ALL INDIAN TAXES

Economic Survey tabled in Parliament hints at reduction in indirect taxes, Revision of specific duties in Textile sector, Review and phasing out of surcharges, cesses, transaction tax and FBT, introduction of new Income Tax Code resulting in neutral Corporate Tax regime, Review of Customs duty structure, capital gains on auction of 3G spectrum, implementation of GST from 1st April 2010, increased plan expenditure, sector specific measures for textile, housing, infrastructure through stimulus packages provides support to the real economy Petrol and diesel prices hiked Tariff Value for import of Brass Scrap is 2854 and for Poppy seeds 5162-Customs Non-Tariff Notification No. 78 Indira Jaisingh to be Additional Solicitor General RBI enhances the period of realisation and repatriation to India of the amount representing the full export value of goods or software exported, from six months to twelve months from the date of export-RBI Circular No. 70 RBI modifies ECB Policy-also allows SEZ developers to avail of ECB under the Approval route for providing infrastructure facilities, as defined in the ECB policy, within the SEZ-RBI Circular No.71 Deduction under Section 80IB(10) in respect of undertakings developing building and housing projects can be claimed on a year to year basis where the assessee is showing profit from partial completion of the project in every year-Income Tax Instruction No. 4 Taxpayers filing their income tax returns for assessment year 2009-10, or any other earlier AY, may continue to file their returns without mentioning the Unique Transaction Number (UTN) as required under Notification No.31-CBDT Press Release Deloitte asks its employees to take unpaid leave every month with the goal of preserving jobs in China Maharashtra hikes VAT on Mobile handsets from 4 per cent to 12.5 per cent Nirupama Rao appointed as Foreign Secretary MN Prasad appointed as Secretary in PMO on contract basis Exchange Rate for imported goods is Rupees 48.95 Per US Dollar and Rupees 68.55 Per EURO-Exchange Rate for Export goods is Rupees 48.05 Per US Dollar and Rupees 66.90 Per EURO-Click on Exchange Rate for details CBDT notifies revised procedure for furnishing information regarding remittances being made to non-residents w.e.f. 1st July, 2009-Income Tax Circular No.4 Special Bench of ITAT rules the deduction to be allowed under any other provision of Chapter VI-A with the heading ‘C’ is to be reduced by amount of deduction allowed u/s 80-IB/80-IA of the I.T. Act-AIT-2009-258-ITAT HC rules the principles of ‘unjust enrichment’ would not arise in a case of redemption fine-AIT-2009-259-HC HC rules no error of law committed by the I.T.A.T. in allowing the deductions to the extent of 2.5% towards administrative costs on the interest income on short term deposits, and in further holding that the interest and rent received from its employees and oustees in Dam area had a nature of capital receipt, as the construction process was still on and the respondent / assessee had yet not started the business activity-AIT-2009-260-HC Omita Paul joins as Advisor to Finance Minister Pranab Mukherjee Anti-dumping duty imposed on imports of Diethyl Thio Phosphoryl Chloride(DETPC) from China-Customs Tariff Notification No.73 Anti-dumping duty imposed on imports of Phosphoric Acid of all grades and all concentration (excluding Agriculture or Fertiliser grade), originating in, or exported from, Korea RP-Customs Tariff Notification No.74 Import of metal scrap – submission of copy of contract between buyer and seller-DGFT Policy Circular No.96 RBI directs Banks to allow customers access to their own credit report prepared by banks Definitive safeguard duty imposed on imports of Aluminium Flat Rolled Products and Aluminium Foil from China-Customs Tariff Notification No.71 Customs duty exempted on import of specified goods from Singapore under Customs Tariff Notification No. 74-Customs duty lowered to 50 per cent of applied rate of duty on import of goods from Singapore specified under Customs Tariff Notification No.75-Customs Tariff Notification No. 69 Customs duty on import of specified goods from Singapore under Customs Tariff Notification No. 10/2008 lowered-Customs Tariff Notification No. 70 Anti-dumping duty imposed on import of ceramic glazed tiles other than vitrified tiles originating in or exported from China PR-Customs Tariff Notification No.62 SION norms for export of Aluminium utensils notified-DGFT PN 188 Definitive Anti-dumping duty imposed on import of Vitamin C, originating in, or exported from the People’s Republic of China-Customs Tariff Notification No.67 Anti-dumping duty on 6-Hexanelactam, (also known as epsilon-Caprolactam), originating in, or exported from, Japan, European Union, Nigeria and Thailand shall remain in force upto and inclusive of the 20th April, 2010-Customs Tariff Notification No.66