As part of intensifying the surveillance against illegal activities, the Excise Department will have a new range in Ernakulam district. The proposal for this has been approved by the Excise department and the new range will come up soon. Ernakulam district with its wide area and high density of population has always been a hot spot for the trade of illicit liquor and ganja sale. Currently, there are 12 Excise ranges in the district. To put tab on the active illegal trade, the Deputy Commissioner had sent a proposal for a new range which was approved by the authorities recently. The new range will be set up in Nedumbassery under the Ernakulam Deputy Excise Commissioner. Ernakulam district comes under the Central Excise zone.
Notification No. 48/2011 – Service Tax, New Delhi, the 19th October 2011 G.S.R. 771(E).- In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely […]
Shriya Enterprises Vs. Commissioner,Commercial Taxes – , the court is the opinion that potato chips, being a processed vegetable, is liable to be taxed @ 4 per cent under entry 6 of Schedule-II(B) of the Act. Consequently, the impugned order of the assessing authority, the order of the Joint Commissioner (Appeals) as well as the order of the Tribunal cannot be sustained and are quashed. The revision is allowed. The assessing authority is directed to levy tax on the revisionist with respect to the potato chips @ 4 per cent instead of @ 12.5 percent.
Whether a student of Professional competence Course can apply for conversion to Integrated Professional Competence Course? Ans. Yes. A student of PCC can apply for conversion to IPCC in the prescribed form [can be downloaded from http://220.227.161.86/14650IPCC_Converson_Form.pdf] alongwith prescribed fee [both groups Rs. 6000/- and group I Rs. 5000/-]. Students can obtain the prospectus of IPCC for Rs. 100/- from any nearest Branch office of the Institute.
Further, in respect of ACP importers to be audited under the scheme within a period of one year, Board has decided that carrying out PCCV or PCA at the respective Customs House shall be a duplication of effort for both Department and ACP importers. Therefore, Board desires that in respect of ACP importers PCCV or PCA at the Customs Houses shall be dispensed with henceforth.
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.
News from unconfirmed sources said that CBEC is to issue in day or two a notification extending the due date for filing of ST-3 return from 25.10.2011 to 26.12.2011 to enable assessees to comply with new system of online filing.
Trade Discount : In the case of S.D. Pharmacy Pvt. Ltd. ITA Nos. 948/Coch/2008, A.Y. 2005-06, dt. 5-5- 2009. It was held that trade discount are not in the nature of commission and hence no TDS is required to be deducted u/s 194H of the act. This was again confirmed in the case of Add CIT v Pearl Bottling (P) Limited.
ITO, Bharuch Vs The Ankleshwar Taluka ONGC (ITAT Ahmedabad)- It is pertinent to note that in the assessment order, the AO disallowed the entire payment made to the farmers amounting to Rs.2,57,62,253/- by invoking the provisions of section 40(a)(i) of he IT Act. Apart from this, the AO disallowed Rs. 51,47,250/- under Section 40A(3) of the Act. Thus, the disallowance of Rs.51,47,250/- was made twice i.e. once under Section 40A(3) and then invoking section 40(a(ia).
Come Diwali days and in India, we are once again in the festive season and celebration mood and mode but with a caveat. This time the festive season comes in the backdrop of continuous economic gloom, higher interest rates (bigger EMI’s) and unabated inflation not only in India but world over. However, that should not deter the festive celebrations. Despite this, we must celebrate, spend and invest, but of course, smartly and intelligently.
