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Archive: 2013

Posts in 2013

Anti Dumping Duty on ‘Flexible Slab stock Polyol’ – Extended Just In Time

February 4, 2013 885 Views 0 comment Print

It seeks to extend levy of anti-dumping duty imposed vide Notification No. 15/2008-Customs, dated the 5th February, 2008, on imports of ‘Flexible Slabstock Polyol’, originating in, or exported from, United States of America and Japan, upto and inclusive of 4th February, 2014.

Draft Policy on Units in SEZs carrying on recycling of plastic scrap or waste

February 4, 2013 1809 Views 0 comment Print

I am directed to circulate a Draft policy on Units in Special Economic Zones (SEZs) carrying on recycling of plastic scrap or waste and invite comments/suggestions on the same in order to finalize the Policy on Plastic Recycling Units in SEZs.

Deemed Export Benefits for supply of goods to Mega Power Projects – DGFT Clarifies

February 4, 2013 2662 Views 0 comment Print

As per amendment referred in para 2, benefit of zero duty import is available only for such Mega Power Project, specified in List 32A, appended to Notification No.49/2012-Customs, so certified by an officer, not below the rank of Joint Secretary to the Government of India, in the Ministry of Power before 19th day of July, 2012. Only 111 Mega Power Projects have been included in list 32A of Notification No.49/2012-Customs dated 10.09.2012.

Value added agricultural products exempted from Export restrictions/ban

February 4, 2013 1333 Views 0 comment Print

Export of above processed and/or value added agricultural products will be exempted from any restriction / ban even in the event of restriction / ban on the export of basic farm produce.

Requirements of Reconstruction Scheme revised for Listed Companies & Stock Exchanges

February 4, 2013 1953 Views 0 comment Print

The existing Clause 24(f) of the Listing Agreement mandates that a listed company shall file any scheme/petition, proposed to be filed before any Court or Tribunal under sections 391, 394 and 101 of the Companies Act, 1956, with the stock exchange, for approval, at least a month before it is presented to the Court or Tribunal.

No Security required to be offered for portion of demand which revenue itself kept in abeyance

February 4, 2013 558 Views 0 comment Print

In this appeal it is noticed that the Assessee has in fact after interim order granted by this Court has approached the Revenue and there are certain proposals given by the Revenue to the Assessee and it is submitted by Sri Naganand, learned Senior Counsel that initially the Assessee has deposited Rs.50 crores and as per the order of the Tribunal and further a sum of Rs.175 crores has been deposited after the order passed by this court and a sum of Rs.25 crores will be deposited by 10.02.2013 and modification of interim order to such extent should take care of the interest of both the Assessee and Revenue etc.

Income Tax Calculator for FY 2012-13 / AY 2013-14

February 4, 2013 141775 Views 0 comment Print

This tax calculator can be used to calculate the approximate tax payable by salaried individuals for the Assessment year 2013-14 or Financial Year 2012-13. This should NOT be used to compute the actual taxes to be paid to the Government. We have outlined Below the Instructions to Be Followed for Use of Calculators and tax Rules.

Block Assessment – Material obtained during search showing a variation in expenditure may be considered as evidence for disallowance of expenditure

February 4, 2013 549 Views 0 comment Print

Whether the material obtained during search showing a variation in expenditure may be considered as evidence for disallowance of expenditure for a block period u/s 158BB of the Act and would not amount to assessment on estimation basis?

Beware of 6 Months Payment Clause under Reverse Charge – Rule 7 of Point of Taxation Rules, 2011

February 3, 2013 1880 Views 0 comment Print

As per the negative list regime which came into effect from 1st July, 2012 several services have been additionally notified under reverse charge mechanism. Partial reverse charge mechanism has been brought up in certain cases in case of works contract, supply of manpower etc.

Amount paid to seconded personnel not liable for deduction of tax at source

February 3, 2013 1231 Views 0 comment Print

Seconded personal continue to be the employees on the roll of the member oil companies even during the period of secondment. These seconded employees continue to receive their salaries and emoluments from the member oil company of which they are employees. Therefore, not being employees of the respondent-assessee, the overseas allowances cannot be subject to deduction of tax at source.

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