In the instant case, there was no evidence to show that money was loaned or kept deposited for a fixed period or repayable on demand. Further, the sister concerns and the assessee were owned by the same family group of people with a common managing partner with centralised accounts under the same roof
CIRCULAR NO. 5 / 2007-Income Tax . The Central Board of Direct Taxes, vide notification S.O. No.762(E) dated 14th May, 2007 have notified following new return forms for assessment year 2007-08 under a new series:- (i) ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest chargeable to income-tax under the head Income from other sources;
A. P. (DIR Series)CIRCULAR NO03/RBI under Section 195 of the Income Tax Act read with Rule 29B of the IT Rules, any person responsible for making payment to a non-resident or to a foreign company, any interest or any other sum chargeable under the IT Act, shall at the time of payment or credit of the amount deduct Income Tax thereon at the rate in force. Section 195 of the IT Act is not limited to interest income and it takes into account business income also. Further, points 7 and 8 of the Chartered Accountant’s certificate deals with remittances for supply of articles or things (plant, machinery, equipment, etc.) or computer software and business income, respectively.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and 2.1 of the Foreign Trade Policy 2004-2009 , the Central Government hereby makes the following amendments against entries at Sl.No.78, Chapter 26 of Schedule 2 of ITC(HS).
It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories during the months of April and May 2007.
For the purposes of this notification, rate of exchange applicable for the purposes of calculation of anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962 (52 of 1962) and the relevant date for determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.
The certificate that are valid on date of issue of this Public Notice, shall have an extended validity for a further period of 12 months from the issue of this Public Notice, without requirement of endorsement of extended validity on the certificate from the concerned regional authority.
The certificate that are valid on date of issue of this Public Notice, shall have an extended validity for a further period of 12 months from the issue of this Public Notice, without requirement of endorsement of extended validity on the certificate from concerned regional authority.
Notification No. 37/2007-Service Tax In exercise of the powers conferred by sub-section (1A) of section 86 of the Finance Act, 1994 (32 of 1994), the Board hereby makes the following amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue, No. 19/2007-Service Tax, 2007, G.S.R.354 (E), dated the 12th May, 2007, namely:-
For imports made in a combination of tyres, tubes and flaps, the reference price shall be the sum of the reference price of the parts of the combination.
