jobs coming up in the country," ICAI president Ved Jain t...

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Posted Under: SEBI |

Reduced rate of CST would be effective from 1-5-2008

Following an agreement between the Central Government and the State Governments, the rate of Central Sales Tax was reduced from 4 per cent to 3 per cent in this financial year. It is now proposed to reduce the rate to 2 per cent from April 1, 2008. Consultations are underway on the compensation for losses, if any, and once agreement is re...

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Posted Under: SEBI |

Highlights of Foreign Trade Policy, 2008

(15/04/2008)

DEPB Scheme Extended Till May 2009. Income Tax Benefit To 100% EOUs Under Section 10-B Of It Act Being Extended For One Year Beyond 31stmarch 2009. New Export Promotion Council For Telecom Sector . 5% Additional Duty Credit For Export Of Toys And Sports Goods...

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Posted Under: SEBI |

Compliance Calendar under Various Statutory Laws in India

Compliance Calendar under Direct Tax Laws. Compliance Calendar under Indirect/Corporate & Labour Laws. Payment of monthly dues of Provident Fund. Monthly return in Form 5 for employees joining Provident Fund during previous month along with declaration in Form 2 furnished by the employees. Monthly return of PF in Form 10 of employees lea...

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Posted Under: SEBI |

ICAI Gives Firms Leeway In Reporting Derivative Losses

No need to report if transaction is not speculative. Companies may get to avoid reporting losses on derivative contracts provided they can prove that the transaction was a hedge and not speculative in nature. A recent clarification by the Institute of Chartered Accountants of India (ICAI) regarding disclosure norms for derivative contract...

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Posted Under: SEBI |

Notification No. 56/2008-Income Tax Dated 11/4/2008

Notification No. 56/2008-Income Tax (11/04/2008)

Notification No. 56-Income Tax In exercise of the powers conferred by clause (xii) of sub-section (1) of section 36 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the National Dairy Development Board established under section 4 of the National Dairy Development Board A...

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Clarification regarding Service Tax Refund

Policy Circular No. 1 (RE-08)/2004-2009 (11/04/2008)

While notifying new areas for imposition of Service Tax, Department of Revenue would simultaneously issue Refund Notifications for such Services rendered for exports wherever linkage could be established with exports by verifiable methods. ...

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Public Notice No. 03 (RE-2008)/2004-2009, Dated: 11.04.2008

Public Notice No. 03 (RE-2008)/2004-2009 (11/04/2008)

In exercise of the 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 Handbook of Procedures....

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Public Notice No. 02 (RE-2008)/2004-2009, Dated: 11.04.2008

Public Notice No. 02 (RE-2008)/2004-2009 (11/04/2008)

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 Public Notice No. 79 dated 2.1.2006....

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Public Notice No. 01 (RE-2008)/2004-09, Dated: 11.04.2008

Public Notice No. 01 (RE-2008)/2004-09 (11/04/2008)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby notifies Handbook of Procedures (Volume I) incorporating Annual Supplement as updated on 11th April 2008 as contained in annexure to this Public Notice and the Appendices to the Handbook of Procedures (Vol...

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Notification No. 24/2008-Central Excise, Dated: 11.04.2008

Notification No. 24/2008-Central Excise (11/04/2008)

"Provided that no such clearance or debonding of capital goods under the Export Promotion Capital Goods Scheme of Chapter 5 of the Foreign Trade Policy shall be allowed if the user industry has not fulfilled the positive NFE criteria at the time of clearance or debonding in terms of Para 6.18 (d) of Foreign Trade Policy....

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Notification No. 4 (RE-2008)/2004-2009, Dated: 11.04.2008

Notification No. 4 (RE-2008)/2004-2009 (11/04/2008)

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. 3 (RE-2008)/2004-2009, Dated: 11.04.2008

Notification No. 3 (RE-2008)/2004-2009 (11/04/2008)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby substitutes, with immediate effect, Para 1.1 of Notification No.85 (RE-2007)/2004-2...

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Notification No. 2 (RE-2008)/2004-2009, Dated: 11.04.2008

Notification No. 2 (RE-2008 )/2004-2009 (11/04/2008)

The Scheme will be operational only from the ports of Chennai, Kandla, Kolkata, Mangalore, Mumbai, Mundra, Nhavasheva (JNPT), Tuticorin and Visakhapatnam. However, for this purpose Mangalore and Tuticorin shall be treated as the same Port thereby allowing importers to import wood logs from Mangalore and export the sawn timber from Tuticor...

