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Archive: August, 2007

Posts in August, 2007

Notification No. 98/2007-Customs Duty, Dated: 31.08.2007

August 31, 2007 532 Views 0 comment Print

For the purposes of this notification, rate of exchange applicable for the purposes of calculation of anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962 (52 of 1962) and the relevant date for determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.

Councils authorized to issue Registration-cum-Membership Certificate (RCMC) Certificate

August 31, 2007 619 Views 0 comment Print

While obtaining RCMC, an exporter has to declare his main line of business in the application. The exporter is required to obtain RCMC from the Council which is concerned with the product of his main line of business.

Public Notice No. 42 (RE-2007)/2004-09, Dated: 31.08.2007

August 31, 2007 319 Views 0 comment Print

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures.

Public Notice No. 41 (RE-2007)/2004-09, Dated: 31.08.2007

August 31, 2007 340 Views 0 comment Print

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures.

Amends Notification No.36/2001-Customs (N.T.), Dated: 3rd August 2001

August 31, 2007 433 Views 0 comment Print

The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No.36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S.O.748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 83/2007-Customs (N.T.), dated, the 16th August,2007 (S.O.1413(E) dated 16th August,2007).

Charge of FBTon ESOP/ Sweat equity – Amendments, vide FA, 2007

August 30, 2007 1516 Views 0 comment Print

Employees’ Stock Option Plan or Scheme (ESOP or ESOS, for short), was not liable to fringe benefit tax (FBT) upto the assessment year (AY) 2007-08, relevant to the financial year (FY) 2006-07. The reason for the same is that though under the provisions of section 115WB(1)(a) of the Income-Tax Act, 1961 (the Act), ESOP could be considered as a privilege and accordingly, chargeable to FBT, yet in the absence of specific valuation provisions in this regard in section 115WC,

Notification No. 241/2007, Dated: 30.08.2007

August 30, 2007 589 Views 0 comment Print

The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.

Notification No. 240/2007, Dated: 30.08.2007

August 30, 2007 436 Views 0 comment Print

The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.

Notification No. 237/2007, Dated: 30.08.2007

August 30, 2007 415 Views 0 comment Print

The approved organization shall maintain books of account and get such books audited by an accountant as defined in the explanation to sub-section (2) of section 288 of the said Act and furnish the report of such audit duly signed and verified by such accountant to the Commissioner of Income-tax or the Director of Income-tax having jurisdiction over the case, by the due date of furnishing the return of income under sub-section (1) of section 139 of the said Act.

Notification No. 239/2007 – Income Tax Dated 30/8/2007

August 30, 2007 541 Views 0 comment Print

Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, Notification No. 239 – Income Tax 1961(43 of 1961)(hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) vide number S.O. 193(E), dated the 30th March, 1999, for the period beginning on the 1st day of April, 1997 and

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