"13 June 2013" Archive

A New Investing Tool – Inflation Indexed Bonds

It is a known fact that Indian economy has been hit hard by continuous inflation over past few years now and inflation has been on a rise unabated. In such a situation when country is passing through an inflationary phase, the returns, incomes, yield- everything fetches you a lesser value as inflation dents the value of return. Higher inf...

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Posted Under: Income Tax |

Notification No. 21/2013-Central Excise ; Dated : 13.06.2013

Notification No. 21/2013-Central Excise (13/06/2013)

The principal notification number 30/2012-Central Excise, dated the 9th July, 2012 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 542 (E), dated the 9th July, 2012 and was last amended by notification No.17/2013-Central Excise dated the 16th May,2013 vide number G.S.R. 315(E)...

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Customs – FTP related amendments with respect to computation of incremental growth

Notification No. 32/2013-Customs (13/06/2013)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in ...

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Notification No. 21 (RE-2013)/2009-2014, Dated: 13.06.2013

Notification No. 21 (RE-2013)/2009-2014 (13/06/2013)

In exercise of the powers conferred by clause (b) of sub-section (1) of Section 15 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992) and in supersession of the earlier Notifications referred below, the Central Government hereby authorizes the officers specified in column 3 of the Table below to function as Appellat...

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Notification No. 20 (RE-2013)/2009-2014, Dated: 13.06.2013

Notification No. 20 (RE-2013)/2009-2014 (13/06/2013)

In exercise of the powers conferred by section 13 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992) and in supersession of the earlier Notifications mentioned below, the Central Government hereby authorizes the officers specified in column 2 of the table below for the purposes of exercising powers under Section 13 ...

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Services provided to exporters against FMS Scrips – Exemption to apply exporter-wise

Notification No. 11/2013-Service Tax (13/06/2013)

(i) for the word and figure Volume I, the words and figures Volume I in terms of entitlement under paragraph 3.14.2 or against exports to the countries or regions specified in paragraph 3.14.4(e) or paragraph 3.14.5(e) of the Foreign Trade Policy, as the case may be shall be substituted...

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Tax Audit – 2nd Proviso to Section 44AB become redundant?

MORE INTERPRETATION OF 2ND PROVISO TO SECTION 44AB OF INCOME-TAX ACT Account books of State Co-Operative Societies are also audited by co-operative auditors of respective State Govt. Similarly, in Karnataka Value Added Tax Act, 2003, accounts of registered dealers are audited by Cost Accountants. 2nd Proviso to Section 44AB of Income-Tax ...

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Posted Under: Income Tax |

Fees paid to sub-arrangers for mobilizing deposits cannot constitute fees for technical services

India has adopted the source rule for taxing royalties and technical services since 1976. The rule which is an exception to the general rule deems technical services to arise if the services are utilized in India irrespective of where the services are rendered. Given that the term  ‘fees for technical services’ (hereinafter referred ...

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Posted Under: Income Tax |

Recent MVAT Amendments/Changes 2013

The Schedules A,B,C,D appended to Maharashtra Value Added Tax Act, 2002 are amended with effect from 01-04-2013. Further, certain notifications are also amended. These amendments are briefly discussed below Amendments to Schedule A 1.  Braille Watches w-e-f 01.04.2013 are now covered by Schedule Entry A-2 by way of notification....

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Posted Under: Income Tax |

Rate of exchange of conversion of Danish Kroner WEF June 14, 2013

Notification No. 61/2013-Customs (N.T.) (13/06/2013)

In excise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC) hereby makes the following further amendments in the Notification of the Government of India...

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