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Archive: 07 July 2009

Posts in 07 July 2009

Gift in kind will be taxable from 01.10.2009

July 7, 2009 6380 Views 0 comment Print

According to the new proposal of the Union Budget 2009-10, any property received from a non-relative where the value is in excess of Rs 50,000 in a particular year will be considered as income in the hands of the recipient. Earlier, gifts in the form of cash from non-relatives were exempted up to a limit […]

Notification No.18/2009 – Central Excise (N.T.); Dated: 07.07.2009

July 7, 2009 439 Views 0 comment Print

G.S.R. (E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 4A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do , hereby makes the following amendments in the Government of India in the Ministry of Finance

Notification No.17/2009–Central Excise (N.T.); Dated: 07.07.2009

July 7, 2009 328 Views 0 comment Print

“24A. Return of records. – The books of accounts or other documents, seized by the Central Excise Officer or produced by an assessee or any other person, which have not been relied on for the issue of notice under the Act or the rules made thereunder, shall be returned within thirty days of the issue of said notice or within thirty days from the date of expiry of the period for issue of said notice.

Notification No. 80/2009-Customs Dated: 7th July, 2009

July 7, 2009 466 Views 0 comment Print

For the purposes of this exemption, “packaged software or canned software” means software developed to meet the needs of variety of users, and which is intended for sale or capable of being sold off the shelf.

Notification No. 79/2009-custom Duty, Dated: 7th July 2009

July 7, 2009 337 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts parts, components and accessories of mobile handsets including cellular phones, from the whole of the additional duty of customs leviable thereon under sub-section (5) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), subject to the condition that the importer follows the procedure set out in the Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 1996.

Notification No. 78/2009-Custom Duty, Dated: 7th July 2009

July 7, 2009 346 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on 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 below, shall be amended in the manner specified in the corresponding entry in column (3) of the said Table, namely.

Notification No.16/2009–Central Excise (N.T.); dated: 07/07/2009

July 7, 2009 1108 Views 0 comment Print

Provided that if the said input or capital goods is subsequently used in the manufacture of final products or the provision of taxable services, the manufacturer or output service provider, as the case may be, shall be entitled to take the credit of the amount equivalent to the CENVAT credit paid earlier subject to the other provisions of these rules.

How to choose b/w Private Companies, Public Companies and LLP

July 7, 2009 1313 Views 0 comment Print

SELECTION OF A CORPORATE BUSINESS STRUCTURE If you are new entrepreneur looking of doing a business in a corporate form of organisation, first you have to select a form of business organisation. There are four types of Corporate Business Forms available for entrepreneurs carrying business in India: Private Companies Public  Companies Limited Liability Partnerships Selection […]

Notification No. 22/2009-Central Excise; Dated: 07.07.2009

July 7, 2009 457 Views 0 comment Print

Provided that the transfer of the right to use shall be for commercial exploitation including the right to reproduce, distribute and sell such software and the right to use the software components for the creation of and inclusion in other information technology software products

Notification No. 21/2009-Central Excise; Dated: 07.07.2009

July 7, 2009 550 Views 0 comment Print

– In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 133 of the Finance Act, 1999 ( 27 of 1999), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts high speed diesel oil blended with alkyl esters of long chain fatty acids obtained from vegetable oils, commonly known as bio-diesels, upto 20%, by volume, that is a blend.

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