"October, 2008" Archive

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

Notification No. 116/2008-Customs (N.T.) (31/10/2000)

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. 113/2008-Customs (N.T.), dated, the 16th October, 2008 (S.O. 2459 (E) dated 16th October, 2008)....

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SEBI : Review of Securities Lending and Borrowing (SLB) Framework

MRD/DoP/SE/Cir- 31/2008 (31/10/2008)

The framework for SLB was specified vide circular no. MRD/DoP/SE/Dep/Cir- 14 /2007 dated December 20, 2007. SLB was operationalised with effect from April 21, 2008....

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Policy Circular No. 37 (RE-2008)/2004-2009, Dated: 31.10.2008

Policy Circular No. 37 (RE-2008)/2004-2009 (31/10/2008)

Para 2 (II) of Policy Circular No. 12 (RE-08)/2004-09 dated 27.06.08 and Para 2 (II) of Policy Circular No. 13 (RE-08)/2004-09 dated 30.06.08 shall be amended to read as under....

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No Tax Relief Likely For Market-To-Market Loss

IT is turning out to be a double whammy of sorts for companies that have taken a hit on account of mark-to-market (MTM) losses due to their exposure to forex derivatives. These companies may find it difficult to convince the income tax (I-T) department to allow MTM losses as deduction. Sources in the I-T department pointed out that there...

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Posted Under: Custom Duty |

Adopt an Animal, GET I-T Relaxation

Adopt an animal by paying for its upkeep at the Nandankanan Zoological park and get relaxation in income tax here. The adopters will get the benefit under Section 80G of the Indian Income Tax Act, zoo director Ajit Patnaik told reporters on Friday at the launch of the programme to boost the park's conservation programme....

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Posted Under: Custom Duty |

Sebi Amends Clause 49 of The Listing Agreement That Deals With Corporate Governance Norms

The amendments have been made after representations from entities requested Sebi to bring about further clarity on the amendment (made on April 8) where the promoter of a listed company is a listed or an unlisted entity. A Sebi release said, “If the promoter is a listed entity, its directors —other than the independent directors, its ...

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Posted Under: Custom Duty |

Further amends Notification No. 21/2002-Customs duty, dated 1st March, 2002

Notification No. 119/2008-Customs (31/10/2008)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of ...

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Anti-dumping duty on import of Cable ties

Notification No. 118/2008-Customs (31/10/2008)

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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Amends Notification No.79/2008-Customs Duty, dated 13th June, 2008

Notification No. 117/2008-Customs (31/10/2008)

The principal notification No.79/2008-Customs, dated the 13th June, 2008 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 458(E), dated the 13th June, 2008....

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Exempts iron ore fines when exported out of India

Notification No. 116/2008-Customs (31/10/2008)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts iron ore fines falling under Heading No. 11 of the Second Schedule to the Customs Tariff Act, 1975 (51 of 1975), when ex...

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Amends Notification No. 66/2008-Customs Duty, dated 10th May, 2008

Notification No. 115/2008-Customs (31/10/2008)

The principal notification No. 66/2008-Customs, dated the 10th May, 2008 was published in the Gazette of India, Extraordinary, vide number G.S.R. 359(E), dated the 10th May, 2008 and was last amended by notification No. 77/2008-Customs, dated the 13th June, 2008 which was published in the Gazette of India, Extraordinary vide number G.S.R....

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Anti-dumping duty on phenol

Notification No. 114/2008-Customs (31/10/2008)

For the purposes of this notification, rate of exchange applicable for the purposes of calculation of anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the...

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Calculators For Wealth Tax, Home Loan Interest And Home Loan Interest Benefit, Ratio, IRR, MIRR, Financial, EMI, PT, ESIC, PF, World Time & Others

Easy to Calculate and Understand. Specify the Circumstances when we can Claim Benefit of HRA as well as Interest on Housing Loan.Specify the Procedure for Valuation of Properties, Calculation of Gross Maintainable Rent (GMR) & Calculation of Net Maintainable Rent (NMR)....

