Electronic payment of duty has been made mandatory for assessees whose total duty payment including utilization of CENVAT credit for the preceding financial year is Rs. 10 lakh or more as against the existing threshold of Rs. 50 lakh or more without considering the payment by utilizing CENVAT credit.
It is a fact that tax incentives offered under the Income Tax Act, 1961 (the IT Act) have been instrumental in encouraging individuals to invest and save for their long-term retirement needs. One of the key incentives in this respect has been that many of the savings instruments have been under the Exempt Exempt Exempt (EEE) model.
Attention of field formations is invited to Board’s circular No. 813/10/2005-CX dated 25.4.2005 issued from F.No. 6/39/2000- CX1 wherein it was clarified that in the case of free samples, the value should be determined under Rule 4 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000.
Allocation of Banks and finalisation of Statutory Branch Auditors are in process. It is expected that the same shall be completed by the end of first week of March.As you know there are 26 public sector banks and like previous year Fifteen banks shall opt for autonomy .But in practical ,there will not be change of any policy as these Banks shall appoint the Branch Statutory Auditors by their own but they have to pick the auditors from the panel given by RBI.
F.No.437/14/2010-Cus.IV Dated- February 19th, 2010 In exercise of the powers conferred under the Notification No. 37/2003-Customs (N.T.) dated 3rd June, 2003 issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby assigns the Show Cause Notice F.No. DRI/AZU/INV-37/2009 dated 06.01.2010 issued in case of M/s. Max Enterprises,
The Union Cabinet today approved a Mission Mode Project for computerization of Commercial Taxes administrations of State Governments. This project, with an overall cost of Rs.1133 crore will help States develop and upgrade the IT systems in their commercial taxes administrations.
The income tax department today said it has found documents of investments to the tune of Rs50 crore during raids at the house of private secretary of Jharkhand chief minister Shibu Soren. The IT department during ongoing searches at the house of Manohar Lal Pal, yielded the documents of investments relating to property and business.
First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India for the purpose of organising the Common Wealth Games, 2010(hereinafter referred as Games), from the whole of the duty of customs leviable thereon which is specified in the said First Schedule and from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act, subject to the conditions specified in the corresponding entry in column (3) of the said Table.
Whereas, in the matter of imports of Bus and Truck Radial Tyres, (hereinafter referred to as the subject goods) , falling under item nos. 40112010 (for tyres) and 40131020 and 40129049 (for tubes and flaps respectively) of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and originating in, or exported from the People’s Republic of China(China PR) and Thailand (hereinafter referred to as the subject countries),
Please refer to our circular DBOD. No. Dir. BC.128/13.03.00/2008-09 dated April 24, 2009 advising banks that in view of the present satisfactory level of computerisation in commercial bank branches, it is proposed that payment of interest on savings bank accounts by scheduled commercial banks would be made on a daily product basis
