"04 March 2010" Archive

Scheme for Collection of Dues of CBEC, CBDT, Ministries account and Reporting and Accounting of March Transactions

RBI/2009-10/340, , DGBA.GAD.No.H. 7083/42.01.029/2009-10 04/03/2010

Scheme for Collection of Dues of ( i ) Central Board of Direct Taxes ( ii ) Central Board of Excise and Customs ( iii) Departmentalised Ministries Account - Reporting and Accounting of March Transactions - Special Arrangements - Financial Year 2009-2010...

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Imposition of import duty on crude petroleum will benefit domestic crude manufacturers

Increase in customs duty on crude petroleum from Nil to 5%. Decision on Kirti Parikh recommendations will be taken in due course. Weighted deduction on expenditure incurred on in-house R&D enhanced from 150% to 200%. Also weighted deduction on payments made to National Laboratories, research associations, colleges, universities and other ...

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Posted Under: Fema / RBI |

Invest tax saved from revised tax slab for financial year 2010-11

FM has put more money in the hands of a large section of tax-payers. There are also some additional tax breaks in the form of investments made into infrastructure bonds and health insurance. Our Personal Finance team speaks to experts on the best way to manage the additional income depending on your age group. If you earn between Rs 1,60...

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Posted Under: Fema / RBI |

RBI allowed Paypal to pay for export of services and goods but not for personal payments

There is good news for the companies usingPay Pal services as Reserve Bank of Indiahas given the green signal for restarting the bank withdrawals in the country, the news was confirmed last week by PayPal. The RBI has approved in order to settle payments and withdrawals for exports of gods and services....

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Posted Under: Fema / RBI |

SC dismissed excise department plea to levy service tax on IBM India's application

The Supreme Court has dismissed the plea of the excise department to levy service tax on IBM India's application software -- enterprise resources planning software system (implementation service). A bench headed by justice SH Kapadia rejected the plea of the commissioner of central excise alleging that IBM had failed to pay service tax on...

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Posted Under: Fema / RBI |

Under COTP Act, 2003 excise department is empowered to enter, search and seizure only at the premises registered under the Central Excise and Customs

Circular No. 918/08/2010- Central Excise 04/03/2010

The effect of the Notification is that the officers at the level of Superintendents and above of the Customs & Central Excise department are empowered for entry, search and seizure only at the premises registered under the Central Excise & Customs. Therefore, officers are not empowered to enter, search etc. for premises which are not regi...

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Export warehousing –Extension of facility at Gautam Budh Nagar in the state of Utter Pradesh and Nagpur in the state of Maharashtra

Circular No. 917/07/2010- Central Excise 04/03/2010

The matter has been examined. Board is of the view that extension of the facility of export warehousing to Gautam Budh Nagar district in the state of Uttar Pradesh and Nagpur district in the state of Maharashtra would facilitate the trade and industry. Accordingly, it is decided to amend paragraph 2(2) of the said Circular dated 29.6.2001...

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India will need 50000 company secretaries (CS) by 2020

With high paced growth in industrial sector, India will need at least 50,000 company secretaries (CS) by 2020, Institute of Company Secretaries of India (ICSI) said on Sunday. According to data released by ICSI, there has been over 70% growth in students enrolment for CS programme in last few years. ...

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Posted Under: Fema / RBI | ,

Leviability of cess on tractors under Tractor Cess Rules, 1992

Circular No. 916/06/2010- Central Excise 04/03/2010

It has been brought to the notice of the Board that Hon’ble High Court of Himachal Pradesh in the case of Indo Farm Tractors & Motors Ltd. V/s UOI [2008(222) ELT184 (HP)], has held that Automobile Cess Rules are not applicable for imposition of cess on tractors. The said judgement was upheld by the Hon’ble Supreme Court in CWP No. 895...

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Online settlement of provident fund claim by next financial year

Government on Wednesday said the modernisation project for online settlement of provident fund claim would be implemented by the next financial year in all EPFO offices. The project will be implemented in 27 offices of Employees Provident Fund Organisation (EPFO) by the end of this financial year and in remaining 92 offices by 2010-11 fin...

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Posted Under: Fema / RBI |

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