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Archive: 15 May 2009

Posts in 15 May 2009

Excise Forms in Excel and Word format

May 15, 2009 454806 Views 208 comments Print

I have uploaded all the forms on Excise Duty applicable as on date in Excel and Word Format. The formats of form are taken from www. cbec.gov. in. Taxguru is the only site where all the forms are available in Word/Excel Format as all other websites provide in PDF format.

Amends notification No. 36/2001-Cus (N.T.), Dated: 03.08.2001

May 15, 2009 265 Views 0 comment Print

The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S.O. 748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 39/2009-Customs (N.T.), dated, the 31st March, 2009 (S. O. 889 (E) dated 31st March, 2009).

Foreign branches of PSU should be audited by CAG : ICAI

May 15, 2009 504 Views 0 comment Print

In order to make books of accounts of public sector entities more transparent, accounting regulator ICAI on Thursday said their foreign branches also should be audited by the CAG. “Foreign branches of the public sector undertakings are not audited… this is one issue which needs to be looked into by the Comptroller and Auditor General of […]

IT department exploring avenues to tax Nusli Wadia Land deal

May 15, 2009 711 Views 0 comment Print

After its attempt to tax industrialist Nusli Wadia on his land deals ran into trouble, the income tax department is exploring another avenue. Two years ago, the I-T department demanded Rs 31 crore as tax for the money Wadia made by selling around 110 acres of land at Mindspace along the Goregaon-Malad Link road. Wadia’s appeal […]

926 bank branches in Mumbai been appointed by RBI to accept Direct Tax Payment

May 15, 2009 1160 Views 0 comment Print

The Reserve Bank on Thursday said 926 branches of private and public sector banks have been designated for receiving advance income tax in Mumbai and Navi Mumbai. “Arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches, 862 are public sector bank bank branches, 35 HDFC bank branches, […]

SFIO may soon get nod initiate prosecution in Satyam case

May 15, 2009 309 Views 0 comment Print

The government is likely to soon give its nod to the Serious Fraud Investigation Office (SFIO) for initiating prosecution against the persons involved in the Rs 7,800 crore-accounting fraud at Satyam Computer Services. The ministry of corporate affairs is in consultation with the law ministry and will take a decision on filing cases in the Satyam […]

No further reduction in corporate, excise and service taxes in next Budget

May 15, 2009 357 Views 0 comment Print

The finance ministry on Thursday indicated to an industry delegation that it should not expect a further lowering of corporate, excise and service taxes in the Budget to be presented by the next finance minister. “Revenue secretary Mr P V Bhide . . . indicated that no further relaxation in excise and service taxes could be […]

ICAI written CBDT on Undue hardship faced by assessees on account of delay of refund in scrutiny cases in respect of A.Y. 2007-08

May 15, 2009 328 Views 0 comment Print

As you are kindly aware, the Central Board of Direct Taxes has issued an Instruction no.12/2008 dated 5th September 2008 for clearing the large pendency of returns for the Assessment year 2007-08. We heartily appreciate the efforts being taken by the Central Board of Direct Taxes to meet up its target for speedier processing of returns.

Check your credit rating before applying for loan

May 15, 2009 2203 Views 3 comments Print

In this era of increasing fees, the education of children has become a major component of financial planning. It is important that parents start planning early to ensure that there are no hiccups at the final stages of there child’s education. And that implies planning well in advance. Some points that will help in this […]

Nexus with Exported Products under Target Plus Scheme, Clarification thereof

May 15, 2009 397 Views 0 comment Print

The matter has been examined in detail. It is clarified that “Agricultural Products covered under Chapter 1 to 24 except 6(a) to 6(f) listed in Policy Circular 10 (Re2008) dated 5.6.2008.”as listed at Sr. No. 6 of Policy Circular 10(RE2008) dated 5.6.2008 and endorsed on the Duty Credit Scrips issued under Target Plus Scheme, are permitted only when nexus with exported products is clearly established.

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