"December, 2008" Archive

The word ‘tax’ does include ‘surcharge’ for the purposes of Clause (2) of Article 14 of the Double Taxation Avoidance Agreement with USA

The Commissioner of Income-tax, Dehradun Vs Arthusa Offshore Company (Uttarakhand High Court at Nainital)

CIT Vs. Arthusa Offshore Company (Uttarakhand)- ITAT has erred in law in holding that word 'tax' does not include “surcharge” for the purposes of Clause (2) of Article 14 of the Double Taxation Avoidance Agreement with USA, and in upholding the decision of the CIT(Appeals), reducing the tax rate applicable to assessee NRC at 60 per ...

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Commissioner of Customs & Central Excise Versus Hongo India(P) Ltd. & Anr. (Supreme Court)

Commissioner of Customs & Central Excise Vs M/S Hongo India(P) Ltd.& Anr (Supreme Court of India)

A short question which arises for determination in this Special Leave Petition is: whether the High Court was entitled to condone the delay of 16 days in filing the Reference Application by the Commissioner under Section 35H(1) of the Central Excise Act, 1944?...

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Anti-dumping duty on import of Flexible Slabstock Polyol

Notification No. 138/2008-Customs (31/12/2008)

The Principal notification No.4/2005-CUSTOMS, dated the 24th January, 2005 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (1) vide G.S.R..40 (E), dated the 24th January, 2005....

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Notification No. 50/2008-Central Excise (N.T.); Dated: 31.12.2008

Notification No. 50/2008-Central Excise (N.T.) (31/12/2008)

The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), notification No. 23/2004-Central Excise (N.T.),dated the 10th September,2004,vide number, G.S.R. 600 (E), dated the 10th September 2004, and was last amended by notification No. 48/2008-Central Excise(N.T) dated the 5th December...

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

Notification No. 141/2008-Customs (N.T.) (31/12/2008)

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. 131/2008-Customs (N.T.), dated, the 15th December, 2008 (S.O. 2893(E) dated 15th December, 2008)....

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Public Notice No. 123 (RE-2008)/2004-09, Dated: 30.12.2008

Public Notice No. 123 (RE-2008)/2004-09 (30/12/2008)

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 Appendix-2 of Handbook of Procedures (Vol. I), under the list of Export Promotion Councils/Commodity Board....

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Public Notice No. 122 (RE-2008)/2004-09, Dated: 30.12.2008

Public Notice No. 122 (RE-2008)/2004-09 (30/12/2008)

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

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Notification No. 74 (RE-2008)/2004-09, Dated: 30.12.2008

Notification No. 74 (RE-2008)/2004-09 (30/12/2008)

Import of new vehicles having an FOB value of US $ 40,000 or more and engine capacity of more than 3000cc for petrol run vehicle and more than 2500cc for diesel run vehicles, as allowed under Import Licensing Note No. 7 under Chapter 87, shall be exempted from policy provision of Import Licensing Note No. 2(II)(a)(iv) under Chapter 87 wh...

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SEBI : Guidelines in respect of exit option to Regional Stock Exchanges

MRD/DoP/SE/Cir-36/2008 (29/12/2008)

The stock exchange shall set aside sufficient funds in order to provide for settlement of any claims, pertaining to pending arbitration cases, arbitration awards, not implemented, if any, liabilities/claims of contingent nature,...

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SEBI : Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement

MRD/DoP/SE/Cir-35/2008 (29/12/2008)

It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories during the month of October 2008....

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Circular No. 23/2008-Customs Duty, Dated: 29/12/2008

Circular No. 23/2008-Customs Duty (29/12/2008)

In view of the above, I am directed to clarify that the classification of 'Combined refrigerator freezer with separate external doors' would be under sub- heading 8418 10 and not under 8418 21, as was being followed by certain Customs field formations. Accordingly, these goods are not covered under Sl.No.50 of the notification No.85/20...

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Exchange rate notification for Import of / exported goods w.e.f 1st January, 2009

Notification No. 140/2008-Customs (N.T.) (29/12/2008)

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, with effect...

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ICAI – CPE Compliance Date Extended To 31 Jan 2009

Deadline of 31st December, 2008 for completion of minimum 20 CPE hours of structured learning for 2008 extended up to 31st January, 2009.Other details follow....

