"December, 2008" Archive - Page 3

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: Excise Duty |

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: Excise Duty |

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: Excise Duty |

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: Excise Duty |

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: Excise Duty |

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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