Section 75 of the Customs Act provides that where any drawback has been allowed on any goods and the sale proceeds in respect of such goods are not realized within the time allowed under the Foreign Exchange Management Act, 1999 such drawback shall be deemed never to have been allowed and the Central Government may, by Rules made under section 75 (2), specify the procedure for the recovery of the amount of such drawback. A procedure has also been laid down under the Customs, Central Excise and Service Tax Drawback Rules, 1995 for recovery of drawback in case of non-realization of export proceeds
the subject goods have entered the Indian market from the subject country at prices less than their normal values in the domestic market of the exporting country;b) the dumping margins of the subject goods imported from the subject country are substantial and above de minimis; and the domestic industry has suffered material injury and the injury has been caused to the domestic industry,
For the purposes of this notification, rate of exchange applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and the relevant date for the determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.
The Reserve Bank of India (Amendment) Act, 2006 (Act No. 26 of 2006) provides a legal definition of ‘repo’ and ‘reverse repo’ (vide sub-sections (c) and (d) of section 45 U of Chapter III D of the Act) as an instrument for borrowing (lending) funds by selling (purchasing) securities with an agreement to repurchase (resell) the securities on a mutually agreed future date at an agreed price which includes interest for the funds borrowed (lent).
The Punjab VAT Rules have been amended to provide for that the input tax credit on purchase of goods from manufacturer or importer will be available to a dealer only up to the fourth stage of its purchase. The dealers will also have to mention on the bills that on which stage he is selling the goods. VAT form 23 and 24 has also been amended to this effect.
NC Notification No. 26/2009-Income Tax WHEREAS by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 466(E), dated the 29th March, 2007, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961) the Central Government had notified at serial number 3, “Setting up and running of a school and a Medical Centre-cum -Hospital
NC Notification No. 25/2009-Income Tax WHEREAS by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number SO. 521(E), dated the 14th July, 1994, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax-Act, 1961 (43 of 1961), the Central Government had specified at serial number 8, for (a) Furnishing and running of Society
NC Notification No. 24/2009-Income Tax WHEREAS by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number SO. 461(E), dated the 5th April, 2004, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 8, “Welfare programmes in the field of health
NC Notification No. 23/2009-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 10(E), dated the 4th January, 2000, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 4, for construction of building/purchase
Notification No. 16/2010-Income Tax S.O. (E).- In the notification of the Government of India in the Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes) vide number S.O. 241(E), dated the 3rd February, 2010, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (ii), dated the 3rd February, 2010, for “6.50% to 7.25%”, read “6% to 7.25%”.