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Notification No. 1 (RE-2008)/2004-2009, Dated: 11.04.2008

Notification No. 1 (RE-2008)/2004-2009 (11/04/2008)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,1992 (No.22 of 1992) read with paragraph 1.2 of the Foreign Trade Policy, 2004-2009, the Central Government hereby notifies the Foreign Trade Policy, 2004-2009 incorporating the Annual Supplement as updated on 11th April 2008 and contained in ...

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Regarding anti-dumping duty on Sodium Nitrite

Notification No. 49/2008-Customs (11/04/2008)

For the purposes of this notification, "landed value" means the assessable value as determined under the Customs Act, 1962 (52 of 1962) and includes all duties of customs except duties levied under sections 3, 3A, 8B, 9 and 9A of the said Customs Tariff Act....

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Regarding anti-dumping duty for Sulphur Black

Notification No. 48/2008-Customs (11/04/2008)

(i) the subject goods have entered the Indian market from the subject country at prices less than their normal values in the domestic market of the exporting country; (ii) the dumping margins of the subject goods imported from the subject country are substantial and above de minimis; and...

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Amends Notification No. 52/2003-Customs Duty, dated 31st March, 2003

Notification No. 47/2008-Customs (11/04/2008)

The principal notification No. 52/2003-Customs, dated the 31st March, 2003 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R 274 (E), dated the 31st March, 2003 and last amended by notification No. 84/2007-Cus, dated the 6th July, 2007 published vide number G.S.R. 473 (E), dated th...

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Tax treatment for limited liability entities yet to be decided

Even as the limited liability partnership (LLP) law is soon to become a reality, the issue of tax treatment for such entities has not yet been finalised. The Ministry for Corporate Affairs (MCA) has left it to the Finance Ministry to take a final call on the contentious issue of tax treatment for LLP firms....

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Posted Under: SEBI |

Real Estate Developer liable to Service Tax on Residential Construction

Though the rulings of the Authority are binding only on the applicant and the service tax department; but since the issue has been settled in favour of service tax department; all the Builders and Real Estate Developers who are not paying service tax on construction of residential flats and units are going to be slapped the demands of ser...

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Posted Under: SEBI |

Tax deductors to quote PAN in TDS returns

The Income Tax department had on 26.3.2008 advised all tax deductors to invariably quote PAN in their TDS returns in all cases wherein they have deducted tax and deposited it into the government account. This has been emphasized as non-quoting of PAN results in inability to give credit to the deductees while processing their cases. ...

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Posted Under: SEBI |

Anti dumping duty on import of Diclofenac Sodium originating in, or exported from, the People’s Republic of China

Notification No. 46/2008-Customs (10/04/2008)

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 a...

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Amends Notification No.63/94-Customs Duty (N.T.), dated 21st November, 1994

Notification No. 36/2008-Customs (N.T.) (10/04/2008)

In exercise of the powers conferred by clauses (c) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance, Department of Revenue, No.63/94-Customs (N.T.), dated the 21st November, 1994...

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Tax is not deductible at source in respect of all payments to non-residents

It has been held in the aforesaid judgements that it is not open to a person making payments to a non-resident to take a unilateral decision that the payments made by him are not sums chargeable to tax. To take that view, concurrence of the Assessing Officer as provided in section 195(2) is sine qua non. For reaching the aforesaid conclus...

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Posted Under: SEBI |

Amends Notification Nos. 74/2005-Customs, dated 22nd July, 2005 & 75/2005-Customs, dated 22nd July, 2005

Notification No. 45/2008-Customs (09/04/2008)

The principal notification No. 75/2005-Customs, dated the 22nd July, 2005 was published in the Gazette of India, Extraordinary, vide number G.S.R. number 500 (E), dated the 22nd July 2005 and was last amended by notification no. 49/2007-Customs, dated the 29th of March, 2007 which was published in the Gazette of India, Extraordinary vide ...

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Notification No. 94 (RE-2007)/2004-09, Dated: 09.04.2008

Notification No. 94 (RE-2007)/2004-09 (09/04/2008)

Exercise of powers conferred under 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 makes the following amendments in Chapter-93, Schedule-I (Imports) to the ITC(HS) Classifications of Export and Import Items, 2004-09....

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AAR – Service Tax on Construction – Applicant liable to pay Service Tax under (zzzza) for the residential units to be built by him

M/s Harekrishna Developers (Authority for Advance Ruling New Delhi)

Applicant liable to pay Service Tax under (zzzza) for the residential units to be built by him. Applicant can not deduct the value of goods sold, while paying Service Tax @ 2% under the composition scheme. Applicant liable to pay Service Tax on the contract to build houses which is sub contracted. Applicant liable to pay the tax even whe...

