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Archive: 29 August 2013

Posts in 29 August 2013

FM ask banks to be Sympathetic & have Humane Approach towards Genuine Defaulters

August 29, 2013 983 Views 0 comment Print

FM: Banks must ensure flow of Credit to Every Sector of Industry; Bankers told to be Sympathetic and have Humane Approach towards Genuine Defaulters The Union Finance Minister Shri P. Chidambaram said that banks must ensure flow of credit to every sector of industry. He said that bankers have been told to be sympathetic and […]

Aircraft Owned & used by Assessee for travel of its Directors exempt from wealth Tax

August 29, 2013 1456 Views 1 comment Print

In the present case the ITAT has recorded that it is undisputed that the two aircrafts were used by the Assessee for its business. Since this is the undisputed factual position, the same would be exempt from wealth tax.

Madras HC explains principles when repairs is current and when non current

August 29, 2013 7084 Views 0 comment Print

The question as to whether the expenditure incurred on replacement of machinery is revenue or capital expenditure, particularly in the nature of replacements of parts, thus rests on the nature of expenditure incurred, vis-a-vis the benefit that the assessee derives.

Rate of exchange of conversion of each of foreign currency WEF August 30, 2013

August 29, 2013 346 Views 0 comment Print

In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance

Govt increases tariff value of Gold to USD 461 for Import

August 29, 2013 646 Views 0 comment Print

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the

Customs Baggage Declaration Regulations, 2013

August 29, 2013 574 Views 0 comment Print

These regulations shall apply to baggage including any package comprised therein of the passengers coming to India. These regulations will come into effect w.e.f. 1st January, 2014.

Safeguard duty on imports of Hot rolled flat products of stainless Steel from China

August 29, 2013 352 Views 0 comment Print

Whereas, in the matter of import of Hot Rolled Flat Products of Stainless Steel-304 grade classified within Chapter 72 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act),

Notification No. 19/2013-Customs (ADD) Dated-29th August, 2013

August 29, 2013 235 Views 0 comment Print

Whereas, the designated authority vide notification F.No. 15/10/2013-DGAD, dated the 18th July, 2013, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 18th July, 2013, had initiated review in terms of sub-section (5) of

Review of policy on FDI-Caps and routes in various sectors

August 29, 2013 1148 Views 0 comment Print

Investment by a registered FII under the Portfolio Investment Scheme would be permitted up to 24% only in the CICs listed at the Stock Exchanges, within the overall limit of 49% for foreign investment.

Income Tax – Specified income arising to Karnataka State AIDS Prevention Society

August 29, 2013 772 Views 0 comment Print

Notification No. 66/2013 – Income Tax S.O. 2642(E) – In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Karnataka State AIDS Prevention Society a body constituted by the Government of Karnataka in respect of the following specified income arising to that Society, namely:— “Amount received in the form of grants-in-aid from the Government of India and State Government”

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August 2013