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Posted Under: Income Tax |

Even promise to render services at a future date would entitle Assessee to deduction u/s 80O of the Income Tax Act, 1961

Voltas International Ltd. Vs The ACIT (ITAT Mumbai)

As rightly pointed out by Shri Pardiwalla, even a promise to render services at a future date would entitle the assessee for deduction u/s 80-O in view of the specific wordings in the section....

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Power of IT Authorities to Conduct Survey in Premises of a CA Lawyer/Tax Practitioner of an Assessee

14018 of 2008 (29/10/2008)

The IT authority does not assume any power to enter the business premises/Office of the CA/Lawyer/Tax Practitioner to conduct survey under section 133A of IT Act in connection with survey of the premises of their client unless the client state in the course of survey that his books of account/documents and records are kept in the office o...

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Posted Under: Income Tax |

Railway Enquiry and Cricket Score SMS at Normal Charges with Google

Get cricket scores, Indian Railways train schedules & ticket status, horoscopes, movie show times, restaurant information and more ...all through SMS on your phone. Best of all, you don't pay a premium charge for any of this, just the price of a standard SMS. Try it out! Simply send your search query by SMS to 9773300000 and we'll send yo...

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Posted Under: Income Tax |

Credit Card Comparator from Apnaloan.Com

This credit card comparator gives you everything about literally every card available in India. One hundred and ninety two different credit cards available in the country today. One hundred and ninety two different combinations of benefits, freebies, reward points, practically everything except the keys to the bank....

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Posted Under: Income Tax |

No Further Change Likely In ECB Policy

(27/12/2008)

External commercial borrowing (ECB) norms are not likely to be relaxed any further soon, sources in the finance ministry indicated on Friday. Can you think of any other relaxation?" asked a senior finance ministry official in reply to a question on the possibility of easing ECB norms more....

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Posted Under: Income Tax |

Interest Rates to Slip to Single Digit In 2009

Volatility in lending and deposit rates witnessed during the year is expected to end in 2009 with interest rates seen to be going down, due primarily to an easy monetary stance being pursued by the Reserve Bank of India] to push growth....

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Posted Under: Income Tax |

Dial This Helpline for Diagnostic Services

A resident of Pune, Vikram Som fractured his leg. But instead of going through the hassle of visiting a hospital for an X-Ray, waiting in a long queue and then returning to fetch the report in the evening, he simply called the STAT 24x7 helpline. He scheduled the X-Ray appointment which was done in the confines of his home at his convenie...

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Posted Under: Income Tax |

Govt May Scale Down Indirect Tax Target

The government is likely to revise downwards indirect tax collections target for the current financial year by at least Rs 20,000 crore (Rs 200 billion), because of cut in industrial production due to the global economic slowdown and duty sops....

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Posted Under: Income Tax |

Farm loan waiver may not trigger defaults – RBI

The farm loan waiver scheme may not trigger a tendency among farmers to default intentionally, Amarendra Sahoo, chief general manager, rural planning and credit department, Reserve Bank of India , said on Thursday. "The farm loan waiver may not impact. Some farmers may wilfully default. But genuine people will repay loans," Sahoo said. Ma...

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Posted Under: Income Tax |

Anti-dumping duty on imports of Sodium Hydroxide, originating in or exported from, Korea ROK and the People’s Republic of China

Notification No. 137/2008-Customs (26/12/2008)

discontinuation of anti-dumping duties on the subject goods from subject countries likely to continue from the Peoples Republic of China and likely to recur from Korea ROK leading to the recurrence of injury to the domestic industry...

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Approval of four more Auditing Standards – ICAI

The Revised Standard on Auditing (SA) 540, 'Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures' provides timely guidance on audit of fair value and accounting estimates in the current times of market uncertainty and liquidity crunch. Accounting estimate is an approximation of a monetary amoun...

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Posted Under: Income Tax |

ICAI's constitutes committee on public finance

The Institute of Chartered Accountants of India has constituted a committee on Public Finance with the objective of extending a helping hand to the Centre, state and local administrative departments in nation building, an official of ICAI said on Monday. ICAI Programme Director V C James told reporters here, the committee's key objective ...

