"15 May 2009" Archive

Excise Forms in Excel and Word format

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....

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

Notification No. 51/2009-Customs (N. T.) (15/05/2009)

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)....

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Foreign branches of PSU should be audited by CAG : ICAI

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...

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Posted Under: Excise Duty |

IT department exploring avenues to tax Nusli Wadia Land deal

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 [&he...

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Posted Under: Excise Duty |

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

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, [&h...

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Posted Under: Excise Duty |

SFIO may soon get nod initiate prosecution in Satyam case

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 t...

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Posted Under: Excise Duty |

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

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 [&hellip...

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Posted Under: Excise Duty |

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

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....

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Posted Under: Excise Duty |

Check your credit rating before applying for loan

The Credit Information Bureau India Ltd and TransUnion on Thursday launched a ‘personal loan score’ to enable lenders to make informed decisions, in the backdrop of rising defaults on unsecured equated monthly installment loans.Two other products, a home loan repository and a fraud repository, are expected to be launched by th...

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Posted Under: Excise Duty |

Nexus with Exported Products under Target Plus Scheme, Clarification thereof

Policy Circular No. 90 (RE-2008)/2004-09 (15/05/2009)

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 perm...

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