Notification No.44/2010-Customs – Central Government hereby exempts Cotton waste, all sorts, falling under Heading No. 17 of the Second Schedule to the Customs Tariff Act, 1975 (51 of 1975), when exported out of India, from so much of the duty of customs leviable thereon which is specified in the said Second Schedule as is in excess of the amount calculated at the rate of 3% ad valorem.
The principal notification No.100/89-Customs, dated the 1st March, 1989 was published in the Gazette of India, Extraordinary, vide number G.S.R. 315(E), dated the 1st March, 1989 and was last amended vide notification No.25/2007-Customs, dated the 1st March, 2007 which was published in the Gazette of India, Extraordinary, vide number G.S.R.122 (E), dated the 1st March, 2007.
As per a recent circular issued by the government in respect of PPF provisions, following clarifications are worth noting. Deposit date in Cheque payments :-Till recently, in case of a PPF when a subscriber used to make deposits by local cheque or demand draft, the date of tender of cheque or draft at the accounting office was treated as the date of deposit of PPF, provided the said cheque was duly honoured on presentation for encashment.
The pressure on accounting firm Ernst & Young continues to grow as an oversight board, created under the Sarbanes-Oxley accounting reform act of 1992, launches an investigation into the firm’s role in Lehman Brothers’ bankruptcy.
Almost 75 per cent of corporate India surveyed felt the overall incidence of fraud was rising, according to India Fraud Survey Report 2010 by KPMG. The report also pointed out that e-commerce and computer-related frauds would be major concerns to companies in the coming years. The survey was conducted across 1,000 firms, both Indian business establishments and public institutions, with an annual turnover of Rs 500 crore to over Rs 10,000 crore.
Government on Thursday banned foreign direct investment in cigarette manufacturing. “FDI will be prohibited in the manufacture of cigarettes, whether it is for domestic consumption or for exports,” home minister P Chidambaramtold reporters after the meeting of the Cabinet Committee on Economic Affairs.
Bernie Madoff’s game got over some time in March 2009. His investment advisory business, Madoff admitted, was a gigantic Ponzi scheme. He had defrauded thousands of high net-worth investors of billions of dollars. This was the mother of all Ponzi schemes and Madoff has been sentenced to 150 years in prison, the maximum for felony. The damage when the dust settled was calculated at $65 billion.
Services of promoting of a brand of goods, services, event, business entity etc is now proposed to be under service tax net from a notified date (not now). According to new clause (zzzq) of section 65(105) of Finance Act, 1994, any service provided or to be provided to any person, by any other person, through a business entity or otherwise, under a contract for promotion or marketing of a brand of goods, service, event or endorsement of name, including a trade name, logo or house mark of a business entity by appearing in advertisement and promotional event or carrying out any promotional activity for such goods, service or event will be taxable.
In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944), and in suppression of the notifications of the Government of India, Ministry of Finance, Department of Revenue No. 6/2007-Central Excise (N.T), number G.S.R.77(E),dated the 12th February, 2007, notification No 02/2008(N.T.) dated 15th January,2008 vide number G.S.R. 32(E) dated 15th January, 2008,
When the assessee is a consignment agent, as the definition of C&F agent includes consignment agents, CESTAT was not right in holding that the service provided by a consignment agent is not covered by section 65(25) of the Finance Act, 1994.