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Posted Under: Custom Duty |

Public Notice No. 99 (RE-2008)/2004-2009, Dated: 30.10.2008

Public Notice No. 99 (RE-2008)/2004-2009 (30/10/2008)

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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SEBI : (Foreign Institutional Investors) (Second Amendment) Regulations, 2008

Notification No. LAD-NRO/GN/2008/25/142800 (30/10/2008)

These regulations may be called the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 2008...

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Notification No. 52 (RE-2008)/2004-2009, Dated: 30.10.2008

Notification No. 52 (RE-2008)/2004-2009 (30/10/2008)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No. 22 of 1992) read with Para 1.3 of the Foreign Trade Policy, 2004-2009 (as amended from time to time), the Central Government hereby makes the following amendments in Foreign Trade Policy....

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Exchange rate notification for Import of / exported goods w.e.f 1st November, 2008

Notification No. 115/2008-Customs (N.T.) (29/10/2008)

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...

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Levy of penalty U/s. 11AC is a mandatory penalty & there is no scope for any discretion

Union of India v. Dharmendra Textile Processors - The Explanations appended to Section 272(1)(c) of the IT Act entirely indicates the element of strict liability on the assessee for concealment or for giving inaccurate particulars while filing return. The judgment in Dilp N. Shroof's case (supra) has not considered the effect and relevanc...

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Posted Under: Custom Duty |

Supreme Court on Avoidance of Payment of Tax

CIT v. Sarabhai Holdings Pvt. Ltd. . We agree with the High Court's finding that the law permits the contracting parties to lawfully change their stipulations by mutual agreement and, therefore, the assessee and the vendee had no legal impediment in modifying the terms of their contract. We also agree with the further finding of the High ...

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Posted Under: Custom Duty |

Notification No. 51 (RE-2008)/2004-2009, Dated: 29.10.2008

Notification No. 51 (RE-2008)/2004-2009 (29/10/2008)

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 with immediate effect in FTP, 2004-2009 (Updated as on 11.04.2008)....

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Rule 8 D, r.w.s.14A is unjust, arbitrary and ultravires

In this regard paragraph (25) of Circular No. 14 of 2001, is relevant. The aforesaid Circular No.14 provides Explanatory Notes on the provisions of Finance Act, 2001, relating to direct taxes, which is printed in 252 I.T.R. (St) 65. Paragraph (25) of the aforesaid Circular is to be found on page 86 thereof. For the sake of ready reference...

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Posted Under: Custom Duty |

Calculators- Income Tax, 234ABC Interest, NSC- KVP Interest, TDS, FBT, ROC Fees

Download Fringe Benefit Tax Calculator Income Tax Calculator Kvp Interest Calculator Nsc Interest Calculator Roc Fees Calculator Tds Calculator in excel...

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Crorepati ITO Has 23 Flats

It doesn't pay to be greedy … especially when you are indulging in immoral activities – That is the moral of this story.In 2002, Devendra Doctor, an informant for the Income-tax department tipped off Mr. Ajay Kumar Singh, who was then the Additional Commissioner of Income-tax (Investigation), of a case of unaccounted income. Pursuant ...

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Posted Under: Custom Duty |

External Commercial Borrowings Policy Reviewed

26 (22/10/2008)

Reserve Bank of India has issued A. P. (DIR series) circular no. 26 dated October 22, 2008, to modify some aspects of the ECB policy as indicated below- Henceforth, ECB up to USD 500 million per borrower per financial year would be permitted for Rupee expenditure and / or foreign currency expenditure for permissible end - uses under the A...

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Companies Bill, 2008 Introduced In Lok Sabha October 23, 2008

The much-awaited Companies Bill, 2008 has been introduced in the Lok Sabha. Minister of Corporate Affairs, Shri Prem Chand Gupta introduce the Bill to consolidate and amend the law relating to companies. Two days ago, i.e., on 21.10.2008 Shri Gupta had withdrawn the Companies (Amendment) Bill, 2003 which was introduced in the Rajya Sabha ...

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Posted Under: Custom Duty |

Highlights of Monetary Policy Review by RBI

Following are the highlights of the mid-term review of India's monetary policy conducted by Reserve Bank of India (RBI) Governor D. Subbarao Friday: - Bank rate, repo rate and reverse repo rate kept unchanged , Flexibility retained to conduct overnight auctions of securities. Cash reserve ratio kept unchanged at 6.5 per cent. Floating...

