Circular No. 878/16 /2008-CX, As e-payment facility has been provided for payment of central excise duty and service tax, large taxpayers shall pay the central excise and service tax dues electronically only, through internet banking. However, in case of difficulties in e-payment, a large taxpayer is permitted to pay the duty through banks (except in such cases where e-payment is mandatory) in the jurisdiction of the LTU Commissionerate only.
This petition seeks a direction for releasing of 10 kgs. of silver jewellery, belonging to the petitioner but seized from his adoptive father on 20.11.1979 during search under Section 132 of the Income Tax Act, 1961 (
MEAL vouchers and prepaid cards have come under the regulatory scanner. In an attempt to check possible moneylaundering, Reserve Bank of India (RBI) has proposed that only banks and finance companies be allowed to issue prepaid cards which are accepted outside a closed group. This means that issuers who are neither banks nor finance companies will have to restrict card issuance to a closed group.
The government is planning to issue a unique identification (ID) to every citizen from December 2009, which would help it in better governance, including targeting kerosene, cooking gas, food, fertiliser, education and electricity subsidies. The task of creating the database may soon be entrusted to the proposed agency — UID Authority of India (UIDAI).
PMAC had examined the issue at its meeting last week following criticism from several quarters. “The general view was to let the grading continue for some more time. Though, globally such a condition was not applicable in any market, it was felt, any experience on this count would benefit other regulators as well,” said a person associated with the exercise.
Any difficulties which are anticipated in the implementation of the change in computation of export duty from 1st January, 2009 may be brought to the notice of the Board by 20th November, 2008 positively.
These are uncertain times. The subprime mortgage crisis weighs heavily on the financial markets and it is starting to cause considerable collateral damage to the wider economy. The outlook for 2009 is bleak, and the major economies in the US and Europe can expect deep and prolonged recessions. Some asset managers have felt the full force of the downturn, as collapsing investor confidence has sparked a massive withdrawal of funds.
Despite the global euphoria that greeted Barack Obama’s landslide victory on Tuesday, U.S. stocks posted their greatest post-election decline in history — evidence that investors are now beginning to realize what we’ve been saying all along: All the king’s horses and all the king’s men can’t put the economy together again
Though the taxpayer may have written off the expenditure in its books of account over a period say of five years, it must be allowed in its entirety in the year in which it was incurred, if it is revenue expenditure, and if it is wholly and exclusively incurred for the purposes of business(Para 15)
The global financial crisis is taking its toll in India’s cities as some despairing investors and stockbrokers seek refuge from their losses and debt in suicide. A wave of financially related deaths over the past month has sparked concerns about the vulnerability of unsophisticated investors and borrowers encouraged by rising markets and easy credit in one of the world’s fastest growing economies.
