"December, 2008" Archive - Page 10

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


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: Custom Duty |

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: Custom Duty |

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: Custom Duty |

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: Custom Duty |

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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Submission of MVAT Audit Report for 2007-2008 in Old Format

Trade Circular No. 41 T of 2008 18/12/2008

The Government of Maharashtra has issued Trade Circular No. 41 T of 2008 dated 18.12.2008 allowing the submission of VAT Audit Reports for the Financial Year 2007-2008 in old Form No.704 also....

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The effect of fluctuation of foreign exchange rate resulting in increase of cost of plant and machinery

Commissioner of Income Tax, Rajkot Vs M/s Gujarat Siddhi Cement Ltd. (Supreme Court of India)

Challenge in this appeal is to the judgment of a Division Bench of the Gujarat High Court dismissing the appeal filed by the present appellant. The appeal was filed under Section 260A of the Income Tax Act, 1961 (in short the Act). The question relates to the effect of Section 43A of the Act. ...

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