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Archive: 29 July 2009

Posts in 29 July 2009

Exchange Rate notification for Import / Export of goods with effect from 1st August, 2009

July 29, 2009 427 Views 0 comment Print

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 68/2009-Customs (N.T.), dated the 26th June, 2009 vide number S.O. 1570 (E), dated the 26th June, 2009, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st August, 2009 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

Finance Minister given more tax breaks in finance bill passed in Lok Sabha

July 29, 2009 540 Views 0 comment Print

The Finance Minister announced a slew of amendments on both income-tax and service tax fronts to achieve the objective of generating economic activity in the present environment of economic slowdown

Despite s. 271(1B), s. 271 (1)(c) penalty is not valid if AO’s satisfaction not recorded at stage of initiation

July 29, 2009 6224 Views 0 comment Print

In Ram Commercial Enterprises 246 ITR 568 (Del) {affirmed in Rampur Engineering 309 ITR 143 (Del) (FB)}, the Delhi High Court held that if the AO did not record his satisfaction that the assessee had concealed particulars of his income before completion of the assessment proceedings, the initiation of penalty proceedings

Mere retraction of the confession may not be sufficient to make confessional statement irrelevant

July 29, 2009 642 Views 0 comment Print

Pursuant to a search under FERA, the premises of the appellant were searched on 11.4.1989. Foreign currency was recovered though no incriminating material was found. In his statement recorded on the same day, the appellant confessed to indulging in various foreign exchange transactions. One Mr. Narendra Mirani also confessed that the foreign exchange seized

As expected RBI kept key policy rates unchanged in the monetary policy review

July 29, 2009 324 Views 0 comment Print

The RBI has kept the key rates unchanged and increased the inflation forecast to 5 per cent. The GDP is expected to grow at 6 per cent and the money supply growth is seen at 18 per cent, according to the quarterly review of the economy, released on Tuesday. The deposit growth is seen at […]

Incomes which are tax-free under the Income Tax Act, 1961 (Simple Guide)

July 29, 2009 1223 Views 0 comment Print

1. Agricultural income: Any income which you receive as income from any agricultural activity is deemed as not included in total income. If your father is into agriculture and he gives you a part of the income as a gift, then you don’t need to pay tax on it, provided, your father files his tax […]

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July 2009