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Posted Under: Custom Duty |

Exchange rate notification for Import of /exported goods w.e.f 24th October, 2008

Notification No. 114/2008-Customs (N.T.) (24/10/2008)

In exercise of powers conferred by Section 14 of Customs Act, 1962 (52 of 1962), the Board hereby makes the following amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 111/2008-Customs(N.T.) dated the 26th September, 2008 [S.O. 2296(E)] namely....

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Public Notice No. 98 (RE-2008)/2004-2009, Dated: 24.10.2008

Public Notice No. 98 (RE-2008)/2004-2009 (24/10/2004)

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....

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SEBI : Applicability of Net Asset Value (NAV) for Income/Debt oriented Mutual Fund scheme(s)/plan(s) (other than liquid fund schemes)

SEBI/IMD/CIR No. 11/142521/08 (24/10/2008)

.The issue of applicability of NAV on realisation basis in case of Income/Debt oriented schemes (other than liquid fund schemes) was discussed with AMFI and in the Mutual Fund Advisory Committee....

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Notification No. 46/2008-Central Excise (N.T.); Dated: 24.10.2008

Notification No. 46/2008-Central Excise (N.T.) (24/10/2008)

G.S.R.(E) In exercise of the powers conferred by sub-section (1) of rule 3 of the Central excise Rules, 2002, the Central Board of Excise and Customs hereby appoints the Commissioner of Customs....

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Income Tax Department To Share Info On Tax Evasion With MCA

The Ministry of Corporate Affairs (MCA) has asked the income-tax department to provide all information on tax evasion by listed companies so that it can see whether these firms have violated the provisions of Companies Act as well. “MCA is trying to develop a system that whenever the I-T department finds any such case where there is inc...

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Posted Under: Custom Duty |

Larger SC Bench Reverses Law on Penalty & Circulars

In a crucial judgment on the scope of penalty provisions in tax and other civil liability laws, the Supreme Court has significantly broadened their scope (Union of India v. Dharmendra Textile Processors, CA Nos. 10289 – 10303 of 2003, decided on September 29, 2008, per Pasayat J.). The judgment of the three-judge Bench on a reference fr...

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Posted Under: Custom Duty |

SEBI Asks Brokers To Get Auditing From Independent CAs, Others

Market regulator Securities and Exchange Bureau of India (SEBI) has asked stock brokers and trading members to complete internal auditing on a half yearly basis from chartered accountants, company secretaries or cost and management accountants. ...

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Posted Under: Custom Duty |

Notification No. 50 (RE-2008)/2004-2009, Dated: 23.10.2008

Notification No. 50 (RE-2008)/2004-2009 (23/10/2008)

Import permitted freely provided cif value is US $ 50 & above per square metre except, in case of import of the product from Nepal. However, the said exemption shall be applicable only on such imports, which have been processed/ manufactured out of marble mined in Nepal. The facility will not be available on products which have been manuf...

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Notification No. 49 (RE-2008)/2004-2009, Dated: 23.10.2008

Notification No. 49 (RE-2008)/2004-2009 (23/10/2008)

The importer shall furnish quarterly returns of the quantity and value of the imports made by him to the Ministry of Finance for the quarters ending 30th June, 30th September, 31st December and 31st March of each financial year, within 30 days of the close of the quarter concerned....

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Corporate Governance in listed Companies–Clause 49 of the Listing Agreement

SEBI/CFD/DIL/CG/2/2008/23/10 (23/10/2008)

All Stock Exchanges are further advised to communicate to SEBI, status of implementation of the requirements of this circular in their quarterly report for the quarter ended March 31, 2009....

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SEBI : Foreign investments in infrastructure companies in securities markets

MRD/DSA/SE/Dep/Cust/CIR-30/08 (23/10/2008)

whereby the policy decision of the Government of India regarding foreign investments in infrastructure companies in securities markets, viz. stock exchanges, depositories and clearing corporations was communicated....

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Notification No. 81/2008-Income Tax Dated 23/10/2008

Notification No. 81/2008-Income Tax (23/10/2008)

Notification No. 81-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2370(E) dated 23rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 21, ext...

