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Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court
Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme courtYour final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court
LEGAL NEWS - Sale of Replenishment Licence to attract sales tax -SC | CBEC CIRCULAR NO -868 - Amendments in the CENVAT Credit Rules, 2004 w.e.f. 01.04.08- clarification about Rule 6 | 2008-ITS-1155-HC - Where the assessee does not include a particular item in taxable income under a bonafide belief that he is not liable so to include it, it would not be right to condemn as a “false” return inviting imposition of penalty. | 2008-ITS-1146-CESTAT - Advertisement expenses includible in the assessable value | 2008-ITS-1145-CESTAT - It is settled law that the factual finding of Authority below cannot be upset or disturbed unless there was perversity or impeachable by any credible evidence. | 2008-ITS-1184-SC - If any difference is found between the notifications in English and Hindi, the notification issued in Hindi will be applicable in the State of UP | 2008-ITS-1183-SC - The "test of irreversibility" is an important criterion to ascertain as to when a given process amounts to manufacture. | 2008-ITS-1182-SC - When there were conflicting judgments on interpretation of Section 80-O, prima facie adjustments contemplated under Section 143(1)(a) was not applicable | 2008-ITS-1189-ITAT - Procedure is the handmaid and not the mistress of the judicial process. | 2008-ITS-1177-CESTAT - Where there are two exemption notifications covering the goods in question the assessee is entitled to the more beneficial exemption notification | 2008-ITS-1174-CESTAT - Cenvat credit cannot be denied merely because t waste is not returned from job worker | 2008-ITS-1167-CESTAT - ‘Out of pocket expenses' reimbursed on actual basis are not includable in the value of the Service Tax. | DGFT NOTIFICATION NO 7 ISSUED - Port Restrictions removed for import of betel nuts from Myanmar, under provisions of Public Notice No. 289 (PN)/ 92-97, dated 10.04.1995 for Border trade | DGFT PUBLIC NOTICE -14 - New agency added at Sr. No.6 (Andhra Pradesh) in Appendix 4C, (Certificate of Origin Non-Preferential) of Handbook of Procedure Vol.I. | DGFT PUBLIC NOTICE -13 - Amendments/correction at in the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009 | BREAKING NEWS - New Tax CTT (commodities transaction tax) from July | CBEC ORDER - 58 PROBATIONERS GOT POSTING AS ASSTT. COMMISSIONERS | DGFT PUBLIC NOTICE -12 - Amendments in APPENDIX 37A - LIST OF EXPORT ITEMS ALLOWED UNDER VISHESH KRISHI AND GRAM UDYOG YOJANA (VKGUY) | DGFT PUBLIC NOTICE -11 - Amendments in APPENDIX 37D - LIST OF NOTIFIED PRODUCTS UNDER FOCUS PRODUCT SCHEME (FPS) | CUSTOM NOTIFICATION NO-59 ISSUED - Notification No. 55/2001-Customs, dated the 16th May, 2001 rescinded -No Addl. Customs Duty for Cut & Polished Diamonds Re-import after Certification/Grading | CUSTOM NOTIFICATION NO-61 ISSUED - Anti dumping duty imposed on imports of certain rubber chemicals, namely MBT CBS (Cyclohexyl-2-Benzothiazole Sulphenamide), TDQ ( Trimethyl-1,2- dihydroquinoline), PVI etc. from, the People’s Republic of China and Korea RP | CUSTOM NOTIFICATION NO - 60 issued - Imports by EOUs/STP/EHTP -Notification No.52/2003 amended to provide for allowance of generation of waste, scrap and remnants upto 2% of input quantity where no SION have been notified | CENTRAL EXCISE NOTIFICATION NO -26 TARIFF - Notification No. 22/2003 amended - Where no SION have been notified, the generation of waste, scrap and remnants upto 2% to be allowed and Notification No.23/2003 amended to give exemption to specified goods produced in EOU/EHTP/STP | 2008-ITS-1162-SC - Question whether the process of corrugation is "manufacture" is kept open. | 2008-ITS-1161-SC -  Processing of peanuts, pista, cashewnuts and almonds amount to manufacture | 2008-ITS-1131-ITAT - It is well settled and it is also the view of the Board that where due taxes have been paid by the deductee, the deductor should not be called upon to pay the demand. | 2007-ITS-4961-HC - Refund was not deniable on the ground that they could have utilised the same during the period the credit was in their account. | 2008-ITS-1165-CESTAT - Handling the export cargo activity of the assessee does not come within the ambit of Port Services | CENTRAL EXCISE NOTIFICATION NO-22NT ISSUED - Cenvat utilized in manufacture of Metallised Plastic Film, falling Under Chapter 39 not be reversed in view of SC judgment holding the same as non manufacture. | CUSTOM NOTIFICATION NO- 40 NT - Tariff value of Brass Scrap (all grades) & Poppy seeds are s US $ 4445 and 4658 respectively (PerMetric Tonne) |
Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme courtYour final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court
Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court