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Sale of constructed houses – Assessee liable to pay Service Tax under ‘construction service’ and not under ‘works contract’

M/s Harekrishna Developers (Authority for Advance Rulings New Delhi)

Whether the activity of booking the residential units to be undertaken by the applicant is a taxable service liable to service tax under the provisions of section 65 (105) of the Finance Act, 1994? It seems that the question as framed lacks in clarity. The question, if literally read, is confined to the first step of ‘booking' the re...

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SEBI : Notification under sub-regulation (1) of regulation 2 of the SEBI:(Mutual Funds) (Second Amendment) Regulations, 2007 and regulation 2 of the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 2007

Notification No. LAD-NRO/GN/2008/01/12244 (08/04/2008)

In exercise of the powers conferred by sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2007 and regulation 2 of the Securities and Exchange Board of India....

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SEBI : Reduction in filing fees for offer documents

SEBI/CFD/MB/IS/2/2008/07/04 (07/04/2008)

.In the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996, in Second Schedule, in Part A, for the word and figure “Rs. 10,00,000”, the word and figure “Rs.5,00,000” shall be substituted....

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Public Notice No. 140 (RE-2007)/2004-2009, Dated: 07.04.2008

Public Notice No. 140 (RE-2007)/2004-2009 (07/04/2008)

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY (PART-I, SECTION-I) GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE NO. 140 (RE-2007) /2004-2009 NEW DELHI, DATED THE 7th APRIL, 2008. In exercise of powers conferred under Paragraph 2.4 of the Foreign Trad...

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Regarding anti-dumping duty on Sodium hydrosulphite, originating in, or exported from, Germany and Korea RP

Notification No. 44/2008-Customs (07/04/2008)

Government of India Ministry of Finance (Department of Revenue) New Delhi, the 7th April, 2008 Notification No. 44/2008-Customs G.S.R–  (E). -Whereas, the designated authority vide notification No. 15/1/2008-DGAD, dated the 19th March, 2008, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 20th March...

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No word yet on commodity transaction tax

There appears to be uncertainty over the implementation of the Commodity Transaction Tax from April 1 with broking firms saying the exchanges have not notified them on the issue till late Monday evening. The Finance Minister, Mr P. Chidambaram, had announced in his Budget proposal that the levy would come into effect from April 1. Mr B....

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Posted Under: SEBI |

Changes in MVAT Return Filing

Changes in MVAT RETURN FILING - TL in Previous Year TR in previous Year Periodicity Form & Due Date Tax Liability (TL) Tax Refund (TR) 1) upto Rs. 1 lakh upto Rs. 10 Lacs Half Yearly 231/21 days 2) upto Rs. 10 lacs upto Rs. 1 crore Quarterly 231/21 days 3) More than 10 Lacs More Than Rs. 1 Crore Monthly 231/21 days ...

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Posted Under: SEBI |

Curbs on land purchase -FEMA

(07/04/2008)

Investments overseas by an Indian company - Indian company” is defined to mean a company incorporated in India. It is permitted to undertake agricultural operations overseas including purchase of land incidental to such activity either directly or indirectly through its overseas offices vide Regulation 6A of FEM (Transfer or issue of an...

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Posted Under: SEBI |

Article 226 – Power of High Court to issue writs and Orders

A writ, direction or order may be issued by the High Court under Article 226 to a person or authority amenable to the Court's jurisdiction either by residence or location within the State, even if the petitioner and other parties are from other States. This power can be exercised, under Article 226(2) of the Constitution, though the perso...

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Posted Under: SEBI |

`SARAL' format for small cos soon

Small-and medium-sized companies (SMCs) may soon have a `SARAL' format for disclosing their financial statements. For ensuring better compliance by all categories of companies with disclosure norms prescribed under the company law, the Ministry for Corporate Affairs (MCA) had asked the Institute of Chartered Accountants of India (ICAI) to...

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Posted Under: SEBI |

Amendments in STT that don’t measure up

The Securities Transaction Tax (STT) was introduced into the income-tax code by the Finance (No. 2) Act, 2004, taking effect from April 1, 2005. It was expected to give a major boost to both the income-tax department in terms of revenue and the equity market. When STT was paid on share transactions, no liability for long-term capital gain...

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Posted Under: SEBI |

What attestation of a deed means?

The Attestor attesting witness must sign the deed or document concerned in the presence of the Executant.One of the factors which is not considered to be important in the course of execution and registration of deeds is attestation of deeds. In respect of deeds which are being registered, many parties regard this as a formality. The gener...

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Posted Under: SEBI |

Service tax Notification of Refund on Exports

Government has issued Notification No. 17/2008-ST dated 1-4-2008, extending refund of service tax paid by exporters on three more taxable services in addition to existing 13 taxable services, which are not in the nature of "input services" but could be related to exports. · Custom House Agent service [section 65(105)(h) of the Finance Ac...

