Attention is invited to Notification No. 59 dated 18th November, 2008 and No. 38 dated 15th October, 2007, read with Notification No. 93 dated 1st April, 2008, Notification No. 37 dated 3rd September, 2008, Notification No. 38 dated 5th September, 2008, Notification No. 39 dated 16th September, 2008 and Notification No. 55 dated 5th November, 2008, vide which export of Non-basmati rice stand prohibited.
The Minimum Export Price mentioned in Para 2, Column 3 of the Notification No.59 (RE-2008)/2004-09 dated the 18th November, 2008 shall be read as ‘US $ 1000’ in place of ‘$ 1000’. This issues in public interest.
Notwithstanding anything contained in Para 2 above, export of cement by M/s IDEB Projects (P) Limited, Bangalore shall be allowed from Tuticorin Port, for a quantity of 41,100 bags of 50 Kg each, to Maldives for construction of Indian-Maldives Friendship Faculty of Hospitality and Tourism Studies Centre, under a bilateral agreement signed with Government of Maldives.
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 amends, with immediate effect, Notification No.85 (RE-2007)/2004-2009 dated 17.3.2008, read with No.92 (RE-2007)/2004-09 dated 1.4.08 Notification No. 3 (RE-2008)/2004-2009 dated 11.4.2008, and Notification No.33 (RE-2008)/2004-09 dated 19th August, 2008.
Provided that no anti-dumping duty shall be imposed on Homopolymer Acrylic Fibre, falling under Chapter 55 of the First Schedule to the said Customs Tariff Act, containing 100 per cent. Acrylonitrile, when originating in, or exported from, the countries specified in column (2) of the above Table and imported into India, if the price of such imported Homopolymer Acrylic Fibre is equal to or higher than US $ 2.40 per kilogram CIF (cost, insurance and freight), subject to a variation of 5 per cent. in the said CIF value.
Tightening its belts, the income tax department has chalked out an intensive strategy on collections in the backdrop of slowing economy. Though, direct tax collections have been buoyant so far, the department is not taking any chances as the deadline for payment of the third installment of advance tax is drawing near.A meeting of senior level field officials of income tax department on Wednesday, that was called specially at the behest of revenue secretary PV Bhide, took stock of the state of collections and the strategy for the rest of fiscal.
In what would come as a relief to expat employees coming to India on a posting or Indian employees going abroad, a tax tribunal has ruled that they could exclude the amount deducted as ‘hypothetical tax’ by their employers from their taxable income in the country. The tribunal turned down income-tax authorities contention that this amount was part of the total salary and hence taxable.
The government’s move to create a separate breed of corporate valuers in the country is set to face stiff resistance from the Institute of Chartered Accountants of India (ICAI), that trains and regulates the professional conduct of chartered accountants.The Institute is expected to tell the government that financial valuation of companies is best done by chartered accountants and this job be reserved for them. The government’s attempt is to institutionalise this profession with a well laid out code of conduct. It also wants to set up a panel of independent valuers that shareholders and clients would find credible.
In the case of subscription in the primary market (initial public offers), the above mentioned entities shall hold their investments for a minimum period of 30 days. The holding period would commence when the securities are actually allotted.
11. The powers of the Tribunal emanates from the provision of section 254 of the Act and not from any other provisions. The provisions of section 132 of the Act considered by the Hon’ble Rajasthan High Court only specifies the circumstances under which search warrant can be issued by the competent authority. Such provisions have nothing to do with the powers of the Tribunal
