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Archive: 27 February 2010

Posts in 27 February 2010

Summary of Important Income tax provisions: Union Budget 2010-11

February 27, 2010 4372 Views 0 comment Print

Finance Minister Pranab Mukherjee took the first step towards implementation of the Direct Taxes Code (DTC) on Friday. While retaining the basic exemption limits for all income levels (as in the DTC), he increased the other slabs. For instance, while the basic exemption limit for individuals has been retained at Rs 1.6 lakh, the 10 per cent rate will now be applicable for the Rs 1.6 lakh-Rs 5 lakh bracket. Earlier, the 10 per cent rate was applicable for income of Rs 1.6-Rs 3 lakh. The hike in the slab means that the taxpayer is going to save Rs 20,600 for incomes up to Rs 5 lakh.

Law governing Political Contributions in India

February 27, 2010 1403 Views 0 comment Print

In India, elections are always round the corner. In some or the other state, there are elections waiting to happen. Companies are though creatures of law but are run by individuals and due to varied reasons, these individual would like to make contributions to some political parties. In this context, the basic question arises as to whether political contributions by companies permissible under Indian laws?

Notification No. 11/2010-Central Excise (N.T.) ; Dated : 27.02.2010

February 27, 2010 1105 Views 0 comment Print

packing machine includes all types of Form, Fill and Seal (FFS) Machines and Profile Pouch Making Machines, by whatever name called, whether vertical or horizontal, with or without collar, single track or multi-track and any other type of packing machine used for packing of pouches of notified goods.

Notification No. 10/2010-Central Excise (N.T.); Dated:27.02.2010

February 27, 2010 1105 Views 0 comment Print

brand name’ means a brand name, whether registered or not, that is to say, a name or a mark, such as a symbol, monogram, label, signature or invented words or any writing which is used in relation to a product, for the purpose of indicating or so as to indicate, a connection in the course of trade between the product and a person using such name or mark with or without any indication of the identity of that person.

Notification No. 9/2010-Central Excise (N.T.); Dated: 27.02.2010

February 27, 2010 1099 Views 1 comment Print

In exercise of the powers conferred by subsections (1) and (2) of section 4A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.49/2008Central Excise (N.T.),

Notification No. 8/2010-Central Excise (N.T.); Dated: 27.02.2010

February 27, 2010 322 Views 0 comment Print

In exercise of the powers conferred by sub-sections (2) and (3) of section 3A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further to amend the Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008, namely.

Notification No. 7/2010- Central Excise (N.T.); Dated : 27.02.2010

February 27, 2010 862 Views 0 comment Print

the portion beginning with the brackets and letter “(A)” and ending with the brackets, letter and words “(b) Output Services-“, and portion beginning with the brackets and letter (B) and ending with the brackets, letter and words “(b)Import Services” shall be omitted.

Notification No. 6/2010- Central Excise(N.T.); Dated: 27.02.2010

February 27, 2010 595 Views 0 comment Print

Provided further that if the capital goods, on which CENVAT Credit has been taken, are removed after being used, the manufacturer or provider of output services shall pay an amount equal to the CENVAT Credit taken on the said capital goods reduced by the percentage points calculated by straight line method as specified below for each quarter of a year or part thereof from the date of taking the CENVAT Credit, namely:-

Notification No. 5/2010-Central Excise (N.T.); Datde: 27.02.2010

February 27, 2010 1507 Views 0 comment Print

For the purposes of this proviso, it is hereby c/arified that an assessee sha// be e/igib/e, if his aggregate va/ue of c/earances of a// excisab/e goods for home consumption in the preceding financia/ year, computed in the manner specified in the said notification, did not exceed rupees four hundred lakhs.

Notification No. 17/2010-Service Tax dated 27th February, 2010

February 27, 2010 306 Views 0 comment Print

Exempts the taxable service providing packaged or canned software, intended for single use and packed accordingly, for the purpose specified in item (v) of clause (zzzze) of sub-section 105 of section 65 of the said Finance Act, from the whole of service tax, subject to the following conditions

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