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Archive: February, 2010

Posts in February, 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6447 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Service Tax – On-going Works Contract as on 01.06.2007 – Prima facie case alone is not sufficient for granting stay – Tribunal to follow principles for granting stay

February 28, 2010 414 Views 0 comment Print

Bench enumerated the following principles to be kept in mind while considering the applications for stay or waiver of pre-deposit under Section 35F of the Act. 1) The applications for stay should not be disposed of in a routine manner unmindful of the consequences flowing from the order requiring the assessee to deposit full or part of the demand;

Comprehensive Note on gifts, deemed gifts and deemed under-valuations incorporating proposals by the Finance Bill, 2010

February 28, 2010 462 Views 0 comment Print

Section 56(2) of the Income Tax Act, 1961 inter alia deals with receipts without considerations. Since most of such receipts tantamount to gifts, the provisions are popularly named as those of gifts and deemed gifts. Till 30 09 2009 only sum of money received without consideration was treated as income in the hands of the recipient being either an individual or a HUF.

To avoid penalty for late payment, pay excise duty with interest

February 28, 2010 23020 Views 27 comments Print

WHEN section 11A(2B) of the CEA, 1944 made its appearance in the statute by the Finance Act, 2001 it came as a whiff of fresh air for assessees who had not paid, short paid, short levied/paid any duty of excise. The provision allowed a manufacturer to pay such un-paid Central Excise duty along with interest under section 11AB of the CEA, 1944 and inform the Central Excise officer who after being satisfied of this ascertainment lets go of the formality of issuance of the show cause notice in respect of the duty so paid .

Penalty can’t be levied, if service tax is paid before issuance of SCN U/s. 73(3)

February 28, 2010 710 Views 0 comment Print

SECTION73 (3) of Finance Act, 1994, provides for non-serving of notice under Section 73(1) by department in such cases where service tax has been paid before issuance of notice. However, there is no clarity whether department can still initiate proceedings for imposing penalty under Section 76 or 78. Though, CBEC clarified sometime back that all such cases where tax has been paid before issuance of notice can be closed without imposing penalty,

Commercial Training or Coaching Services – Most Affected by finance Bill 2010

February 28, 2010 564 Views 0 comment Print

vocational training institute means a commercial training or coaching centre which provides vocational training or coaching that impart skills to enable the trainee to seek employment or undertake self-employment, directly after such training or coaching;

Excise Duty notifications related to Union budget 2010-11

February 28, 2010 6680 Views 0 comment Print

All the Excise duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provisions in Union Budget 2010-11. Read our earlier Post on Major Amendment in Excise Duty made in Budget 2010-11 at the Link given below:- Budget 2010-11: Major Amendment in Central Excise Duty. . Notifications are as given below: – Please click the Notification No. to view the Notification.

Custom duty notifications dated 27.02.2010 related to Union budget 2010-11 amendments and provisions

February 28, 2010 2526 Views 0 comment Print

All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provisions in Union Budget 2010-11. Read our earlier Post on Major Amendment in Custom Duty made in Budget 2010-11 at the Link given below:-Budget 2010-11: Summary of Major Amendment in Custom duty Laws

Custom duty relief for importing digital films: Budget 2010-2011

February 28, 2010 489 Views 0 comment Print

The Union Budget 2010-11 proposes to rationalize the differential custom duty structure for importing digital masters of films for duplication or distribution in electronic medium and in cinematographic film. Henceforth custom duty would be charged only on the value of the carrier medium.

Micro-wave ovens, pre-packaged imported goods, mobile phones, watches, ready made garments, toy balloons, long pepper, replaceable household water filters to be cheaper

February 28, 2010 507 Views 0 comment Print

Outright exemption from special additional duty provided to goods imported in a pre-packaged form for retail sale. This would also cover mobile phones, watches and ready-made garments even when they are not imported in pre-packaged form. The refund-based exemption is also being retained for cases not covered by the new dispensation.

Infotainment sector to benefit from concessional customs duty: Budget 2010-11

February 28, 2010 747 Views 0 comment Print

The Union Budget 2010-11 seeks to address the needs of multi-service operators to invest in ‘Digital Head End’ equipment to adopt digital technology and keep pace with on-going transformation in infotainment sector. Shri Pranab Mukherjee, the Union Finance Minister announced project import status at a concessional customs duty of 5 per cent with full exemption from special additional duty to the initial setting up of such projects.

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