Notification No. 16/2012-Customs Central Government makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 25/99-Customs, dated the 28th February, 1999, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.161(E), dated the 28th February, 1999, namely:-
Notification No. 15/2012-Customs In the said notification, in the Table annexed thereto, (i) against serial number 13, for the entry in column (3), the following entry shall be substituted, namely:- Digital still image video cameras. Explanation. – For the purposes of this entry, digital still image video camera means a digital camera not capable of recording video with minimum resolution of 800 x 600 pixels, at minimum 23 frames per second, for at least 30 minutes in a single sequence using the maximum storage (including expanded) capacity
Notification No. 14/2012-Customs Central Government being satisfied that it is necessary in the public interest so to do, hereby exempts all the goods falling within the First Schedule to the Customs Tariff Act, 1975 ( 51 of 1975), when imported into India, from whole of Secondary and Higher Education Cess which is leviable thereon under sub-section (1) of section 3 of the Customs tariff Act, 1975, read with section 136, 138 and 139 of the said Finance Act.
Notification No. 13/2012-Customs In exercise of the powers conferred by sub-sections (1) of section 25 of the Customs Act, 1962 (52 of 1962), read with sections 91 and 94 of the Finance (No. 2), Act, 2004 (23 of 2004), the Central Government being satisfied that it is necessary in the public interest so to do, hereby exempts all the goods falling within the First Schedule to the Customs Tariff Act, 1975 ( 51 of 1975), when imported into India, from whole of Education Cess which is leviable thereon under sub-section (1) of section 3 of the Customs tariff Act, 1975, read with sections 91, 93 and 94 of the said Finance Act.
Notification No. 12/2012-Customs Longest and most amended Customs Notification No. 21/2002 – Cus dated 1.3.2002 is superseded. The new Notification contains 521 items compared to 614 in Notification No. 21/2002. Some of the items in this exemption notification are not valid after 1st April 2012 that is after just 15 days of issue of Notification.
Notification No. 11/2012-Customs G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 39/96-Customs, dated the 23rd July, 1996, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 291(E), dated the 23rd July, 1996, namely:-
The existing provisions of section 153 and 153B, inter alia, provides the time limit for completion of assessment and reassessment of income by the Assessing Officer. Time limits have been provided for completion of assessment or reassessment under section 143(3), 147, 153A, 153C, etc. Further, these time limits get extended if a reference is made under section 92CA to the Transfer Pricing Officer during the course of assessment/reassessment proceedings. These time limits are either from the end of the financial year in which the notice for initiation of the proceedings was served or from the end of the assessment year to which the proceedings relate.
Notification No. 10/2012-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 of 1962), the Central Government, being satisfied that it is necessary so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 27/2011-Customs, dated the 1st March,2011,
Validation clause: It is proposed to provide for validation of demands raised under the Income-tax Act in certain cases in respect of income accruing or arising, through or from transfer of a capital asset situate in India, in consequence of the transfer of a share or shares of a company registered or incorporated outside India or in consequence of agreement or otherwise outside India.
Budget 2012- Amendments are proposed in section 149, to extend time limit for issue of notice in case of a person who is treated as agent of a non-resident, the time limit presently prescribed of two years be extended to six years. It is also clarified that these provisions being of procedural nature shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012.
