"March, 2009" Archive - Page 4

Policy Circular No. 76 (RE-2008)/2004-2009, Dated: 30.03.2009

Policy Circular No. 76 (RE-2008)/2004-2009 (30/03/2009)

This scrip has been issued without submission of Bank realisation certificate. The applicant shall furnish BRC or other documents evidencing realisation of export proceeds (as allowed under the FTP and the procedure laid thereunder) within 12 months from the date of issuance of the Scrip. Applicant shall also be required to send a 'Statem...

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Income tax department sleuths detected unaccounted cash worth over Rs 8 crore

Income tax department sleuths detected unaccounted cash worth over Rs 8 crore during the survey carried out on three business establishments in Chandigarh. Survey started on Thursday completed on Friday afternoon. Income tax sleuths carried out the survey in the premises of Compact Disc (CD) India Limited, Manimajra, office of A-I Meters ...

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Posted Under: DGFT |

Tax losses need to be carefully evaluated during acquisition

In commercial sense, even tax losses are valued assets and hence need to be carefully evaluated at the time of acquisition. Recently, the Pune Tribunal in case of DaimlerChrysler India (DIPL) examined the provision relating to carry forward and set-off of losses under Section 79 of the Income Tax Act, 1961 in the backdrop of […]...

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Posted Under: DGFT |

coaching classes for C.A. student shall not continue after 9.30 a. m. or start before 5.30 p.m.

IMPORTANT ANNOUNCEMENT The following decisions taken by the Council of the Institute are brought into force immediately for compliance by the Students / Members concerned. It is advised that required compliance be made by the concerned students / members. It may please be noted that non-compliance will be viewed seriously and proceeded ag...

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Posted Under: DGFT |

Sony India Pvt. Ltd. Versus Commercial Tax Officer & Anr (Supreme Court)

M/s Sony India Pvt. Ltd Vs Commercial Tax Officer & Anr (Supreme Court of India)

Similar goods manufactured in India and sold by other dealer like Samsung, LG etc. in Tamil Nadu are being taxed at 12% after 27.03.2002. However, the petitioners (assessee) herein alone are now required to pay tax at 20%. Presently, the Act imposes a higher rate of 20% on sales tax whereas other similar goods suffer sales tax at 12% -Lia...

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Auditor’s Responsibilities Relating to Restructuring of Advances

Members may note that mere receipt of an application for restructuring does not by itself makes the advance(s) referred to above qualified to retain its classification as Standard Asset(s)....

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Posted Under: DGFT |

ICAI is mulling changes in the chartered accountancy course

Institute of Chartered Accountants of India (ICAI) is mulling bringing about some changes in the chartered accountancy course syllabus, ICAI president Uttamprakash Agrawal said recently. “Indian chartered accountants are capable enough not just to fight the economic downturn, but also guide the world on how to come out of it,”...

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Posted Under: DGFT |

Circular No. 1/2009-Income Tax Dated 27/03/2009

Circular No. 1/2009-Income Tax (27/03/2009)

Circular No. 1/2009-Income Tax 1. Introduction 1.1 The Finance Act, 2008 (hereafter referred to as "the Act") as passed by the Parliament, received the assent of the President on the 10th day of May, 2008 and has been enacted as Act No. 18 of 2008. This circular explains the substance of the provisions of the Act relating to direct taxe...

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Regarding anti-dumping on imports of Vitamin E all forms excluding natural forms originating in, or exported from, the People"s Republic of China

Notification No. 33/2009-Customs (27/03/2009)

rate of exchange applicable for the purposes of calculation of anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962) and the...

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Regarding anti dumping duty on Hexa Methylene Tetramine, commonly known as Hexamine

Notification No. 32/2009-Customs (27/03/2009)

The anti-dumping duty imposed under this notification shall be effective for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of this notification in the Official Gazette. The anti-dumping duty shall be paid in Indian currency....

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