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Posted Under: Income Tax |

E-returns – Income Tax dept discovers Rs 1,700 cr gap

During a verification of electronic returns, the department found that as many as 1,714 taxpayers under the self-assessment scheme (where tax-payers determine their tax liability and pay accordingly) had not paid their tax dues. In a few cases, the amount due was around Rs 100 crore (Rs 1 billion)....

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Posted Under: Income Tax |

New Procedure for payment of fees and taxes by unregistered dealers

Trade Circular 42-T of 2008 (26/12/2008)

A new procedure has been prescribed for the payment of taxes, fees and returns by the dealers or employers seeking registration or not registered or not required to registered under MVAT Act vide Trade Circular 42-T of 2008 dated 26th December 2008....

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Public Notice No. 121 (RE-2008)/2004-2009, Dated: 24.12.2008

Public Notice No. 121 (RE-2008)/2004-2009 (24/12/2008)

Consequently, export of above mentioned products destined to specified linked markets will be entitled to benefit under Para 3.10.7 of Foreign Trade Policy (RE-2008)/2004-2009 for exports made w.e.f 1.4.2008....

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Public Notice No. 120 (RE-2008)/2004-2009, Dated: 24.12.2008

Public Notice No. 120 (RE-2008)/2004-2009 (24/12/2008)

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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Public Notice No. 119 (RE-2008)/2004-2009, Dated: 24.12.2008

Public Notice No. 119 (RE-2008)/2004-2009 (24/12/2008)

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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Companies (Amendment) Regulations 2008 (Notification of revised Regulation 17)

Notification No. G.S.R. 888(E) (24/12/2008)

.- In exercise of the powers conferred by sub-sections (5) and (8) of section 25 and sub-section (2) of section 609 read with sections 610A, 610B and 610E of the Companies Act, 1956 (l of 1956), the Central Government hereby makes the following regulations further to amend the Companies Regulations, 1956...

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Companies (Central Government's) General Rules and Forms (Seventh Amendment) Rules, 2008 (Notification of new form 67 for Addendum)

Notification No. G.S.R. 876(E) (24/12/2008)

– In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules to amend the Companies (Central Government's) General Rules and Forms, 1956...

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Exempts certain goods

Notification NO. 136/2008-Customs (24/12/2008)

Capital goods in Semi Knocked Down (SKD) / Completely Knocked Down (CKD) conditions to be assembled into capital goods by the importer....

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Amends notification No. 30/2008-Customs Duty, dated 3rd March, 2008

Notification No. 135/2008-Customs (24/12/2008)

The principal notification number 30/2008-Customs dated the 3rd March, 2008 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) of vide number G.S.R. 161(E), dated the 3rd March, 2008....

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Notification No. 49/2008-Central Excise (N.T.); Dated: 24.12.2008

Notification No. 49/2008-Central Excise (N.T.) [G.S.R. 882 (E)] (24/12/2008)

For the purposes of this notification, except for S.No.30, "retail sale price" means the maximum price at which the excisable goods in packaged form may be sold to the ultimate consumer and includes all taxes, local or otherwise, freight, transport charges, commission payable to dealers and all charges towards advertisement, delivery, pac...

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Notification No. 64 /2008-Central Excise; dated: 24.12.2008

Notification No. 64/2008-Central Excise (24/12/2008)

The principal notification No.4/2006-Central Excise, dated the 1st March, 2006 was published in the Gazette of India, Extraordinary, part II, section 3, sub-section (i) vide number G.S.R.94 (E), dated the 1st March, 2006, and was last amended by notification No. 58/2008-Central Excise, dated the 7th December, 2008 published vide number G....

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Notification No. 63/2008-Central Excise; Dated: 24.12.2008

Notification No. 63/2008-Central Excise (24/12/2008)

The principal notification No. 28/2002-Central Excise, dated the 13th May, 2002 was published in the Gazette of India, Extraordinary vide G.S.R 361 (E), dated the 13th May 2002 and was last amended vide notification No.40/2004-Central Excise, dated the 4th August, 2004, published in the Gazette of India, Extraordinary vide G.S.R 502 (E) ...

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Exempts Motor Spirit (commonly known as petrol)

Notification No. 61/2008-Central Excise (24/12/2008)

from so much of the duty of excise leviable thereon under the said Schedules, as is in excess of the duty that would have been leviable on such goods under the said Schedules, if sold by the manufacturer for delivery at the time of removal of such goods or at any other time nearest to the removal of such goods, where the manufacturer and...