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Now CS, Cost Accountant and Others Can Be a Partner with CA

Institute of Chartered Accountants of India has issued a notification no. Na.1-CA(7)/116/ 2008 dated 25-9-2008 incorporating various amendment to the Chartered Accountants Regulations, 1988.There are 16 amendments to the regulations. One of the major amendments is provisions relating to multidisciplinary partnership firm....

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Posted Under: Custom Duty |

DCA Proposes To Enable Companies to Hold the Board Meetings through Electronic Means

The Department has received proposals to allow such meetings and it has held extensive consultation with various shades of opinion. It also asked the Institute of Company Secretaries to examine this matter and to organize consultation with companies and other stake holders. Finally, the Department has decided to allow such meetings of the...

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Posted Under: Custom Duty |

Sebi Removes Cap on Debt-Equity Investment Ratio for FIIS

SEBI has removed the restriction of the 70:30 ratio of investment in Indian equity and debt by FIIs. The removal is with immediate effect, said a statement from SEBI on Thursday. The necessary amendments to the regulations will be made in due course.This is to give flexibility to the FIIs to help avail themselves of the increased cumulati...

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Posted Under: Custom Duty |

Certificate Course On International Financial Reporting Standards – ICAI

The International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB) are gaining recognition as Global Reporting Standards. The Council of the Institute of Chartered Accountants of India, while appreciating the emerging diversities and complexities in the world of accounting and the need for kno...

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Posted Under: Custom Duty |

Remove VAT on Perishable Goods, Centre Tells States

Union Minister of State for Food Processing Industries Subodh Kant Sahai today urged the states to remove Value Added Tax (VAT) on perishable goods and peg it below four per cent on non-perishable items to encourage food processing industry. Around 15 companies have already brought in 106.4 million US dollar foreign direct investments int...

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Posted Under: Custom Duty |

Now E- Form 23AC Can Be Filled In Without Getting SRN of Form 23B – Instruction Kit Revised

Now e- form 23AC can be filled in without getting SRN of form 23B The Ministry of Corporate Affairs (Ministry) has revised e-form 23AC effective from 28th September 2008 wherein filling in SRN of 23B was made compulsory. In many a cases, it was reported by our members that SRN of form 23B was not available which ultimately resisted to fil...

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Posted Under: Custom Duty |

Tax-Free Limit on Post Office Saving Scheme May Be Increased Soon

The subscribers of the post office savings scheme, which attracts tax-free interest accrued on deposits of Rs one lakh and Rs three lakh on single and joint accounts respectively, may have a reason to cheer soon. The finance ministry is closely looking at a proposal for upward revision of the tax-free interest deposit limit. ...

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Posted Under: Custom Duty |

Madras High Court Stays National Tax Tribunals Act

The Madras High Court has stayed National Tax Tribunals Act 2005, that provides for formation of National Tax Tribunals (NTTs) to hear appeals against orders of Income Tax Appellate Tribunals.The First Bench, comprising Chief Justice A.P. Shah and Justice Prabha Sridevan, granted the interim stay after admitting a writ petition filed by t...

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Posted Under: Custom Duty |

Centre May Amend AS21 to Plug Gaps in Accounting Practices

The government may amend an accounting norm that gives certain exemptions to companies from consolidating the balance sheets of subsidiaries with that of the parent under certain circumstances. The idea is to ensure that companies do not take undue advantage of the exemption and give an unrealistic picture of their financial health. Maki...

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Posted Under: Custom Duty |

Income Tax Grievances to Be Registered Online

Tax payers will now be able to lodge their grievances with the taxman at the click of a mouse, with the launch of an online complaint redressal mechanism on the lines of the existing e-filing facility of tax returns. ...

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Posted Under: Custom Duty |

Department Issuing Notice to Charitable Trust If They Collecting Any Fess, Cess Or Other Consideration For Services Rendered

As per the new definition of charitable purpose in Finance Act 2008, advancement of any object of public utility, which was earlier considered to be “charitable purpose,” is now not so if it involves the “carrying on of any activity in the nature of trade, commerce or business or any activity of rendering any service in relation to ...