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Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court

 

The landlord only acts as a collecting agency for Government for collection of service tax., says CBDT

New Delhi, May 3 There were a lot of confusion as to whether the TDS provisions on rent will apply on the gross rental amount payable (inclusive of service tax) or net rental amount payable (excluding service tax). CBDT comes to the rescue at a very high time . Its clarificatory circular
dated 28-4-2008 made it clear in unmistakable term that "“Service tax paid by the tenant does not partake the nature of income of the landlord. The landlord only acts as a collecting agency for Government for collection of service tax Therefore it has been decided that tax deduction at source (TDS) under sections 194-I of Income-tax Act would be required to be made on the amount of rent paid/payable without including the service tax."

This move will go long way to help the segment of commercial renting , particularly benefit corporates , MNCs as they a ...
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Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court
 

 

Daily updates in Excise ,Custom ,Income Tax, DGFT,Service Tax ,vat & RBI

 Circular No. 868/6/2008-CX dated the May 9, 2008
Amendments in the CENVAT Credit Rules, 2004 w.e.f. 01.0...

DGFT NOTIFICATION NO-7 / (RE-2008)/2004-2009, Dated: May 8, 2008
Port Restrictions removed for import of betel nuts f...

PUBLIC NOTICE NO-14 (RE-2008) /2004-09, Dated: May 8, 2008
New agency added at Sr. No.6 (Andhra Pradesh) in Append...
 

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CUSTOMS NOTIFICATION NO. 60 /2008 dated 5-5-2008
Imports by EOUs/STP/EHTP -Notification No.52/2003 amended to provide for allowance of generation of ...

CENTRAL EXCISE NOTIFICATION No. 26 /2008 dated 5-5-2008
Notification No. 22/2003 amended - Where no SION have been notified, the generation of waste, scrap ...

Central Excise Notification No. 22 (Non Tariff) Dated the 02nd May, 2008.
Cenvat utilized in manufacture of Metallised Plastic Film, falling Under Chapter 39 not be reverse ...

CUSTOM NOTIFICATION NO 40/ 2008 (N.T.), Dated: May 2, 2008
Tariff value of Brass Scrap (all grades) & Poppy seeds are s US $ 4445 and 4658 respectively (PerMe ...

Customs Notification No. 58/2008 dated 1st May, 2008
Anti dumping Notification No 59/2007 regarding import of vitrified and porcelain tiles rescinded ...

Customs Notification No. 57/2008 dated 1st May, 2008
Anti dumping duty on imports of M/s. Foshan Chan Cheng Jinyi Ceramics Co. Ltd., , M/s Joyson Ceramic ...

POLICY CIRCULAR NO-5 (RE-2008)/2004-2009, Dt: April 28, 2008
Utilization of Vishesh Krishi and Gram Udyog Yojana (VKGUY) scrips (Erstwhile Vishesh Krishi Upaj Yo ...

EFFECTS OF RUPEE ESCALATION ON TEXTILE INDUSTRY
PIB:30-02-2008: The Textiles trade bodies and associations have represented that the appreciation ...

