The government on Monday said it is confident of achieving indirect tax collection target of over 4 lakh crore for the current fiscal despite the slowdown in industrial activities. Chairman Central Board of Excise and Customs (CBEC) S K Goel told reporters on the sidelines of a meet in New Delhi that 7.5 per cent GDP growth should take care of the target.
A Delhi court has decided to put an IRS officer on trial along with his chartered accountant wife for allegedly owning assets exceeding his legal income, rejecting the woman’s plea that the CBI has clubbed her income with that of her husband to arrive at the ‘disproportionate assets’ figure.
If we talk about 1970s ,80s or even 90s, than people at that time could not even have imagined about e-filing of their income tax return. With revolutionary changes in computer technology now efiling of various returns is very easy. In efiling Assessee receive acknowledgement receipt online. In addition to that department has also started giving online Intimations U/s 143(1) and demands notice U/s. 245. Assessee can also view his Income Tax Refund Status online.
India is hosting the 4th International Tax Dialogue Conference (ITD) Global Conference on Tax and Inequality. More than 250 foreign delegates are expected to take part in this three day conference being held at Vigyan Bhawan from 7th to 9th December. The conference would be inaugurated by the Union Finance Minister, Shri Pranab Mukherjee. A number of prominent academics and representatives of regional and international organizations will also be present at this high level conference which will have senior level representation from over 100 countries.
Notification No. 45/2001-Central Excise (N.T.), dated the 26th June, 2001 prescribes the procedure for export without payment of duty to Nepal and Bhutan. Now Nepal is removed – that is no restrictions or conditions specific to Nepal. Goods can be exported to Nepal just like to any other country. Notification No. 29/2011-Central Excise (N.T.)
Notification 44/2001-Central Excise (N.T.), dated the 26th June, 2001 prescribes the procedure for removal of excisable goods without payment of duty for manufacture of export goods by an advance licence holder, for export to countries other than Nepal and Bhutan. Now this notification is applicable for export to Nepal too. Notification No. 28/2011-Central Excise (N.T.)
Notification No. 43/2001-Central Excise (N.T.), dated the 26th June, 2001 prescribes the conditions and procedure for procurement of excisable goods without duty for manufacture of export goods. This Notification had certain conditions that for export to Nepal and Bhutan, the payment was to be in freely convertible currency and the procedure under Notification No. 45/2001-CENT had to be followed. Now these restrictions are removed for Nepal. Notification No. 27 / 2011-Central Excise (N.T.)
Notification No. 42/2001-Central Excise (N.T.), dated the 26th June, 2001 prescribes the conditions and procedure for export without payment of duty to countries other than Nepal and Bhutan. Now this Notification will apply to exports to Nepal – that is without payment of duty. Notification No. 26 / 2011-Central Excise (N.T.)- New Delhi, the 5th December, 2011
Notification No. 20/2004-CENT dated 06.09.2004 prescribed the procedure for granting of rebate on goods exported to Nepal, to be paid to the Government of Nepal. Now, as the Rebate can be paid to the exporter, this notification is rescinded. – Notification No. 25/2011 – CX NT, Dated: December 05, 2011
it is clarified that the CBDT has not shared any information received under the DTAA with Germany regarding Indians having accounts in the LGT bank, Liechtenstein, with any other agency. The CBDT has also not authorised the use of the information received for any purpose other than tax purposes.