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Posted Under: Custom Duty |

Public Notice No. 97 (RE-2007)/2004-09, Dated: 22.10.2008

Public Notice No. 97 (RE-2007)/2004-09 (22/10/2008)

In exercise of power conferred under paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby makes the following amendment in the Handbook of Procedures....

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Public Notice No. 96 (RE-2008)/2004-2009, Dated: 22.10.2008

Public Notice No. 96 (RE-2008)/2004-2009 (22/10/2008)

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

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Rescinds notification No. 69/2008-Customs duty, dated 15th May, 2008

Notification No. 112/2008-Customs (22/10/2008)

In exercise of the powers conferred by sub-section (2) of section 9A of the Customs Tariff Act, 1975 (51 of 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 hereby rescinds the notifi...

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Notification No. 111/2008-Customs Duty, dated 22-10-2008

Notification No. 111/2008-Customs (22/10/2008)

The principal notification No.15/2007-CUSTOMS, dated the 20th February, 2007, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 94(E), dated the 20th February, 2007 and was last amended by the notification No.68/2008-CUSTOMS, dated the 15th May, 2008, which was published in the Ga...

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

Notification No. 110/2008-Customs (22/10/2008)

The principal notification No. 21/2002-Customs, dated the 1st March, 2002 was published in the Gazette of India, Extraordinary, PART II, SECTION 3 Sub-Section (i) vide number G.S.R. 118(E), dated the 1st March, 2002 and was last amended vide notification No. 95/2008-Customs, dated the 4th August, 2008, published vide number G.S.R.. 572(E)...

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Notification No. 98/2008-Income Tax Dated 22/10/2008

Notification No. 98/2008-Income Tax (22/10/2008)

Notification No. 98-Income Tax In exercise of the powers conferred by section 295 read with sub-section (11C) of section 80-IB of the Income-fax 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...

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Public Notice No. 95 (RE-2008)/2004-2009, Dated: 21.10.2008

Public Notice No. 95 (RE-2008)/2004-2009 (21/10/2008)

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 place as mentioned inANNEXURE “A” to this Public Notice are made....

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Public Notice No. 94 (RE-2008)/2004-2009, Dated: 21.10.2008

Public Notice No. 94 (RE-2008)/2004-2009 (21/10/2008)

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 additions/corrections in the Handbook of Procedures, Vol.2, 2004-2009, as amended from time to time....

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Public Notice No. 93 (RE-2008)/2004-2009, Dated: 21.10.2008

Public Notice No. 93 (RE-2008)/2004-2009 (21/10/2008)

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 Handbook of Procedures....

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SEBI : Internal Audit for stock brokers/trading members/clearing members

MRD/DMS/Cir-29/2008 (21/10/2008)

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

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Basis of levy of additional Customs duty (CVD) on import of Readymade Garments-Clarification-regarding

Circular No. 17/2008-Customs Duty (21/10/2008)

In view the existing legal provisions, it is clarified that for the purpose of uniformity in assessment, presently the additional duty of Customs (CVD) is chargeable on import of readymade garments on the basis of transaction value i.e. C.I.F. price plus landing charges and not on the basis of Retail Sale Price/Maximum Retail Price. ...

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Notification No. 109/2008-Customs Duty, dated 21-10-2008

Notification No. 109/2008-Customs (21/10/2008)

The Principal notification No.159/2003-CUSTOMS, dated the 24th October, 2003 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (1) vide number G.S.R.840 (E), dated the 24th October, 2003....

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SEBI : Revised Exposure Margin for Exchange Traded Equity Derivatives

SEBI/DNPD/Cir-42/2008 (20/10/2008)

Representation has been received from the Exchanges that there may be payment / settlement problems on October 21, 2008 due to a possible strike by RBI officers / staff....

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SEBI : Standardising format of Abridged Schemewise Annual Report Format and reduction in time period for dispatch to unitholders – Amendments to SEBI (Mutual Funds) Regulations, 1996

SEBI/IMD/CIR No. 10/141712/08 (20/10/2008)

notification may be read alongwith SEBI/IMD/CIR No.8/132968/2008 dated July 24, 2008. This circular, is available on SEBI website at www.sebi.gov.in. under the category "Mutual Funds - Circulars"....

