Loan waiver not to lead to collapse of banks: FM ;

Clearances from 100% EoU to DTA: Effective excise duty to be computed on 50% of BCD + Addl Customs Duty if applicable;

Self-adjustment of excess service tax paid: Limit hiked from Rs 50,000 to Rs 1 lakh;

Amendment in Customs Act: Penalty for violation of provisions not expressly prescribed hiked from Rs 10,000 to Rs 1 lakh;

Internet backbone services provided by one service provider to another covered under Internet Telecommunication Service;

Finance Bill 2008 proposes to curb powers of ITAT to grant stay to 365 days;

Income Tax Settlement Commission: No application before CIT for immunity can be made after imposition of penalty or prosecution;

Notice for scrutiny assessment: Period reduced from 12 months to six months;

Budget empowers ITO to extend period of submitting special audit report u/s 142(2A) from April 1, 2008;

No income tax exemption to Oil refineries if refining begins after Mar 31, 2009;

Clarificatory amendment in I-T Act: A person failing to deduct tax to be deemed to be an assessee in default;

BUDGET ANALYSIS 2008-09

eou story.pdf

Duty computation for DTA sale by EoU with effect from March 1, 2008;

st prepare.pdf

Let's welcome 'Service Tax Return Preparer' Scheme;

it amendment story.pdf

Budget 2008: Income Tax assessees are in for adjustments and penalty galore with retrospective amendment; Berger Paint decision gone;

rate story.pdf

Effective income tax rates unraveled for all;

unni story.pdf

Arrear recovery and service tax dispute resolution scheme, 2008;

sunday story.pdf

RBI asks rural banks to identify suspicious accounts being used by terrorist outfits and assist Financial Intelligence Unit;

Case Laws

2008-TIOL-106-ITAT-RANCHI.pdf

Income Tax - Assessee's sister concern pays rack charges in cash to railways on behalf of assessee to get the goods released as assessee didn't have enough money at the relevant time which is subsequently paid back in cash - A.O. treats it as loan transaction in cash in violation of Sec.269SS and 269T and imposes penalty u/s 271D and 271E - CIT(A) deletes the penalty on the ground that it is not a case of loan transaction - Sec. 269SS and 269T require that any loan or deposit taken or repaid in excess of Rs.20,000 should be done by way of crossed cheque or bank draft and any contravention of the same would entail levying of penalty u/s 271D & 271E respectively - In the instant case no loan was taken or repaid but it was a case of payment in cash to railways for release of goods by sister concern due to urgency of circumstances which was subsequently repaid by assessee - thus it was just a case of business expenses incurred by sister concern on behalf of assessee and repayment of same and not a case of taking and repayment of loan - Revenue's appeal dismissed - (Para 3,5,6,8).: RANCHI ITAT;

2008-TIOL-321-CESTAT-BANG.pdf

Central Excise - Clandestine removal - Demand of Duty based on furnace oil consumption cannot be confirmed: BANGALORE CESTAT ;

2008-TIOL-322-CESTAT-MAD.pdf

Warehoused goods – interest: As there was no liability to duty on the goods cleared from the warehouse in terms of Section 61 (2)(ii) there cannot be a demand of interest for the clearances from the appellants. The appellants are therefore eligible for refund of the interest they had paid. The appellants shall also be entitled to interest in terms of Section 27 A of the Customs Act, 1962 .: CHENNAI CESTAT;

NOTIFICATION

RBI Notification.pdf

Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT)- RRBs;

it08not030.pdf

Expenditure of scientific researc: Production of seeds notified u/s 35;

it08not029.pdf

Expenditure of scientific researc: Production of agricultural implements notified;

Mixed Buzz

mbuzz392.pdf

Gandhigiri by Central Excise Officers;