Category - Taxation

India Mauritius Tax Treaty to be Reviewed : Finance Ministry

Double Taxation Avoidance Agreements (DTAAs) are pacts / treaties that seek to eliminate double taxation of income or capital gains arising in one country and paid to residents or companies of another. The spirit of the DTAA was to ensure that the same income is not taxed twice. For instance, India-Mauritius tax treaty provides that… Read More

Tags: DTAAindian mauritius tax treatytax havens

Vodafone asked by Supreme Court to appear before the IT Deptt.

The Supreme Court has directed UK telecom major Vodafone to appear before the Income Tax (IT) Department which had instructed the company to pay penalty in the USD 2 billion tax case relating to the telecom major's stake purchase in Hutchison-Essar. Earlier, the I-T department had issued notice to Vodafone in March saying penal action… Read More

CVD on Import of Fertilisers under Chapter 31 made @ 1%

The Countervailing Duty on Fertilisers under Chapter 31 of Customs has been levied @1% ad valorem in case of imports of same into India.   Notification No.35/2011-Customs [F.No.354/35/2011TRU] New Delhi, 15th April, 2011 G.S. R. 322(E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of… Read More

All Income Tax Refunds to be complete by April

After having made 8.23 lakh refunds already in the first half of this month, the Income Tax Department today said it will settle all the pending claims in April itself. Refunds of Rs 78,000 crore to about 85 lakh assesses were made in 2010-11. In the first half of April, the I-T Department refunded Rs… Read More

Tag: Income Tax Refunds

Declaration of IEC Branch code and Authorised Dealer code is not required in case of Low value dutiable import consignments

The Central Board of Excise and Customs has made declaration of IEC branch code and AD code as non-mandatory in case low value dutiable import consignments (i.e. consignment other than documents, gifts and samples of an invoice value upto Rs. one lakh) under Courier Imports and Exports (Electronic Declaration and Processing)  Regulations, 2010.  The disclosure of IEC code will… Read More

Duty Drawback not to be recovered even if sale proceeds not realised by exporter

Where sale proceeds are not realised by an exporter within the period allowed under the Foreign Exchange Management Act, 1999 (42 of 1999), the amount of drawback paid to the exporter or the claimant  shall not be recovered subject to fulfillment of certain conditions. Notification is reproduced below for ready reference. [To be published in the… Read More

Ombudsman releases 660 crores in Income Tax Refunds

The income-tax ombudsman in Mumbai has released refunds and other dues to taxpayers amounting to over Rs 660 crore, which had been locked up for various years due to red-tapism at the income-tax office. This is the largest amount distributed to taxpayers in a single year from the office of the ombudsman in Mumbai, a… Read More

Tag: Income Tax Refunds

Rajasva Bhawan – The proposed National Tax Headquarters

The proposed national tax headquarters being set up on 5.65 acre-plot at Kasturba Gandhi Marg in New Delhi, is likely to be ready in the next 24-30 months, Finance Minister Pranab Mukherjee said today. The same will be known as Rajaswa Bhawan. The proposed building, which will house the tax department of the country, will set… Read More

Exemption from Special Additional Duty to Mobile Handset Manufacturers

Notification                                                                                                  New Delhi, the 1stMarch,2011No. 22/2011-CustomsG.S.R. (E).… Read More

Clarification on Procedure for Labeling of goods in Bonded Warehouse before clearance

Circular No. 19 /2011-Customs F.No.450/29/2011-Cus-IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs 227-B, North Block, New Delhi-110001. 15th April, 2011. To   All Chief Commissioners of Customs / Customs (Prev). All Chief Commissioners of Customs & Central Excise. All Commissioners of Customs / Customs (Prev). All Commissioners… Read More

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