TIOL-DDT 132 · the untouched capture
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<html> <head> <title>Untitled Document</title> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> </head> <body bgcolor="#FFFFFF"> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399" size="3">TIOL-DDT 132</font><br> 09 06 2005<br> Thursday</b></font></p> <p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006633">Income Tax runs a spell check</font></b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> The CBDT has recently run a spell check on some its notifications and found some horrible mistakes which they have now corrected. Any correction is welcome, but will it not save trouble if they do this exercise before issuing the notifications? In Notifications 455 and 456 dated 30.3.2005 these are the changes<br> <br> • for "Txes", read "Taxes";<br> • for "diposited", read "Deposited";<br> • for "challen", read "challan"; <br> • for "Form 240", read "Form No. 24Q";<br> • for "redit", read "credit";<br> • for "perticulars", read "particulars";<br> • for "Collelction", read "Collection";<br> • for "perticulars", read "particulars", <br> • for "Slec", read "Sec";<br> • for "Reasion", read "Reason".<br> • for "Types", read "Type";<br> • for "Curcharge", read "Surcharge":<br> • for "deducations", read "deductions"; <br> • for "Siignature", read "Signature"; <br> • for "sesidents", read "residents";</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2005/it05not161.htm">NOTIFICATION NO. 161</a> <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2005/it05not162.htm">and 162/2005, Dated: June 7, 2005</a></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006633">Export of Services – DGFT clarifies</font></b><br> <br> As per Para 9.53 (iv) of Foreign Trade Policy 2004-09, a Service Provider includes a person supplying "service" in India relating to exports paid in free foreign exchange or in Indian rupees which are otherwise considered as having been paid for in free foreign exchange by RBI.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As per GATT's Agreement, such services can be rendered within the territory of service providers’ nationality, and therefore earning of free foreign exchange by providing services is the only way a service provider can export his services as defined in the above said Para.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=46&filename=notification/dgft/2005/dgft05cir006.htm">POLICY CIRCULAR NO. 6 (RE-2005)/2004-2009, Dated: June 8, 2005</a></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006633">Advance Licence when SION not fixed</font></b><br> <br> As per para 4.7 of the HOP, advance licences can be given on self decalaration when SION are not fixed. This is amended to restrict certain items for imports and exports. For import/export of bio technology items, licence shall be issued by the licensing authority only on submission of a ‘No Objection Certificate’ from the Department of Biotechnology.<br> <br> <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=47&filename=notification/dgft/2005/dgft05pn017.htm">PUBLIC NOTICE NO. 17 (RE-05) /2004-2009, Dated: June 7, 2005</a><br> <br> <font color="#006633"><b>Tsunami Exemption – Trade endorses Amma’s call</b></font><br> <br> For some strange reason, maybe more political than economic, the relief items for Tsunami victims were not exempted from excise duty as is usually done in such calamties. Former US President Bill Clinton recently remarked that there was absolutely no shortage in aid. May be the donors don’t need excise relief. Recently Tamil Nadu CM Ms. Jayalaithaa had requested the Central Government to exempt industries in the Tsunami hit districts from excise duty for the next ten years. This has naturally found favour with the Tamil Nadu Chamber of Commerce and Industry. They cite the precedent of Kutch. But the moot question is, will it find favour with another famous Tamilian – the Finance Minister? <br> <br> <b><font color="#006633">ITC popular in UK – Wills cigarettes smuggled in by AI staff</font></b><br> <br> Gold flake cigarettes are popular in India, but UK? Two Air India officers on to a vacation in UK found their destination terminated at London’s Heathrow’s airport when they were caught by London Customs trying to smuggle in 1400 cartons of cigarettes – yes Indian cigarettes! They have been deported and are back in India facing the music from Indian Customs for illegal export of cigarettes!<br> <br> <b><font color="#FF6666">Until Tomorrow with more DDT<br> <br> Have a Nice Day. <br> <br> Mail your comments to</font></b> <b>vijaywrite@taxindiaonline.com </b></font></p> </body> </html>