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Posted Under: SEBI |

SEBI : Introduction of Bond Index

SEBI/DNPD//Cir-36/2008 (04/04/2008)

Based on experience gained and awareness generated, derivatives on Bond Index shall be considered for introduction in due course of time....

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Public Notice No. 139 (RE-2007)/2004-09, Dated: 04.04.2008

Public Notice No. 139 (RE-2007)/2004-09 (04/04/2008)

A replenishment authorization for duty free import of consumables, tools, machinery and equipments for Jewellery made out of precious metals (other than Gold & Platinum) equal to 2% and for Cut and Polished Diamonds and Jewellery made out of Gold and Platinum equal to 1% of FOB value of exports of the preceding year, may be issued on prod...

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Regarding anti-dumping duty on Vitamin E

Notification No. 43/2008-Customs (04/04/2008)

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),...

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Circular No. 867/05/2008-Central Excise, Dated 4.4.2008

Circular No. 867/05/2008-Central Excise (04/04/2008)

Para 2 (VI)- Duty payment- As e-payment has been made mandatory for units paying duty of more than Rs. 50 lakh through PLA, this clause is deleted. Large Taxpayers should pay all taxes through e-payment mode only....

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SEBI : Introduction of Direct Market Access facility

MRD/ DoP/SE/Cir-7/2008 (03/04/2008)

communicate to SEBI, the status of the implementation of the provisions of this circular in the Monthly Development Report....

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SEBI : Exemption from mandatory requirement of PAN

MRD/DoP/MF/Cir-08/2008 (03/04/2008)

In the light of the representations received regarding similar exemption for investments in mutual funds, it has been decided to exempt investors residing in the state of Sikkim from the mandatory requirement of PAN for their investments in mutual funds also....

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SEBI : Revision in Filing Fees and Registration Fees – Amendments to SEBI (Mutual Funds) Regulations, 1996

SEBI/IMD/CIR No.1/122201/08 (03/04/2008)

.In the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996, in Second Schedule, in Part A, for the word and figure “Rs. 10,00,000”, the word and figure “Rs. 5,00,000” shall be substituted....

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Public Notice No. 138 (RE-2007)/2004-09, Dated: 03.04.2008

Public Notice No. 138 (RE-2007)/2004-09 (03/04/2008)

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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Public Notice No. 137 (RE-2007)/2004-2009, Dated: 03.04.2008

Public Notice No. 137 (RE-2007)/2004-2009 (03/04/2008)

Export of Basmati Rice shall not be entitled for DEPB benefits under Sl. No. 22C and 22D of the Miscellaneous Product....

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Cut-off time for e-payment transactions pertaing to Government Revenue

RBI Not. 10577 / 42.01.038 /2007-08 (03/04/2008)

DGBA.GAD.No. 10577 / 42.01.038 /2007-08 - We further advise that It has been decided inconsultation with the Controller General of Accounts, Ministry of Finance, Government of India that the cut-off time of 8.00 p.m. fixed for e-payment transactions would be applicable for all Government transactions including EASIEST and OLTAS. The othe...

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Notification No. 35/2008-Customs Duty (N.T.), dated 02-04-2008

Notification No. 35/2008-Customs (N.T.) (02/04/2008)

therefore in exercise of the powers conferred by Section 11-I of the Customs Act, 1962 (52 of 1962), the Central Government hereby specifies the goods in the said Schedule as the goods in respect of which special measures for the purpose of checking their illegal export and facilitating the detection of the said goods which are likely to ...

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Notification No. 17/2008 – Service Tax, dated 01-04-2008

Notification No. 17/2008-Service Tax (01/04/2008)

Notification No. 17/2008-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 further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.41/2007-Service Tax, dat...

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Amends Notification No. 21/2002-Customs, Dated 1st March, 2002

Notification No. 42/2008-Customs [G.S.R. 259(E)] (01/04/2008)

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 by notification no. 37/2008-Customs, dated the 20th March, 2008 which was published in the Gazette of India, Extraordinary vide number G.S.R. 200 (E), dated the 20th March, 2008....

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Notification No. 93 (RE-2007)/2004-2009, Dated: 01.04.2008

Notification No. 93 (RE-2007)/2004-2009 (01/04/2008)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes, with immediate effect, the following amendments to Notification No.38 (RE-20...

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Notification No. 92 (RE-2007)/2004-2009, Dated: 01.04.2008

Notification No. 92 (RE-2007)/2004-2009 (01/04/2008)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes, with immediate effect, following additions, at the end of Paragraph of 1 of ...

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Notification No. 91 (RE-2007)/2004-2009, Dated: 01.04.2008

Notification No. 91 (RE-2007)/2004-2009 (01/04/2008)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009...

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