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Notification No. 60/2008-Central Excise; dated 24.12.2008

Notification No. 60/2008-Central Excise (24/12/2008)

The principal notification was published in the Gazette of India, Extraordinary, vide number G.S.R.537(E), dated the 17th August, 2005 and was last amended vide notification number 27/2007-Central Excise, dated the 14th June, 2007, published in the Gazette of India, Extraordinary, vide number G.S.R. 428 (E), dated the 14th June 2007....

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Suggestion on Schedule VI and Saral Schedule VI for small and medium sized companies

As your good self are aware that the Council at its 280th meeting held from 7th to 9th August 9, 2008, considered the cited matter. After detailed discussion, the Council authorised CA. Vinod Jain, Chairman, CLC to finalize the Schedule VI and Saral Schedule VI for small and medium companies while appreciating the views/suggestions emerge...

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Posted Under: Income Tax |

Multipurpose Empanelment Form (MEF) – Information regarding association with Public Sector Banks

If you have accepted any concurrent audit, directorship in banks, taking loans from banks, after fiiling of MEF for 2008-09, you have to file form given in the below link so that statutory audit of that bank will not be alloted to you but other bank can be allotted....

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Posted Under: Income Tax |

No Penal Action On Electronically Filed IT Returns Bearing Acknowledgement Date Stamp of 1st October 2008

The Central Board of Direct Taxes have ordered that any return of income for the assessment year 2008-09 filed electronically on 30 th September 2008, in respect of which the electronic acknowledgement bears the date stamp of 1 st October 2008, shall be treated as having been filed within the due date, i.e. 30 th September 2008....

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Posted Under: Income Tax |

ICAI mulls educational TV channel

ICAI is considering broadcasting 12 hour of programming a day for students and its members. It may be mentioned here that CA professionals have to take mandatory 20 hours of training every year. We feel that with increasing base of membership and students in India and overseas we need to have a mass medium. Our own channel will enable us ...

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Posted Under: Income Tax |

ICAI Awards 2009 Corporate Awards

Do you wish to nominate any leader for the Corporate Awards? These awards are instituted to acknowledge Chartered Accountants in industry who have demonstrated excellence in the way in which they conduct their profession, are exemplary role models in the industry and have created value to their company's stakeholders on a sustainable basi...

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Posted Under: Income Tax |

Your Mobile Phone will be Banned in 2009 if it doesnt have IMEI Number

This is what DOT has told to the government that any phone which doesn’t have a valid IMEI Number will be banned starting next year think they started with a date of Jan 6th and may be they will move that or extend it to March 2009. This means 13 percent of the Chinese and Korean mobile phones which either doesn’t have a valid IMEI nu...

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Posted Under: Income Tax |

Internet connections will be slow till December 26

Slow internet connections will continue till Friday, even as restoration work on two cables out of the three that had severed a few days ago is under way. In India, the latency will continue till the end of the week, even for customers who have opted for redundancy bandwidth. For those who did not opt for redundancy bandwidth, the latency...

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Posted Under: Income Tax |

Bad asset norms may be relaxed

The Reserve Bank of India has started a review of the non-performing asset or bad loan classification norms to ease the flow of credit to corporate groups. The move follows a reference from the government and is aimed at relaxing the norms temporarily to enable companies to access funds during the economic downturn that is putting pressur...

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Posted Under: Income Tax |

No plans to ban futures in more commodities – Finmin

The government said on Tuesday it has no proposal to ban futures trading in more commodities. Since the Abhijit Sen Committee could not establish any definite causal relationship between futures trading and rise in prices of commodities, there is no proposal to ban futures trading in more commodities, minister of state for finance P K Ban...

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Posted Under: Income Tax |

New tax code to stop treaty shopping

The government may introduce provisions in the new direct tax code to prevent misuse of double taxation avoidance agreements India has with other countries. The new code is likely to be unveiled before the year ends. A government official said a discussion paper on the code, a major initiative undertaken under the guidance of the former f...

