Category - Taxation

Import of Trim Cutting Waste under Chapter 63 used for manufacture of Chindi rugs allowed without Import License

Circular No. 20 /2011-Customs F. No. 528/76/2007-Cus (TU) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs   New Delhi, the 15th April, 2011.   To   All Chief Commissioners of Customs/ Customs (Prev.)/ C&CE, All Directors General of CBEC, All Commissioners of Customs / Customs (Prev.) / C&CE All Commissioners of… Read More

Service tax to be charged in Restuarants

In this year™s budget, there was a proposal to charge service tax on services provided by restaurants. But restaurants do charge VAT on the bill, then on what amount should the service tax be charged? ” Santosh Shetty The Finance Bill 2011, which is passed by both the houses, proposed to levy service tax from… Read More

Government issued refunds of Rs. 72,000 crores in 2010-11

The Income Tax department has improved its tax refund rate and Rs 72,000 crore have been refunded to tax payers in the fiscal year 2009-10 against Rs 57,000 in the previous financial year. The tax collection has gone up rapidly and this fiscal which ended on March 31, 2011 to the tune of Rs 4.50… Read More

Tag: Income Tax Refunds

Request for Tax Exemptions for NGOs in Direct Tax Code

An NGO has urged Finance Minister Pranab Mukherjee to continue tax exemption for them in the proposed Direct Taxes Code in order to encourage non-profit organisations to undertake welfare activities. Their view is that Taxes will put a constraint resource generation of charitable bodies and reduce their ability to undertake welfare activities. It said that government grants… Read More

Tags: Direct Tax codeDTC

Biometric PAN cards on the anvil

The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones. The decision was taken recently by the finance ministry and it comes in the wake of a Comptroller and Auditor General (CAG) report that asked the Income Tax department to ensure… Read More

Enjoy Smooth Clearances by ‘Self Assessment’ of Custom Duty for Import and Export

  Circular No.17/2011- Customs F.No.450/26/2011-Cus.IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs 227-B, North Block, New Delhi-110001. 8th 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

Pay appropriate excise duty to avoid interest

Effective 1st April 2011, the Central Government has notified the rate of interest at 18% for non payment or short payment of excise duty under Section 11AB of the Central Excise Act 1944. File no. 334/3/2011 - TRU Notification No. 6/2011-Central Excise (N.T.) New Delhi, the 1stMarch, 2011 G.S.R.   (E).”    In exercise of… Read More

Excise Duty Exemption on garments when returned for repair or reconditioning etc.

[F. No. B-1/3/2011 TRU] Notification New Delhi, the 24th March, 2011No.31/2011-Central Excise G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act,1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts  all goods bearing a… Read More

Compensatory Fines allowable as deduction under Income Tax

While Penalties have always been disallowed under the Income Tax Act, the recent judgment clarifies on allowability of compensatory fines paid to authorities. In a recent order, Income-tax  Appellate Tribunal, (ITAT) has held that fines paid to RTO is an allowable expenditure under the Income-tax Act. According to the provisions of the Income-tax Act, if… Read More

Tag: ITAT

Clarification Regarding Education cess under Service Tax

Circular No. 134 /3 / 2011 ST; F.No.354/42/2011-TRU; Since Education Cess is levied and collected as percentage of service tax, when and wherever service tax is NIL by virtue of exemption, Education Cess would also be NIL. [ CLR View: Ministry of Finance stating the Obvious...but when it comes to Revenue, nothing can be taken… Read More

Page 188 of 189« First...10...188189

Recent Articles

Recent Legal updates

Recent Gst Updates