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Archive: 06 January 2014

Posts in 06 January 2014

Public Notice No. 45 (RE-2013)/2009-2014, Dated: 06.01.2014

January 6, 2014 208 Views 0 comment Print

In exercise of the powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and paragraph 1.1 of Handbook of Procedure (Vol. I) the Directorate General of Foreign Trade hereby notifies the modification of SION A-1730, in respect of the export product Ambrettolide, as under.

India enters in DTAA with Albania wef December 4, 2013

January 6, 2014 547 Views 0 comment Print

Notification No. 2/2014-Income Tax The Government of the Republic of India and the Council of Ministers of the Republic of Albania, desiring to conclude an Agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital and with a view to promoting economic cooperation between the two countries, have agreed as follows:

Inflation Bonds – Critical Analysis and Tax Treatment

January 6, 2014 16475 Views 0 comment Print

Middle class who had been battling inflation for last so many years has been offered a chance to hope for a stream of some secured real income by way of interest on their hard earned savings at a rate that will increase with increases in levels of inflation.

Trust Eligible for Relief u/s in respect of income from pharmacy run by it with in its hospital premises

January 6, 2014 1208 Views 0 comment Print

The first item so considered by the assessing authority is the receipts from pharmacy section. It is to be seen that assessee is running a full-fledged general hospital at St. Thomas Mount. The assessing authority has, no doubt

Issue of Non convertible/ redeemable bonus preference shares or debentures – Clarifications

January 6, 2014 1772 Views 0 comment Print

The above general permission to Indian companies is only for issue of non-convertible/ redeemable preference shares or debentures to non-resident shareholders by way of distribution as bonus from the general reserves. The issue of preference shares(excluding non-convertible/redeemable preference shares) and convertible debentures (excluding optionally convertible/partially convertible debentures) under the FDI scheme would continue to be subject to A.P. (DIR Series) Circular Nos.73 and 74 dated June 8, 2007 as hitherto.

Input Tax Credit is a concession granted by legislature, must be strictly construed : HC

January 6, 2014 4229 Views 0 comment Print

Madras High Court in a very important case namely USA Agencies vs The Commercial Tax Officer has held that input tax credit under system of VAT is merely a concession granted by the Legislature under the sales tax law

SHIS, SFIS and AIIS scrips cannot be used for payment of Custom duty for shortfall in EO in Advance Authorisation or DFIA

January 6, 2014 898 Views 0 comment Print

n exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in the Foreign Trade Policy (FTP) 2009-14.

CBDT notifies authority for providing info of income-tax payees to facilitate execution of Food Security Act

January 6, 2014 1772 Views 0 comment Print

1. In exercise of powers conferred under section 138(1)(a) of Income-tax Act, 1961, the Central Board of Direct T00axes hereby directs that Director General of Income-tax (Systems) shall be the specified authority for the purpose of providing following information for purposes of implementation of National Food Security Act, 2013. Information about (i) Name; (ii) Father’s name; and (iii) Address of Resident individual Income-tax Payees of a particular State/Union Territory.

Maintenance, Repairs and Overhaul to be treated as a part of airport infrastructure for the Purpose of ECB

January 6, 2014 781 Views 0 comment Print

On a review, it has been decided that, for the purpose of ECB, ‘Maintenance, Repairs and Overhaul’ (MRO) will also be treated as a part of airport infrastructure. Accordingly, MRO, as distinct from the related services which are other than infrastructure, will be considered as part of the sub-sector of Airport in the Transport Sector of Infrastructure.

Notification No. 1/2014-Income Tax Dated 6/1/2014

January 6, 2014 502 Views 0 comment Print

Notification No.1/2014-Income Tax Whereas the Central Government is of the opinion that it is necessary to do so in the public interest and, therefore, in pursuance of sub-clause (ii) of clause (a) of sub­section (1) of Section 138 of the Income-tax Act, 1961, the Central Government hereby specifies the officer of the rank of Secretary in various States(s) /Union territories in India who is responsible for implementation of the National

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