Income Tax Circulars 2008

Foolish RBI suffers heavy losses by playing blind in forex market-sold dollars at lower rates to contain fall of Rupee-Rupee plunges to record low of 55.82 against Dollar-Sensex slips below 16000 Points Justice VS Sirpurkar is Chairman of Competition Appellate Tribunal AK Pandey appointed as High Commissioner to New Zealand Facebook shares drop below issue price FM okays transfer & posting orders of Commissioners of Customs & Excise-A dozen Commissioners posted in NCR in transfer list-Commissioner Gurgaon & Ghaziabad also in the list according to North Block sources Government tables White Paper on Black Money in Parliament India's first Interactive Online Course on Service Tax launched-Click on the link-Service Tax Online Certification Course-for full details and registration-Course begins on 22nd May 167 IRS(Customs & Excise) Probationers get postings- A dozen Probationers posted in Delhi Central Excise Rajya Sabha passes Finance Bill 2012 Petrol & Diesel prices to be hiked Tariff Value for import of Brass scrap is 4362 & for poppy seeds 3680-for gold 507 per 10 gram & for silver 920 per kg-Customs Non-Tariff Notification No.42 Customs duty exempted on import of 191 Products from Singapore-Customs Tariff Notification No.33 Import of 485 Products from Singapore exempted from Customs duty-Customs Tariff Notification No.34 Import of 496 Products from Singapore exempted from 50 per cent of applied rate of duty-Customs Tariff Notification No.35 Saurabh Chandra gets additional charge of Commerce Secretary ITAT Member N Vasudevan transferred from Mumbai to Bangalore-J Sudhakar Reddy moves from Mumbai to Delhi-IP Bansal from Delhi to Mumbai-IC Sudhir from Pune to Delhi CVD on imported electronics lowered due to higher rates of abatement from RSP notified-Abatement from MRP for excise payment on all electronic products prescribed at uniform rate of 35 per cent-Abatement revised for several products-Central Excise Non-Tariff Notification No.26 Suppliers to Mega Power Projects face silly excise demands-Click on the link below for full details Excise demand of Rs 32 Crore confirmed against Exide for not paying excise on MRP basis on lead acid storage battery RBI says Exporters required to convert 50 per cent of their foreign exchange holdings into Rupee within 15 days-Exporters will be allowed to buy foreign currency only after utilizing all their foreign currency holdings Articles of jewellery exempted from excise duty-Specified Railway Goods manufactured by Government exempted from excise -Central Excise Tariff Notification No.23 Excise on specified Petroleum Oils lowered Eye makeup preparations exempted from excise The excise exemption hitherto admissible on all Hawai Chappals will now be admissible to only Hawai Chappals of RSP up to Rs 500-Polyester staple fibre or polyester filament yarn, manufactured from plastic scrap or plastic waste including waste polyethylene terephthalate bottles exempted from excise-Excise on Motor chassis for vehicles lowered to 14 per cent excise-Excise on LED Lights of Chapter 85 lowered to 6 per cent-Inks for ball point pens exempted from excise-Central Excise Tariff Notification No.24-Parts of Footwear and hawai chappals of RSP not exceeding Rs. 500 per pair exempted from excise if consumed in factory-Central Excise Tariff Notification No.25-Excise exemption to goods required for initial setting up of solar power generation project or facility-Central Excise Tariff Notification No.26 CENVAT Credit (Fifth Amendment) Rules, 2012-No reversal of credit required for supplies made for setting up of solar power generation projects or facilities-Central Excise Non-Tariff Notification No.25 exemption from wholeof the additional duty leviable shall not apply to Hand held Metal/Mine/Bomb detectors etc.-Customs Tariff Notification No.30 Import of specified goods allowed at concessional rate of duty-Customs Notification No.31 FM defers the applicability of GAAR provisions by one year- GAAR provisions will now apply to income of Financial Year 2013-14 and subsequent years-The retrospective clarificatory amendments now under consideration of Parliament will not be used to reopen any cases where assessment orders have already been finalized-long term capital gain arising from sale of unlisted securities in case of non-resident investors, including PE investors lowered to 10 per cent-FM extends benefit of tax exemption on long term capital gains to sale of unlisted securities in IPO-lower rate of withholding tax of 5% for funding all businesses-FM withdraws the provision for levy of TDS on transfer of immovable property-FM raises the threshold limit for TCS on cash purchases of jewellery to Rs.5 lakh-only serious offences under the customs law involving prohibited goods or duty evasion exceeding Rs.50 lakh, shall be cognizable- all these offences shall be bailable-changes in the definition of “service” which will exclude the activities specified in the Constitution as “deemed sale of goods”-The definition of “works contract” also enlarged to include movable properties- Exemption for specified services relating to agriculture in the Negative List extended to agricultural produce enlarging the scope of the entry Anti-dumping duty on imports of Partially Oriented Yarn, originating in, or exported from China-Customs Notification No.22 Customs duty on import of 806 Products from Japan lowered Anti-dumping duty imposed on import of Phosphoric Acid of all grades and all concentrations (excluding Agriculture/FertilizerGrade) , falling under tariff item 28092010, originating in, or exported from,Israel and Taiwan-Customs Tariff Notification No.19 Customs duty on import of composite fertiliser lowered to 1 per cent-Customs Tariff Notification No. 24

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INCOME TAX CIRCULARS 2008

01/2008	Provision of section 194-C will be applicable to the amounts paid as cooling charges
02/2008	Transactions of lending and borrowing are not liable to Securities Transaction Tax
03/2008	Explanatory Notes to the provisions of the finance act, 2007
04/2008	TDS on service tax component on rental income u/s. 194-I
05/2008	Assessee can make electronic payment of taxes from account of any other person
CBDT Instruction No. 5-2008	Revision of monetary limits for filing appeals by the Department before Income tax Appellate Tribunals, High Courts and Supreme Court- measures for reducing litigation
Instruction No. 7/2008 dated 24-6-2008	India-Danish Double Taxation Avoidance Convention(DTAC)- suspension of collection of taxes during Mutual Agreement Procedure
06/2008	No document (TDS/TCS certificate, report of audit) to be attached to IT Return
Instruction No. 9/2008	Appreciation of Audit Report/Certification in assessment proceedings
Instruction No. 10/2008	Assessment of Banks - Allowance of deduction to rural branches
Instruction No. 11/2008
Instruction No. 12/2008
Instruction No. 13/2008
07/2008	Ex-servicemen corporations given exemption from Tax Deduction/Collection at Source
08/2008	It will not be mandatory for agents of non-residents, within the meaning of section 160(1)(i) of the income-tax Act, to electronically furnish the returns of non-residents for assessment year 2008-09
09/2008	Income-Tax Deduction from Salaries during the Financial Year 2008-2009
Instruction No. 14/2008
Instruction No. 15/2008	Revised system of Review of assessments
Instruction No. 16/2008	Revised procedure for inspection
Instruction No. 17/2008	Deduction on account of bad debts which are written off as irrecoverable in the accounts of the assessee is allowed only if the assessee had debited the amount of such debts to the provision for bad and doubtful debt account
10/2008	Clarifications for proper implementation of rule 6DD of the Income-tax Rules
11/2008	Definition of 'Charitable purpose' under section 2(15) of the Income-tax Act

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