PUBLIC NOTICE NO. 64/2009-14, NEW DELHI: DATED THE 18th MAY, 2010. In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes, with immediate effect, the following amendments in the Handbook of Procedures, Vol. 1:
In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendment, with immediate effect, in Paragraph 1 of Notification No. 33(RE-2007)/2004-2009, dated 08.10.2007, as amended from time to time:
Currently, tax department is issuing more than 7.5 million permanent account numbers (PANs) in a year through NSDL and, nowadays, PAN is being allotted in less than a week time. With increased modernisation of the Tax Department and electronic processing of tax returns non- quoting of PANs by deductees is creating serious problems in processing of tax returns and in granting credit for tax deducted at source.
Addressing the Members of the Consultative Committee of the Ministry of Commerce and Industry here today, Shri Anand Sharma, Union Minister of Commerce and Industry, has said that “I am confident that in partnership with industry, academia and all stakeholders, we will be able to create a conducive environment, which would sustain the momentum of our economy and manufacturing in particular”.
Please refer to Circular No. 752/68/2003-CX dated 01.10.’03 amended by Circular No. 865/3/2008-CX dated 19th February 2008 on the above subject. At present adjudication powers in Central Excise cases have been delegated upto the level of Assistant Commissioners only, and Superintendents are not vested with any authority to adjudicate cases.
Income Tax department has released utility of ITR-1 for online filing of Income Tax return for A.Y. 2010-11/ F.Y. 2009-10. The same can be downloaded from the following link:-Download Return Preparation Software – ITR-1 (Saral II) Excel Utility (Version 1.0)
In exercise of the powers conferred by rule 18 of the Central Excise Rules, 2002 read with rule 14 of the Chewing Tobacco and Unmanufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty) Rules, 2010, the Central Government hereby grants rebate of duty paid on the excisable goods as specified in column (2) of the Table annexed hereto,
Notification No. 21/2010-Central Excise (N.T.), New Delhi, the 18th May 2010. G.S.R. (E).- In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely:-
The Income Tax department is looking to bring rural traders and others into the tax net. The department which is attempting to expand the taxpayer base in the country will now focus their attention on a large swathe of rural businesses that have so far remained untouched.
Last week, Finance Act, 2010 came into effect. A few days earlier, Finance Minister Pranab Mukherjee had spelt out his response to several representations regarding his Budget proposals. Apparently, there were hardly any representation about the changes that will create tax liability for taxpayers with retrospective effect, or he decided not to yield to the representations.