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SEBI : Lending of securities bought in Indian Market

Cir No. IMD/FII&C/34/2008 (20/10/2008)

SEBI has reviewed the data submitted by the foreign institutional investors in pursuance of our circular no.32, dated October 16, 2008. SEBI disapproves of the activity of the foreign institutional investors lending shares abroad....

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Circular No. 876/14/2008-Central Excise, Dated: 20.10.2008

Circular No. 876/14/2008-Central Excise (20/10/2008)

Representations were received from the trade and industry for permitting allowance of maximum permissible error on net quantity by weight declared in packages of cement. These representations were received consequent to issuance of show cause notices by the field formations to cement manufacturers, based on the sample weighment that is do...

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SEBI : Valuation of Debt securities by Mutual Funds

SEBI/IMD/CIR No. 9/141601/08 (18/10/2008)

This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996,...

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Commissioner of Income Tax versus Tulip Finance Ltd (Delhi High Court)

Commissioner of Income Tax Vs Tulip Finance Ltd. (Delhi High Court)

The deletion of the addition of Rs. 33 lacs, which had been made by the Assessing Officer on account of unexplained share capital under Section 68 of the said Act. The second issue pertains to the deletion made by the Tribunal of the addition of Rs. 35,06,292/- by the Assessing Officer on account of alleged unexplained security deposits u...

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SEBI : Allotment of Code to MCX Stock Exchange Limited

MRD/DSA/SE/CIR- 28/2008 (17/10/2008)

For the purposes of trading and settlement operations, you are advised to inform the trading/clearing members of your Stock Exchange accordingly....

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RBI Caps E-Payment Charges

The Reserve Bank of India (RBI) has capped fees charged by banks for electronic payment (e-payment) and collection of outstation cheques. The move is aimed at popularising electronic payments and discouraging higher charges levied by banks on customers....

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Posted Under: Custom Duty |

Amendment to Section 20 of The Indian Trusts Act, 1882

Amendment to Section 20 of the Indian Trusts Act, 1882 (2 of 1882) which relates to investment of trust money has been approved by the Cabinet today. A Bill will be introduced in the ensuing Session of Parliament. ...

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Posted Under: Custom Duty |

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

Notification No. 113/2008-Customs (N.T.) (16/10/2008)

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. 112/2008-Customs (N.T.), dated, the 1st October, 2008 (S.O. 2366 (E) dated 1st October, 2008)....

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SEBI : FII investments in Debt Securities

Circular No. IMD/FII & C/33/2007 (16/10/2008)

Accordingly the enhanced limit for investment in corporate debt shall be allocated among the FIIs on a ‘first come first served’ basis in terms of our Circular dated January 31, 2008, subject to a ceiling of US $300 million per registered entity....

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SEBI : Dissemination of further information about FII activity

Cir No.IMD/FII&C/32/2008 (16/10/2008)

The format for the information pertaining to securities lent by the FIIs to entities abroad is enclosed in Annexure A for cash securities & Annexure B for derivatives positions....

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Submission of applications for claiming deemed export benefits under Para 8.3.1 of HBP, Vol.I

Policy Circular No. 36 (RE-2008)/2004-2009 (16/10/2008)

The issues have been considered. It is seen that sub- paras 8.3.1 (ii) and (iv) of Handbook V.I do not impose restriction on submission of multiple applications. However, to reduce the paper work and ensure proper monitoring, there is necessity to limit the number of applications which an applicant may file within a year. Therefore, it...

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Amends Notification No.84/2004-Customs, dated 30th August, 2004

Notification No. 108/2008-Customs (16/10/2008)

The Principal notification No.84/2004-Customs, dated the 30th August, 2004 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (1) vide G.S.R.549 (E), dated the 30th August, 2004 and last amended by notification No.122/2006-Customs dated, the 30th December, 2006 which was published in the Gazette of India...

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ITAT clears the air over transfer pricing

The method adopted by a company to arrive at a transfer price is valid unless the tax officer can prove that the company had manipulated the price to shift profits outside India, the Income-Tax Appellate Tribunal (ITAT) has ruled. The tribunal has also observed that the transfer pricing officer (TPO) should have sufficient ground to suspe...

