"19 January 2010" Archive

Custom duty circular Amending Notification No. 189/2009- Customs (N.T) dated 31.12.2009

Notification No. 07/2010–Customs (N.T.) 19/01/2010

Amends Notification No. 189/2009- Customs (N.T) dated 31.12.2009 vide which the Customs Tariff (Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic of India) Rules, 2009 were notified....

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SEBI ask mutual funds to disclose risk in bold letters in Advertisement Code

The market regulator SEBI on Monday asked mutual fund companies to make all the disclosures about market risks involved in the products more prominent in their communication. "To make these statements more prominent, it is advised that the disclosures as stated in the clauses 10, 13 and 14 of schedule VI of SEBI (Mutual Funds) Regulations...

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Posted Under: Custom Duty |

Mutual fund distributors set to approach Sebi for central KYC bureau to cut documentation

Mutual fund distributors are set to approach the capital market regulator, the Securities and Exchange Board of India (Sebi), seeking a central bureau of registry for all ‘know your client’ (KYC) documentation. The distributors will also lobby for an electronic or digital KYC till a comprehensive system is put in place. They maintain ...

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Posted Under: Custom Duty |

Sebi plans to start volatility index based F&O contracts

Eighteen months after introducing India’s volatility index, or VIX, market regulator Sebi has begun its groundwork to introduce derivatives contracts, with the index as the underlying. VIX is a measure of traders’ near-term expectations of implied volatility, or IV, based on the 50 stock options prices on the Nifty index. The regulato...

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Posted Under: Custom Duty |

Duty Entitlement Passbook (DEPB) scheme likely to be scrapped in Budget

One of the most favoured duty reimbursement schemes among exporters — the Duty Entitlement Passbook (DEPB) scheme — is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which was extended till December 31 in the Foreign Trade Policy 2009-2014, is widely viewed as ...

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Posted Under: Custom Duty |

New regulations likely to spur business for consulting and audit firms

Changes in regulations like the International Financial Reporting Standards (IFRS), Goods and Services Tax (GST), Direct Taxes Code and the new Companies Act are likely to spur business for consulting and audit firms....

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Posted Under: Custom Duty |

Government may increase Excise duty Rates and services tax rate to 12 Percent

The government may take the first step towards fiscal consolidation in Budget 2010-11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased marginally....

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Posted Under: Custom Duty |

Centre suggested common dispute resolution scheme for settlement of cases in the GST

The Centre has suggested setting up a common dispute resolution scheme for settlement of cases in the proposed goods and services tax (GST). It is also suggesting sharing of service centres between the Centre and states, besides common registration facilities for traders. "It is proposed to prescribe a common registration form, common re...

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Posted Under: Custom Duty |

Custom duty notification amending notification No. 146/94-Customs, dated 13th July, 1994

Notification No. 05/2010-Customs 19/01/2010

Notification No. 5/2010-Customs - New Delhi, the 19th January, 2010- in column (2), for item (a) and the entry relating thereto, the following shall be substituted, namely:-"(a)Sports goods, sports equipments, sports requisites, including synthetic playing surfaces, fitness equipments, sports medicine, sports apparel"; in column (3), for...

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Right to set-off loss is a “vested right” which is available despite amendment in year of set-off

Geetanjali Trading Limited Vs. The Income Tax Officer (ITAT Mumbai)

In AY 2002-03, the assessee suffered a long-term capital loss. U/s 74(1) as it then stood, such loss could be carried forward and set off against all capital gains including short-term capital gains. S. 74 was amended in AY 2003-04 to provide that long-term capital loss could only be set-off against long-term capital gains and not against...

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