Archive for May, 2010

Import policy of radial tyres

May-27th-2010

NOTIFICATION NO. 47/2009-2014
NEW DELHI: Dated: 26th May, 2010
 Subject : Import policy of radial tyres.
 S.O. (E)          In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in Schedule –1 of the [...]

CBEC Notification:Applicability of service tax on laying of cables under or alongside roads and similar activities – clarification regarding.

May-27th-2010

Circular No.123/5/2010
New Delhi dated the 24th May 2010.
 
Subject: Applicability of service tax on laying of cables under or alongside roads and similar activities – clarification regarding.
          Disputes have arisen in some parts of the country regarding applicability of service tax on certain activities such as shifting of overhead cables to underground on account of renovation/widening [...]

Industrial Park Scheme eligible for deduction under section 80IA of The Income Tax Act extended to March 2011

May-27th-2010

The Financial Act (No 2) 2009 has extended the ending date of Industril Park Scheme 2008 from 31.03.2009 to 31.03.2011.
Consequently, the Central Board of Direct Taxes have amended the Industrial Park Scheme 2008 and Rule 18C of the Income Tax Rules, 1962 to give effect to the extension of the ending date of operation of [...]

Remittance towards participation in lottery, money circulation schemes, other fictitious offers of cheap funds, etc.

May-27th-2010

 
RBI on 26th May 2010 issued a circular reagarding Remittance towards participation in lottery, money circulation schemes, other fictitious offers of cheap funds, etc. the key points of circulars are as follows:
Remittance towards participation in lottery, money circulation schemes,
other fictitious offers of cheap funds, etc.
Attention of Authorized Dealer Category – I (AD Category – I) [...]

CBDT: widening of an existing road by constructing additional lanes would be regarded as a new infrastructure facility for the purpose of Section 80IA (4)(i). However,simply relaying of an existing road would not be classifiable as a new infrastructure facility for this purpose.

May-22nd-2010

  
CBDT Issued a clarification regarding definition of New Infrastructure Facility in respect of Widening of Existing Road (Ciruclar No 04/2010 dated 18th May 2010 

Subject:- Widening of existing road – definition of a new infrastructure facility – clarification regarding.
References have been received by the Board as to whether widening of existing roads constitutes creation of new [...]