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Posted Under: Income Tax |

Companies (Central Government's) General Rules and Forms (Sixth Amendment) Rules, 2008 (Notification of revised Forms 21 & 23)

Notification No. G.S.R. 872(E) (23/12/2008)

In exercise of the powers conferred by sub-section (1) of section 642 read with section 6108 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules to amend the Companies (Central Government's) General Rules and Forms, ...

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SEBI :(Regulation) (Manner Of Increasing and Maintaining Public Shareholding in Recognised Stock Exchanges) (Amendment) Regulations, 2008

Notification No. LAD-NRO/GN/2008/30/148262 (23/12/2008)

No person shall, directly or indirectly, either individually or together with persons acting in concert with him, acquire and/or hold more than five per cent. of the paid up equity capital of a recognised stock exchange after commencement of these regulations, unless he is a fit and proper person and has taken prior approval of the Board...

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Notification No. 111/2008-Income Tax Dated 23/12/2008

Notification No. 111/2008-Income Tax (23/12/2008)

Notification No. 111-Income Tax In exercise of the powers conferred by section 295 read with section 285BA of the Income-tax 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 :— 1. (1) These rules may be called the Income-tax (Eleventh ...

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Notification No. 110/2008-Income Tax Dated 23/12/2008

Notification No. 110/2008-Income Tax (23/12/2008)

Notification No. 110-Income Tax In exercise of the powers conferred by sub-section (1) of section 269B of the Income-tax Act, 1961 (43 of 1961), the Central Government, in supersession of all the earlier notifications on the subject, except as respects things done or omitted to be done under those notifications, hereby authorizes every Jo...

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Banks' accounts under scanner for deductions clamied

Concerned at the government's 'revenue loss' due to giving 'large deductions' while calculating the income tax payable by banks, tax authorities have decided to scan the accounts of lenders, including foreign banks, in minute detail....

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Posted Under: Income Tax |

Centre further relaxes ban on cement exports

The government on Saturday relaxed the ban on export of cement in the backdrop of waning demand for this crucial construction input from the real estate sector. The ban was imposed on April 11 this year to curb the rapidly-rising inflation....

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Posted Under: Income Tax |

Why our banks need to be less lazy

The use of monetary policy to stabilise growth has always been subject to concerns about effectiveness, often described as 'pushing on a string.' The central bank can lower rates and inject liquidity all it wants, but these measures will only have the desired impact if they translate into lower lending rates and larger flows of credit fro...

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Posted Under: Income Tax |

RBI not done with Rate cuts

Prime Minister Manmohan Singh met Reserve Bank of India Governor D Subbarao and Finance Secretary Arun Ramanathan in New Delhi on Saturday to discuss the macroeconomic situation. The meeting comes ahead of a fresh stimulus package aimed at sectors not covered in the earlier measures announced by the central bank and the government....

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Posted Under: Income Tax |

Commerce ministry wants speedy stimulus package

Concerned by the delay in announcement of the second economic stimulus package, the commerce ministry has asked the committee of secretaries headed by Cabinet secretary KM Chandrashekhar for speedy intervention....

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Posted Under: Income Tax |

Do's and don't's when you are using Internet

With hacking, viruses and what-have-you attacking your computer, here is a list of do's and don'ts that you should enforce when you are using your machine. DO use passwords that are difficult to guess. Choose a password that uses a combination of characters, numbers and symbols....

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Posted Under: Income Tax |

Rent Income and Tax Provisions

Tax on rental income - The rental income is added to the taxable income and tax liability is based on the tax slabs. Up to 30 percent of rental income can be deducted towards maintenance of the rented place and for payment of property tax etc....

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Posted Under: Income Tax |

Application for Empanelment for Audit of Co-Operative Banks

Empanelment Form For Allotment Of Cooperative Bank Audit Panel Of Auditors For Audit Of Urban Cooperative Banks Having Deposit Exceeding Rs.25 Crores....

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Posted Under: Income Tax |

Notification No. 63 (RE-2008) dated 21.11.2008 and No. 64 (RE-2008) dated 24.11.2008-transitional arrangements thereunder

Policy Circular No. 49 (RE-2008)/2004-2009 (22/12/2008)

It is brought to the notice of all concerned that vide these Notifications transitional arrangement available under Para 1.5 of FTP have not been stopped. Thus, the transitional arrangements in respect of items whose import has been restricted vide the said Notifications shall continue. Similarly, where the shipment has been made prior to...

