8.1 The basic customs duty (BCD) on hazel nuts is being reduced from 30% to 10%. Notification No.12/2012-Customs, dated 1st March, 2012 as amended by notification No. 12/2013-Customs, dated 1st March, 2013 refers. S. No. 23A contains the changes.
The Finance Minister has introduced the Finance Bill, 2013 in Lok Sabha today, i.e., 28th February, 2013. Changes in Customs and Central Excise law and rates of duty have been proposed through the Finance Bill, 2013 (clauses 54 to 77 for Customs and clauses 78 to 92 for Central Excise).
AS INTRODUCED IN LOK SABHA ON 28TH FEBRUARY, 2013 Bill No.18 of 2013 – THE FINANCE BILL, 2013 A BILL to give effect to the financial proposals of the Central Government for the financial year 2013-2014 Finance Bill Chapter I Preliminary Chapter II Rates of Income Tax Chapter III Income Tax Wealth Tax Chapter IV […]
In a constrained economy, there is little room to raise tax rates or large amounts of additional tax revenues. Equally, there is little room to give away tax revenues or the tax base. It is a time for prudence, restraint and patience.
(i) Definition of ‘approved vocational education course’ provided in section 65B (11) is being amended: firstly, the words, ‘or State Council of Vocational Training’ (SCVT) is being inserted in (i), and secondly, entry at item serial number (iii) is being omitted, for NSDC is not an affiliating body.
AMENDMENTS IN THE CENTRAL EXCISE ACT, 1944: 1) Section 9 provides that an offence case involving evasion in which the duty leviable exceeds thirty lakh rupees shall be punishable with a term of imprisonment extending to seven years with fine. This section is being amended so as to substitute the amount of thirty lakh rupees […]
Proposals involving changes in rates of duty I. AGRICULTURE/AGRO PROCESSING/PLANTATION SECTOR: 1) Basic customs duty on dehulled oat grain is being reduced from 30% to 15%. 2) Basic customs duty on hazel nuts is being reduced from 30% to 10%. 3) Export duty of 10% on de-oiled rice bran oil cake is being withdrawn.
The existing provisions contained in clause (14) of section 2 of the Income-tax Act define the term “capital asset” as property of any kind held by an assessee, whether or not connected with his business or profession. Certain categories of properties including agricultural land have been excluded from this definition. Sub-clause (iii) of clause (14) […]
Section 14 of the Wealth-tax Act provides for furnishing of return of net wealth as on the valuation date in the prescribed form and verified in the prescribed manner setting forth particulars of the net wealth and such other particulars as may be prescribed. Currently, certain documents, reports are required to be furnished along with the return of net wealth under the provisions of Wealth-tax Act read with the provisions of Wealth-tax Rules.
The existing provisions contained in section 80JJAA of the Income-tax Act provide for a deduction of an amount equal to thirty per cent of additional wages paid to the new regular workmen employed in any previous year by an Indian company in its industrial undertaking engaged in manufacture or production of article or thing. The […]
