Budget notification

Seeks to amend notification No. 75/2005-Customs, dated the 22nd July, 2005 so as to make editorial changes in column (2) of S. No. 118, to align it with HS 2012

Notification No. 10/2013-Customs (01/03/2013)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the ...

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Notification No. 9/2013-Customs – Dated- 1st March 2013

Notification No. 09/2013-Customs (01/03/2013)

Central Government hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 69/2004- Customs, dated the 9th July, 2004, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 411(E), dated the 9t...

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Regarding MRP based assessment with 35% abatement thereon, for branded medicaments

Notification No. 01/2013-Central Excise (N.T.) (01/03/2013)

Medicaments exclusively used in Ayurvedic, Unani, Siddha, Homeopathic or Bio-chemic systems, manufactured in accordance with the formulae described in the authoritative books specified in the First Schedule to the Drugs and Cosmetics Act...

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Residency Status based on TRC could not be question by IT department – FM

Income tax press release (01/03/2013)

Concern has been expressed regarding the clause in the Finance Bill that amends Section 90 of the Income-tax Act that deals with Double Taxation Avoidance Agreements. Sub-section (4) of section 90 was introduced last year by Finance Act, 2012....

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Union Budget 2013 – Changes in Service Tax

D.O.F. No. 334/3/2013-TRU (28/02/2013)

The service tax changes in Budget 2013 are largely guided by the objectives to provide a stable tax regime and improve voluntary compliance. The important changes are as follows:...

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Budget 2013-14 – DO Letter – Excise and Customs

D.O.F.No.334/ 3/2013-TRU (28/02/2013)

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). ...

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I-T – Amendments to Finance Bill, 2012 vide Finance Act, 2012 -Explanation

Circular no. 3/2012-Income Tax (12/06/2012)

Circular no. 3/2012-Income Tax The Finance Bill, 2012 was introduced in Parliament on 16-3-2012. Certain official amendments have been carried out during the passage of the Bill in Parliament. A gist of the official amendments to the Finance Bill, 2012 as reflected in the Finance Act, 2012 (Act No. 23 of 2012) enacted on 28-5-2012, are a...

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Income Tax Amendments Applicable for A.Y. 2012-13

Circular No. 02/2012-Income Tax (22/05/2012)

Rates for deduction of income-tax at source from certain incomes during the financial year 2011-12. Rates for computation of advance tax, deduction of income-tax at source from Salaries and charging of income-tax in certain cases during the financial year 2011-12.Tax benefits for New Pension System (NPS) . Deduction for investment in long...

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Clarification on service-tax payable where invoice raised before 01.4.2012

Circular No. 158/9/2012 - ST (08/05/2012)

Circular No. 158/9/2012 –ST The rate of service tax has been restored to 12% w.e.f. 1st April 2012. Representations have been received requesting clarification on the rate of tax applicable wherein invoices were raised before 1st April 2012 and the payments shall be after 1st April 2012. Clarification has been requested in case of the 8...

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Harmonisation of Service Tax and Central Excise Registration

F. No. 137/22/2012 – Service Tax (31/03/2012)

It is proposed to prescribe a common application format (as per Annexure 1) for seeking registration under Central Excise as well as Service Tax. It is also proposed to revisit the process of registration under both Central Excise and Service Tax to amend procedures prescribed in respect of registration. The changes proposed in respect of...

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