In all past cases where Export Obligation Discharge Certificate (EODC) has not been obtained by 30-06-2008 and where vehicles were not registered as Tourist Vehicles, EPCG authorization holders will get them registered as Tourist Vehicles, by 31-08-2008. Regional Authorities of DGFT will monitor and ensure compliance.
Notification No. 62-Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, vide number S.O. 732(E), published in Government of India
Notification No. 61-Income Tax In exercise of the powers conferred by sub-clause (vii ) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in notification of the Government of India, Ministry of Finance, Department of Revenue, published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section ( ii) vide number
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/correction at appropriate places as mentioned in ANNEXURE “A” to this Public Notice are made.
In this context it is clarified that the EPCG Authorizations issued from 1.4.2008 to 11.4.2008 shall be deemed to be issued at 3% Custom Duty as per FTP (Revised 11-4-2008) and Customs shall automatically allow clearance of goods at 3% Customs Duty.
Taxpayers are to get relief on their tax deducted at source (TDS) obligations with regard to their payments for expenses in March — the last month of the financial year for income-tax purposes. They will now get six months time to deposit the TDS related to payments made in March and also escape disallowance of expense under the Income-Tax law.
The tax treatment of cross border software transactions has always been a matter of controversy. One of the major issues has been whether payments for software, where the seller retains all copyright, trademark and other proprietary rights in the software, should be characterized as royalty or as business income. This article addresses the said issue in the light of the definition of ‘royalty’ as per domestic law and as per DTAA (India – USA) and by making reference to some relevant case-laws. The author makes a pointer to the fact that though a Special Task Force was set up to examine the issues of taxation of software, no clarification has been issued by the CBDT so far. He, therefore, opines that it is high time that the CBDT/Finance Act should come up with a clarification/ amendment so as to address the confusion and litigation which is prevailing on the taxability of software payments.