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Archive: 24 February 2009

Posts in 24 February 2009

Amends Notification No. 21/2002-Customs, Dated the 1st March, 2009

February 24, 2009 214 Views 0 comment Print

The principal notification No.21/2002-Customs dated the dated the 1st March, 2002, was published in the Gazette of India, Extraordinary, vide G.S.R.118 (E), dated the 1st March, 2002 and was last amended Notification No. 13/2009-Customs, dated the 11th February, 2009 [G.S.R. 93 (E), dated the 11th February, 2009].

Notification No. 4/2009 – Central Excise; dated: 24.02.2009

February 24, 2009 631 Views 0 comment Print

The principal notification No.2/2008-Central Excise, dated the 1st March, 2008 was published in the Gazette of India, Extraordinary, part II, section 3, sub-section (i) vide number G.S.R.130 (E), dated the 1st March, 2008, and was last amended by notification No. 58/2008-Central Excise, dated the 7th December, 2008 published vide number G.S.R. 840(E), dated the 7th December 2008.

SEBI : Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000

February 24, 2009 328 Views 0 comment Print

The validity period of the observations issued by SEBI has been enhanced from the existing period of three months to twelve months.

Notification No. 20/2009-Customs Duty (N.T.), Dated: 16.02.2009

February 24, 2009 262 Views 0 comment Print

The principal notification No.21/2002-Customs dated the dated the 1st March, 2002, was published in the Gazette of India, Extraordinary, vide G.S.R.118 (E), dated the 1st March, 2002 and was last amended Notification No. 13/2009-Customs, dated the 11th February, 2009 [G.S.R. 93 (E), dated the 11th February, 2009].

Notification No. 19/2009-Customs duty (N.T.) , Dated: 30.01.2009

February 24, 2009 436 Views 0 comment Print

The principal notification No. 14/2009-Customs, dated the 19th February, 2009was published in the Gazette of India, Part II, Section 3, Sub-Section (i) Extraordinary vide number GSR 103 (E), dated the 19th February, 2009.

Supreme Court judgements on tax-treatment of Conveyance allowance and Leave travel concession

February 24, 2009 3645 Views 0 comment Print

In both the aforesaid judgements, it has been held by the Apex Court that beneficiary of exemption under section 10(5) of the Income-Tax Act, 1961 (the Act), relating to leave travel concession / assistance is the individual employee. There is no Circular of the Central Board of Direct Taxes (CBDT), requiring the employer to collect and examine the supporting evidence in respect of declaration furnished by the employee

Loss from fire- Can Assessee claim the expense in the Year in which his claim for loss been rejected?

February 24, 2009 531 Views 0 comment Print

In the facts and circumstances of this case, the determining of date when the loss was incurred will have to be derived from the admitted facts. It is not a matter of dispute that the fire which resulted in destruction of the stock of the applicant-assessee took place on 26.3.1978. The aforesaid fire destroyed the stock/goods of the applicant-assessee lying with the PSWC

Lok Sabha approved 2% cuts in excise duty, service tax

February 24, 2009 441 Views 0 comment Print

New Delhi, Feb 24 (IANS) The Lok Sabha Tuesday approved 2-percent cuts in excise duty and service tax proposed by External Affairs Minister Pranab Mukherjee, who said resilience of the India economy which grew by an average of 9 percent annually in the last three years will help it overcome the current crisis.

Government Announce Excise and Service Tax Rate Cuts

February 24, 2009 327 Views 0 comment Print

The government on Tuesday said that the 4 per cent excise duty cut across-the-board will continue beyond March 31, 2009. Finance Minister Pranab Mukherjee also said that the excise duty on cement will be reduced to 8 per cent from 10 per cent, while service tax will be cut from 12 per cent to 10 […]

Excise Duty notifications to reduce effective rate of excise duty from 10% to 8%

February 24, 2009 382 Views 0 comment Print

NOTIFICATION NO 4/2009-Central Excise, Dated : February 24, 2009 In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the Table hereto annexed shall be amended or further amended, as the case may be, in the manner specified in the corresponding entry in column (3) of the said Table, namely

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