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Companies (Central Government’s) General Rules and Forms (Fifth Amendment) Rules, 2008 (Notification of revised Forms 1, 1A, 2 & 5)

Notification No. G.S.R. 868(E) (22/12/2008)

G.S.R. 868 (E). – In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules to amend the Companies (Central Government's) General Rules and Forms, 1956...

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Anti dumping duty on imports of vitrified and porcelain tiles

Notification No. 134/2008-Customs (22/12/2008)

If the designated authority recommends anti-dumping duty after completion of the said new shipper review, the importer shall be liable to pay the amount of such anti-dumping duty imposed on all imports into India of the subject goods from M/s Foshan Lihua Ceramics Co. Ltd., China PR (producer) and M/s Foshan Henry Trading Company, China P...

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Circular No. 880/18/2008-Central Excise, Dated: 22.12.2008

Circular No. 880/18/2008-Central Excise (22/12/2008)

The Notification SRO-91 dated 16.03.2006 issued by the Government of J & K states that every registered industrial unit claiming tax (VAT) remission shall make price adjustment in the selling price equivalent to the amount of tax chargeable on the finished goods sold, where after the tax shall be charged on the net selling price so that ...

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Compliance Of CPE Credit Hours For The Calendar Year 2008

Members holding Certificate of Practice (except those members who are residing abroad and senior members), unless exempted are required to (a) Complete at least 90 CPE credit hours in each rolling three year period starting from the calendar year 2008, of which 60 CPE credit hours should be of structured learning....

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Posted Under: Income Tax |

Vodafone International Holdings B.V. Versus Union of India (Bombay High Court)

Vodafone International Holdings B.V., Vs Union of India (Bombay High Court)

The very purpose of entering into agreements between the two foreigners is to acquire the controlling interest which one foreign company held in the Indian company, by other foreign company. This being the dominant purpose of the transaction, the transaction would certainly be subject to municipal laws of India, including the Indian Incom...

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MVAT E-Filing of Returns Made Applicable to All Dealers

Mandatory E-filing of Returns is applicable for Registered Dealers to whom the Explanation to clause (8) of Section 2 applies and whose tax liability during the previous year was rupees one crore or less, in respect of the period starting on or after 1st April, 2008....

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Posted Under: Income Tax |

Satyam's Buyback Plan is a Ploy to Take Away Funds

Ramalinga Raju’s problems just don’t seem to end. After the unprecedented furore over Satyam Computers’ aborted plan to buy into Maytas Infrastructure and Maytas Properties — controlled by the Raju family — for a whopping $1.6 billion, the UK-based Upaid Systems has alleged that Satyam’s buyback proposal is yet another ploy to...

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Posted Under: Income Tax |

Tax Sword Looms Large On Cross-Border Acquisitions

Since August last year, the world has been watching. It all began with a show cause notice issued to Vodafone BV (based in the Netherlands), holding it to be an “assessee in default” for not withholding tax at source when it made payments to a Hutchison Group company (based in Cayman Islands) for acquiring shares of another Cayman Isl...

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Posted Under: Income Tax |

Lending Rate to Be In Single Digit in a Year

With inflation declining for the sixth week in a row, ICICI Bank chief K V Kamath on Friday said lending rate will come down to single digit in a year and predicted attractive opportunities in treasury operations in the soft interest rate regime....

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Posted Under: Income Tax |

know-how fee related to grant of technical assistance and continuous know-how, including training of personnel,is revenue in nature

Commissioner of Income Tax Vs K Synthetics Limited (Delhi High Court)

The third installment of know-how fee which related to grant of technical assistance and continuous know-how, in Italy, including training of personnel, in Italy is revenue in nature, any interest paid in relation to delayed payments will also, have to be treated, as one, which is, on revenue account....

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FAQ On Data Migration in Tally

The Tally Data Migration Tool is an efficient migration tool that primarily helps you to migrate and restore your company data from Tally 7.2 to Tally 9. It works with the Tally 9.exe file. The Data Migration Tool also allows the migration of TCP (Tally Compliant Product) files....

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Posted Under: Income Tax |

How to Activate Payroll in Tally

For users of Tally 9 who want to use tally payroll I am providing small slide show to give a brief idea on how to work on payroll. The slide show is prepared by using ZOHO show which is an online tool like power point presentation....