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Posted Under: Custom Duty |

Unutilized Modvat Credit Cannot Be Added To Income, If Assessee Follow the Procedure Mentioned In Clause 12(B) of Form 3CD of The Tax Audit Report

Hawkins Cookers vs. ITO (ITAT Mumbai) - when the adjustments are made in the valuation of inventories, this will affect both the opening as well as closing stock. Whatever adjustment is made in the valuation of closing stock, the same will be reflected in the opening stock also irrespective of any consequences on the computation of incom...

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Posted Under: Custom Duty |

Tax Dept Bound to Accept Cos’ Audited Accounts- SC

The income tax department is bound to accept the authenticity of the accounts certified by the auditor and maintained in accordance with the provisions of the Companies Act, the Supreme Court has ruled....

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Posted Under: Custom Duty |

SEBI : Revised Exposure Margin for Exchange Traded Etiuity Derivatives

SEBI/DNPD/Cir-4 1/2008 (15/10/2008)

circular is being issued in exercise of powers conferred by sub-section (1) of section 11 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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Standard format of Lease Deed, Agreements, Will, Deeds

will format, will by disabled person in favour of wife & daughter , revocation of will , simple will giving property to wife , will for religious and charity , simple will , complicated will , lease deed formats, lease of house on monthly tenancy , lease deed of land , agreement, deed, bond, indemnity bond with surety to ito , indemnity b...

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Posted Under: Custom Duty |

Foreign currency Derivate is legal and not a wagering contract

Rajshree Sugar & Chemicals Ltd. Vs M/s. AXIS Bank Limited (Madras High Court)

Since this appears to be the first case of its kind in India (subject to correction) where derivatives contracts are challenged as illegal and void and also since the jargon is not too familiar even to P.Ramanatha Iyer (of Law Lexicon) and Black (of Law Dictionary), a brief prelude has become necessary before we plunge into details....

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Rule 6D – Payment of More Than Rs 20,000/- in Cash

No disallowance under sub-section (3) of section 40A shall be made and no payment shall be deemed to be the profits and gains of business or profession under sub-section ( 3A ) of section 40A where a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank ...

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ICAI Starts Working with Investigating Agencies

Accounting regulator ICAI has started working with investigating agencies under the home ministry and the finance ministry to help them track down the flow of unaccounted money in the economy....

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Posted Under: Custom Duty |

Notification No. 48 (RE-2008)/2004-2009, Dated: 13.10.2008

Notification No. 48 (RE-2008)/2004-2009 (13/10/2008)

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 following amendments to Notification No.93(RE-2007)/2004-2009 dated 1st April...

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Public Notice No. 92 (RE-2008)/2004-09, Dated: 13.10.2008

Public Notice No. 92 (RE-2008)/2004-09 (13/10/2008)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2004-09, Director General of Foreign Trade hereby makes the following amendment in the Handbook of Procedures....

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Clarification on refund of 4% Additional Duty of Customs (4% CVD) in pursuance of Notification No.102/2007-Customs dated 14.09.2007-regarding

circular No. 16/2008-Customs Duty (13/10/2008)

A suitable Public Notice and Standing Order may be issued for the guidance of the staff and trade. Difficulties faced, if any, in implementation of the Circular may please be brought to the notice of the Board at the earliest. ...

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RBI Advised Banks to Disburse And Restructure Loan of SMES

RBI/2008-09/219DBOD.No.BP.BC. 58/21.04.048/2008-09 (13/10/2008)

RBI/2008-09/ 219DBOD.No.BP.BC. 58 /21.04.048/2008- 09 - It has come to our notice that in view of somewhat tight liquidity conditions in the domestic markets in the recent past, some of the banks have been averse to disbursing working capital limits and term loans (including short-term loans) to their clients against the sanctioned limits...

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Format of Partnership Deed and Forms

1. Deed of Modification in Partnership 2. Model Partnership Deed 3. Admitting New Partner 4. Retirement Deed 5. Dissolution of Partnership Involving Immovable Property 6. Admitting Minor 7. Modifying the Partnership Deed...

