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Archive: 04 March 2010

Posts in 04 March 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.

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

March 4, 2010 525 Views 0 comment Print

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

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

March 4, 2010 508 Views 0 comment Print

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 institutions, for scientific research increased from 125% to 175%

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

March 4, 2010 717 Views 0 comment Print

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 1,60,000 and Rs 5,00,000

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

March 4, 2010 1497 Views 0 comment Print

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.

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

March 4, 2010 249 Views 0 comment Print

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 its enterprise resources planning (ERP) software system (implementation service) used to facilitate the flow of information between all business functions inside the boundaries of its clients’ organisations and manage the connections with outside stakeholders.

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

March 4, 2010 595 Views 0 comment Print

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 registered with the department for carrying out any act under the COTP Act, 2003.

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

March 4, 2010 301 Views 0 comment Print

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 to include Gautam Budh Nagar district in the state of Uttar Pradesh and Nagpur district in the state of Maharashtra.

India will need 50000 company secretaries (CS) by 2020

March 4, 2010 588 Views 0 comment Print

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.

Leviability of cess on tractors under Tractor Cess Rules, 1992

March 4, 2010 2224 Views 0 comment Print

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. 895/2005. Subsequent to the said judgement, some of the manufacturers have stopped paying cess on the tractors manufactured by them.

Online settlement of provident fund claim by next financial year

March 4, 2010 2300 Views 0 comment Print

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 financial year, Minister of State for Labour and employment Harish Rawat said.

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