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Zonal Jt. DGFT V/s. glorified dealing hand

The DGFT & the RLA s are entrusted with the authority of facilitating exporters. As per my reading of the export promotion, this is the role assigned to the DGFT under the act of Parliament & clearly highlighted in the Foreign Trade Policy. The paragraph 9.8 of the Handbook of Procedures specifically states that the regional offices will facilitate exporters resolve problems in a coordinated manner with all other authorities. Thus there is no reason for the Regional offices t ... Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme courtRead Full Story
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Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court
 
Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court

Highlights
 Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2008 - Notification F. No. LAD-NRO/GN/2008/03/123042, dated 16-4-2008
Foreign Trade Policy, 2004-2009
SEBI CIRCULAR NO. MRD/DOP/MF/CIR-08/2008, DATED 3-4-2008- Investors residing in the state of Sikkim are exempted from the mandatory requirement of PAN
Exemption from mandatory requirement of PAN (CIRCULAR NO. MRD/DOP/MF/CIR-08/2008, DATED 3-4-2008)
Download the 6th Pay Commission
CLARIFICATION ON AMENDMENT TO SECTION 271 OF INCOME-TAX ACT
Payment of Dearness Allowance to Central Government employees -ORDER DATED 17-3-2008
Safeguards to address the concerns of the investors on transfer of securities in dematerialized mode-CIRCULAR NO. SEBI/MRD/DEP/CIR- 3/2008, DATED 28-2-2008
CIRCULAR NO 12/.SEBI/IMD/ 118340 /08, DATED 26-2-2008-
Economic Survey 2007-2008
ISSUE OF FOREIGN CURRENCY EXCHANGEABLE BONDS SCHEME, 2008

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New Tax CTT (commodities transaction tax) from July
The Central Board of Direct Taxes (CBDT) has decided to levy one more tax called the commodities transaction tax (CTT) which is likely to come into effect by July. The practicalities of implementation like collection, payment, and the methods of filing returns are yet to be finalized by the CBDT. Sellers of both commodity futures and options have to bear a CTT o ... More Info>>
Enhanced EDI to Improve Logistics for Foreign Trade
For hassle-free export and import of high value cargo, the electronic data interchange (EDI) needs to be fast and flawless. The government has at last woken up to this hard reality and pumped a huge amount of funds for revamping the entire electronic data interchange (EDI) system. Over 36 ports handling domestic and international cargo will ... More Info>>
Tata Asked to Pay Rs 45 crore in Tax for Idea Stake Purchase
Tata’s purchase of Rs 660 crore stakes in Idea Cellular from AT&T proved to be quite expensive since the Income-Tax department has asked Tata Industries Ltd (TIL) to pay up a tax of Rs 45 crore for an overseas deal. As far as cross border deals resulting in a change of ownership of the company are concerned, this is the first instance of such a demand no ... More Info>>
CBI seized Rs 6 lakh from home of Assistant Commissioner of Customs
Kolkata, May 3 As follow up of the Friday's arrest sleuths of  anti-corruption branch of CBI  conducted a raid on Saturday the Dover Lane house of S Das, Assistant Commissioner of import noting section of the Customs department. The raid resulted in seizure of  Rs 6 lakh and  recovery of  documents of three separate immovable properti ... More Info>>
Ahmedabad emerges topper in excise recovery from evaders
 For years, Mumbai has been the forerunner in running after tax evaders and milking huge amounts of unpaid taxes, but this year, Ahmedabad has stolen the limelight. It has pushed aside Mumbai to the second position in terms of revenue collection from tax evaders. As in all cases of collection, strategy plays an important role, and the Directorate-General of ... More Info>>

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Legal News

Sale of Replenishment Licence to attract sales tax -SC
A person will become an ordinarily resident only if (a) he has been residing in nine out of ten preceding years; and (b) he has been in India for at least 730 days in the previous seven years - SC

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The Sixth Central Pay Commission Report – Return to Covenants! Tirthankar Pyne

Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court

It was the practice of the East India Company to require its servants, before leaving England, to enter into a covenant wherein their privileges were recited, and their obligations were defined. This practice is continued up to the present time, each member of the Indian Civil Service being required to enter into a covenant with Her Majesty’s Secretary of State. Hence the use of the term “Covenanted” in connexion with the Civil Service.

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With Effect From 1st May '08
Currency Import Export
Euro 63.65
 62.55
Pound 80.05
 78.70
US 40.50
 39.90

PROPOSED NEW AMENDMENTS TO FINANCE BIL, 2008
MATERNITY BENEFIT (AMENDMENT) ACT, 2008 [No.15 of 2008] dated 1-4-2008
Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Second Amendment) Regulations, 2007 - Amendment in regulation 9
Section 1(2) of the Competition (Amendment) Act, 2007 - Commencement of Act - Notified date of certain sections

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