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Archive: 09 April 2008

Posts in 09 April 2008

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 2421 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

PF, ESI paid after 31st March but before filing of return is allowable

April 9, 2008 1715 Views 0 comment Print

The grievance of the revenue is that proviso appended to section 43B of the Act permitting allowing of deduction of PF, ESI etc., subsequent to the close of the accounting period but before the return is filed, should not have been followed but disallowance must be upheld. It has not been disputed before us that the proviso has been inserted by the Finance Act, 1987 effective from 1.4.1988. In view of this, the appeals preferred by the revenue have been dismissed.

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

April 9, 2008 633 Views 0 comment Print

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 conclusion, the judgement of the Supreme Court in Transmission Corporation of A.P. Ltd. Vs. CIT [1999] 239 ITR 587 (S.C.) has also been invoked.

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

April 9, 2008 2038 Views 0 comment Print

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 number G.S.R. 258 (E), dated the 29th March, 2007.

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

April 9, 2008 199 Views 0 comment Print

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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