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Posted Under: Income Tax |

Public Notice No. 118 (RE-2008)/2004-2009, Dated: 19.12.2008

Public Notice No. 118 (RE-2008)/2004-2009 (19/12/2008)

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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Import of Trucks/Tippers/Dumpers etc. under EPCG Scheme

Policy Circular No. 48 (RE-2008/2004-09) (19/12/2008)

The matter was discussed in the Port Officers meeting held on 25th November 2008. It is hereby clarified that import of Tippers/Dumpers and spares thereof including tyres are allowed to be imported as mining equipment under EPCG Scheme by mining establishments subject to the following conditions....

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Procedure relating to sanction and pre-audit of refund claims-regarding

Circular No. 22/2008-Customs Duty (19/12/2008)

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

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Company Law under Slowdown Specter

The global economic meltdown may bring in a major change in the final layout of the new company law, which is now being considered by a Parliamentary Standing Committee. The Companies Bill 2008, which aimed to reduce government intervention in Internal affairs of the companies and substitute it with disclosures and their self- regulation,...

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Posted Under: Income Tax |

Celebrities too May Face Heat Over Misleading Advertisements

The new Companies Bill 2008 proposes sending celebrities to jail for up to three years if they induce consumers to buy a product with misleading claims. The Bill also wants the company to pay Rs 50 lakh as penalty for cheating consumers. Currently, such companies face a Rs 1-lakh fine. The Bill was tabled in Parliament in October....

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Posted Under: Income Tax |

Notification No. 73 (RE-2008)/2004-2009, Dated: 19.12.2008

Notification No. 73 (RE-2008)/2004-2009 (19/12/2008)

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.4 (RE-2008...

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Pending Tax Refund Up To Rs 25,000 to Be Given Soon – Govt

The government has asked the I-T department to soon process refund claims up to Rs 25,000 for every assessee whose tax is deducted at source (TDS) for 2007-08. "The Income- Tax Department has instructed the field formations to accept the TDS-payer's claim, with certain exceptions . where the refund computed does not exceed Rs 25,000," a F...

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Posted Under: Income Tax |

Income Tax exemption on home loans may be doubled

The government is considering a proposal to double the income tax exemption limit on housing loans to Rs 3 lakh from the current level of Rs 1.5 lakh, according to government sources. The proposal is being discussed by the committee of secretaries that was set up in the wake of the global financial crisis affecting the Indian economy. Ind...

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Posted Under: Income Tax |

RBI Says Time Ripe For Cheaper, Easier Loans

Corporate India and retail borrowers may soon get loans at cheaper rates and on easier terms. The Reserve Bank of India has advised banks to cut rates further, citing fall in inflation, easy liquidity and lower cost of funds....

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Posted Under: Income Tax |

CAs to be restricted from taking non-audit work

The government will be preventing Chartered Accountants from offering consultancy and advisory services to the companies which hire them for auditing their accounts. This is being done to lend greater credibility to company accounts. The statutory auditors, who vet the financial accounts of a company, will be restricted from providing the...

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Posted Under: Income Tax |

Notification No. 139/2008-Customs Duty (N.T.), dated 19-12-2008

Notification No. 139/2008-Customs (N.T.) (19/12/2008)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs....

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Notification No. 138/2008-Customs Duty (N.T.), dated 19-12-2008

Notification No. 138/2008-Customs (N.T.) (19/12/2008)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs (Import), Jawaharlal Nehru Custom House, Nhava Sheva, Raigad, Maharashtra to act as a common adjudicating authority ...

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Notification No. 137/2008-Customs Duty (N.T.), dated 19-12-2008

Notification No. 137/2008-Customs (N.T.) (19/12/2008)

for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Cyclops Group, No. 78, Magadi Main Road, Bangalore and another, issued vide, DRI F.No. S/IV/08/06 (Chn. SCN), dated the 28th November, 2006 by the Additional Director General, Directorate of Revenue Intelligence, Bangalore Zonal Unit, Bangalore. ...

