"19 December 2008" Archive

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: DGFT |

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: DGFT |

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: DGFT |

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: DGFT |

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: DGFT |

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: DGFT |

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: DGFT |

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: DGFT |

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: DGFT |

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: DGFT |

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