PUBLIC NOTICE No. 88/2009-14,Petroleum product(s) covered under SION Sl. No. A-2688, A-2689 and A-2690 of the product Group “Chemicals & Allied Products” i.e.: (i) Light Ends (LE) viz., Naphtha, Motor Spirit, Gasoline, Solvents, Reformate, Hexane, TAME, excluding C3, C4 Hydrocarbons and mixtures thereof; (ii) Middle Distlliates (MD) viz., ATF, SKO, HSD, Gas Oil, MTO, LABFS, AROMEX, JBO, LDO, VGO, Solvents; and (iii) Heavy Ends (HE) viz. FO, Furnace Oil, Fuel Oil, LSHS, HPS, Puch, Asphalt, Petroleum Bitumen, Raw Petroleum Coke & Calcined Peroleum Coke, Slack Wax, Paraffin Wax, Microcrystalline Wax, CBFS, RPO, Sulphur.
Centralized Processing Centre (CPC) at Bangalore is performing successfully. Till date, 26.99 alkh returns hgave been processed and over 3 lakh refunds have been issued at the Centralized Processing Centre, Bangalore.
The Finance Act, 2010 has inserted a new section 80CCF in the Income Tax Act, 1961, which provides that an amount upto the extent of Rs. 20,000/- paid or deposited during the financial years 2010-11 as subscription to long-term infrastructure bonds shall be allowed as deduction in computing the income of an individual or a Hindu Undivided Family.
The Income Tax Act, 1961, before amendment by Finance Act, 2010, allowed a weighted deduction of 125% for any sum paid out of business income to a university, college or other institution in case the amount is used for scientific research. Similar weighted deduction of 125% was also allowed for any sum paid out of business income to a national laboratory or a university or Indian Institute of Technology for the purpose of an approved scientific research programme.
Applicability of services for November 2010 examinations:-Professional Competence Examination. It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual taxable services.
In terms of Section 4(1) of the payment and settlements Systems Act, 2007, no person other than the Reserve Bank shall commence or operate a payment system except under and in accordance with an authorization issued by the Reserve Bank under the provisions of the said Act. In terms of explanation of Section 2(1)(i) of the Act, a payment system includes money transfer operations.
The Reserve Bank of India today released on its website, a Discussion Paper on “Engagement of ‘for profit’ Companies as Business Correspondents (BCs)” to seek the views/comments of banks, non-banking financial institutions, ‘for-profit’ companies, regulators, academicians, NGOs and the public at large.
Introduction :-The Pay and Accounts Office (PAO)/ District Treasury Office (DTO)/ Cheque Drawing and Disbursing Office (CDDO) are required to file Form 24G as per Income-tax Department Notification no. 41/2010 dated May 31, 2010. In case of an office of the Government, where tax has been paid to the credit of Central Government without the production of a challan associated with deposit of the tax in a bank, the PAO / CDDO / DTO is required to file Form 24G.
Conversion of tarpaulin into `tarpaulin made-ups’ would not amount to manufacture u/s 2(f) of Central Excise Act
The Government has set up a committee headed by Deputy Governor, Reserve Bank of India (RBI) for comprehensive review of National Small Savings Fund (NSSF) Structure, interest rate, tenor and other administrative matters. The Terms of reference of the Committee include, interalia, review of the existing parameters for the small saving schemes, terms of lending to States and other related issues.