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Notification No. 136/2008-Customs Duty (N.T.), dated 19-12-2008

Notification No. 136/2008-Customs (N.T.) (19/12/2008)

for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s P. N. Shah Adhesives, No. 78, Magadi Main Road, Bangalore and another, issued vide, DRI F.No. S/IV/08/06 (Tut. SCN), dated the 24th November, 2006 by the Additional Director General, Directorate of Revenue Intelligence, Bangalore Zonal Unit, Banga...

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Notification No. 135/2008-Customs Duty (N.T.), dated 19-12-2008

Notification No. 135/2008-Customs (N.T.) (19/12/2008)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs (Sea Port-Import), Customs House, Chennai to act as a common adjudicating authority to exercise the powers and disc...

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Notification No. 134/2008-Customs Duty (N.T.), dated 19-12-2008

Notification No. 134/2008-Customs (N.T.) (19/12/2008)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs (Export Promotion), Jawaharlal Nehru Custom House, Nhava Sheva, Uran, Raigad, Maharashtra, to act as a common adjudi...

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Notification No. 133/2008-Customs Duty (N.T.), dated 19-12-2008

Notification No. 133/2008-Customs (N.T.) (19/12/2008)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs....

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Amends notification No. 15/2008- Customs Duty (N.T.), dated, 5th March 2008

Notification No. 132/2008-Customs (N.T.) (15/12/2008)

In the said notification, after the words Commissioner of Customs, Air Cargo Complex, Sahar, Mumbai, the words and brackets "and the Commissioner of Customs (Import), Jawaharlal Nehru Custom House, Nhava Sheva, Raigad, Maharashtra" shall be inserted....

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Income Tax – Circular on Charitable purpose’ under section 2(15)

Circular No. 11/2008-Income Tax (19/12/2008)

Circular No. 11/2008-Income Tax Definition of ‘Charitable purpose’ under section 2(15) of the Income tax Act, 1961 – reg.Section 2(15) of the Income Tax Act, 1961 (‘Act’) defines “charitable purpose” to include the following:- (i) Relief of the poor (ii) Education (iii) Medical relief, and (iv) the advancement of any other ...

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Acquisition of Immoveable Property in India – F.A.Q

(19/12/2008)

Under the general permission available, the following categories can freely purchase immovable property in India: i) Non-Resident Indian (NRI)- that is a citizen of India resident outside India ii) Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Ir...

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Posted Under: Income Tax |

Income-Tax (Eleventh Amendment) Rules, 2008 – Insertion of Rule 5F And Form No. 3CF-111

Notification No. 107/2008-Income Tax (11/12/2008)

NOTIFICATION NO. 107/2008, DATED 11-12-2008 An application for approval under clause (iia) of sub-section (1) of section 35 by a company shall be made in duplicate in Form No. 3CF-III, to the Commissioner of Income-tax having jurisdiction over the applicant, at any time during the financial year immediately preceding the assessment year f...

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ICAI to Help Indian Railways to Upgrade Accounting Practices

Apex chartered accountant institute ICAI will help the 155-year-old Indian Railways upgrade its accounting practices. "We will help the Railways upgrade its accounting system and make it look like a corporate account, fully based on accrual accounting system," Institute of Chartered Accountants (ICAI) President Ved Jain told PTI....

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Posted Under: Income Tax |

Over 8000 Income Tax Officials Given Brand New Laptops

More than 8,000 officers of the Income Tax department across the country have become tech-savvy as the government has provided them with brand new laptops under an incentive scheme. The laptops have the advanced Windows Vista Business operating system with an encrypting file feature, a password protected shared documents folder, a two GB ...

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Posted Under: Income Tax |

Power Point Presentation on New MVAT Form and Engagement Letter

Specimen of Letter of Appointment as Vat Auditor under Section 61 Of The MVAT Act, 2002, For The Financial Year Ending 31st March 2011. Specimen Letter of Communication with Previous Mavt Auditor....

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Posted Under: Income Tax |

Import of toys-Compliance with labeling requirements under Standards of Weights and Measures (Packaged Commodities) Rules, 1977-Instructions-reg

Circular No. 21/2008-Customs Duty (18/12/2008)

The Ministry of Consumer Affairs and Public Distribution, Department of Consumer Affairs has again brought to the notice of the Board about the need to comply with the requirement of Standards of Weights and Measures (Packaged Commodities) Rules, 1977, in specific reference to import of toys....

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