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SEBI Tells ICAI to Suggest Accounting Rules For IPOs

Even as the Institute of Chartered Accountants of India (ICAI) is wrapping up its study on the valuation process in initial public offers, capital market regulator SEBI has asked the accounting body to study IPO reforms. Officials in the know say ICAI will suggest ways to make accounting treatment of IPOs more stringent, and find out ways...

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Posted Under: Custom Duty |

New Rules In Respect Of Cash Payment of More Then Rs. 20000/-

Notification No.97/2008-Income Tax (10/10/2008)

NOTIFICATION NO. 97/2008, DATED 10-10-2008 6DD. No disallowance under sub-section (3) of section 40A shall be made and no payment shall be deemed to be the profits and gains of business or profession under sub-section (3A) of section 40A where a payment or aggregate of payments made to a person in a day, otherwise than by an account pay...

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Government Notified Reverse Mortgage Scheme 2008

Notification No.93/2008-Income Tax (30/09/2008)

NOTIFICATION NO. 93/2008, DATED 30-9-2008 Reverse Mortgage means mortgage of a capital asset by an eligible pcrscn against a loan obtained by him fiom an approved lending institution; reverse mortgagor means the eligible person who has mortgaged the capital asset for the purpose of obtaining loan; ...

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VMT Spinning Company Limited (Advance Ruling)

M/s VMT Spinning Company Limited (Authority for Advance Rulings)

The construction services used for construction of workers' quarters within the factory premises, does not fall within the ambit of input services as defined in rule 2(1) of CENVAT Credit Rules, 2004 and consequently Applicant can not avail of the credit of such construction services in terms of rule 3 of the mentioned rules....

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Service tax forms in excel word format

Please find attached herewith Service Tax Forms in Excel, Word and PDF format. We have uploaded all the forms related to service tax i.e. related to Service Tax Registration, Service tax Return Filing, Service Tax Payment Challan as well as form for Appeal to Appellate Tribunal. Just click on the link of the form you want to download. ...

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S.115JA Provision for Bad & Doubtful Debts cannot be added to Book profits

The Supreme Court has ruled that provisioning for bad debt cannot be considered for deduction against the taxable income & Provision for bad and doubtful debts cannot be added to the “book profits” for purposes of section 115JA because they merely represent the diminution in the value of an asset and are not a provision for an unascer...

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Posted Under: Custom Duty |

Determination of Arm’s Length Price (Alp) – Applicability of Proviso to Section 92C(2) of IT Act, 1961 Ratio Decidendi

The proviso to s. 92C (2) consists of two limbs. Under the first limb, where, through the Most Appropriate Method, more than one price is determined, the arithmetic mean of such price has to be taken to be the Arm’s Length Price in relation to the international transaction. The second limb gives “an option” to the taxpayer to take A...

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Posted Under: Custom Duty |

Notification No. 47 (RE-2008)/2004-2009, Dated: 10.10.2008

Notification No. 47 (RE-2008)/2004-2009 (10/10/2008)

In 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 Schedule-I (Imports) to the ITC (HS) Classifications of Export and Import Items, 2004-09....

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Public Notice No. 91 (RE-2008)/2004-2009, Dated: 10.10.2008

Public Notice No. 91 (RE-2008)/2004-2009 (10/10/2008)

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 Handbook of Procedures....

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Policy Circular No. 35 (RE-2008)/2004-2009, Dated: 10.10.2008

Policy Circular No. 35 (RE-2008)/2004-2009 (10/10/2008)

The total import of Rough / unprocessed Blocks and Slabs of agglomerated / artificial stones under Exim Code Nos. 6810 1110, 6810 1190, 68101910,6810 1990, 6810 9100, 6810 9910 and 6810 9990 will be subject to a ceiling of 60,000 ( sixty thousand) MT for this year. The entitlement of individual firm for the year 2008-09 will be worked o...

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Policy Circular No. 34 (RE-2008)/2004-2009, Dated: 10.10.2008

Policy Circular No. 34 (RE-2008)/2004-2009 (10/10/2008)

Units having more than one marble gang saw machine will be entitled for a maximum licence of 3000 MT of Rough / unprocessed blocks and slabs of agglomerated / artificial stones for the first gang saw machine and 1500 MT of Rough / unprocessed blocks and slabs of agglomerated / artificial stones per additional marble gang saw machine....

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