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May 13, 2012

Info on Income Tax search, seizure and survey

SION for new product Tubular Bags (Gauntlet) under Textiles Product Group

Posted: 11 May 2012 09:09 PM PDT

PUBLIC NOTICE NO.111(RE:2011)/2009-2014 In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby notifies a SION, bearing number J-375 in respect of the export...

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5 new items of import & 7 new items of export added to list of tradable items under Indo – China Border Trade

Posted: 11 May 2012 09:07 PM PDT

Public Notice No.110/2009-2014 (RE-2010) 1. In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby adds 5 new items of import and 7 new items of export under The Indo-China Border Trade:

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Excise duty evasion of Rs.112 Lakh reported by Anti Evasion Unit of Jalpaiguri Division

Posted: 11 May 2012 09:04 PM PDT

An intelligence was gathered that M/s. Mohindra Tubes Pvt. Ltd. factory premises located at NH 31, Gairkata Road, Telepara Sakoajhora No. 1 Gram Panchayat, Distt. - Jalpaiguri, Pin- 735 101, manufacturer of Asbestos Cement Pressure Pipe & Couplings was blatantly suppressing the clearance...

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Additional conditions for Registration of Contracts for Export of Cotton

Posted: 11 May 2012 08:58 PM PDT

Trade Notice No. 2/2012 Dated the 10th May, 2012 Trade Notice No.1 dated 8th May, 2012 was issued stipulating the procedure that would be adopted for issue of cotton RC's in addition to that provided in Notification No.113 of 4th May 2012. The following additional points are being stipulated to...

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Additional Procedure for Registration of Contracts for Export of Raw Cotton

Posted: 11 May 2012 08:39 PM PDT

Trade Notice No. 1/2012 As per Notification No.113 dated 4th May, 2012 application for registration of contracts for export of raw cotton would be submitted to the 7 designated RAs namely: -Ahmadabad, CLA, New Delhi, Bangalore, Kolkata, Hyderabad, Chennai and Mumbai. To streamline the process of...

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Onion Export allowed without MEP upto 2nd July 2012

Posted: 11 May 2012 08:36 PM PDT

Notification No 116 (RE – 2010)/2009-2014 Export of onions will be allowed without any MEP(Minimum Export Price) for the period upto 2nd July 2012. Any consignment for which LEO (Let Export order) is not issued till midnight of 2nd July 2012, will be allowed for export at applicable MEP, which...

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EOUs cannot supply marble in Domestic Tariff Area

Posted: 11 May 2012 08:31 PM PDT

Notification No.115 (RE-2010)/2009-2014This amendment in paragraph amplifies that EOUs cannot supply marble in Domestic Tariff Area under Paragraph 6.9 of FTP, except under Paragraph 6.9(c) of FTP.

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No separate activity code to identify Multi Level Marketing (MLM) companies

Posted: 11 May 2012 07:55 PM PDT

There is no separate activity code to identify Multi Level Marketing (MLM) companies. Therefore, these companies cannot be separately identified from the list of companies registered under the Companies Act, 1956. Also, there are no separate guidelines for MLM companies. Hence information on action...

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Info on Income Tax search, seizure and survey

Posted: 11 May 2012 07:53 PM PDT

The Income Tax Department conducts search, seizure and survey operations based on credible information relating to 'persons' which includes individuals, Hindu undivided families (HUFs), firms, companies, association of persons (AoPs), body of individuals (BoIs), local authorities and any artificial...

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Interest Rate on NRIs Deposits

Posted: 11 May 2012 07:50 PM PDT

To provide greater flexibility to banks in mobilizing non-resident deposits and in view of prevailing market conditions, the Reserve Bank of India (RBI) deregulated interest rates on Non-Resident (External) Rupee (NRE) Deposits and Savings deposits under Ordinary Non-Resident (NRO) Accounts with...

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SC Questions Toll Tax when there are no smooth roads

Posted: 11 May 2012 07:47 PM PDT

What is your policy. Public must know about it. It (building roads) should not be only to help builders and contractors. I do not understand your policy. We want to know what is your policy. Why should people pay toll tax when there is no smooth driving on road

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Budget 2012 – Prasar Bharati exempted from Income tax

Posted: 11 May 2012 07:44 PM PDT

Prasar Bharati has been exempted from paying any income tax, with the smooth passage of the Finance Bill in the Lok Sabha. As per one of the amendments in the Finance Bill, 2012 which was passed by the Lok Sabha on 08.05.2012, "any income of Prasar Bharati (Broadcasting Corporation of India)" is...

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Govt. to recover Rs. 20,300 cr tax from Vodafone

Posted: 11 May 2012 12:10 PM PDT

A Day after the approval of the Finance Bill by the Lok Sabha, the government on Wednesday said that it will move ahead to recover the tax and penalty from the British telecom major Vodafone which is currently estimated at Rs. 20,300 crore. Finance secretary RS Gurjal said that no new notice would...

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