TIOL-DDT 156 · the untouched capture
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<font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <strong><font color="#663399" size="4">TIOL-DDT
156</font><br>
13 07 2005<br>
Wednesday </strong></font>
<p align="center"></p>
<p align="center"><font color="#006633"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Anti
dumping duty on black and white photographic paper – rescinded</font></strong></font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The anti dumping
duty on black and white photographic paper including both resin coated and fibre
based, falling under the sub-heading Nos. 3703 10 and 3703 90, imposed by Notification
No. 149/2000 is discontinued by rescinding that notification. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2005/ctariff05_064.htm">Notification
No 64/2005-Cus, Dated 12th July, 2005</a></strong></font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Import
of Value USD 100,000 and Less -no Follow up for Evidence of Import</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Reserve Bank has clarified that Authorised Dealer Banks need not follow up submission
of evidence of import involving amount of USD 100,000 or less provided they
are satisfied about the genuineness of the transaction and the bonafides of
the remitter. The Banks may set their own internal guidelines to deal with such
cases.</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=49&filename=notification/rbi/2005/rbi05cir001.htm">RBI
CIRCULAR NO 01, Dated: July 12, 2005</a></strong></font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>FBT
to be classified as a tax expense</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Institute of Chartered Accountants of India (ICAI) has clarified that Companies
have to classify FBT (fringe benefit tax) as a tax expense along with current
tax and deferred tax after the net profit has been arrived at in the profit
and loss account. It cannot be shown as the employer’s cost as he does
not benefit from it</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
institute also clarified that revenue from a construction contract partly completed
will also be regarded as a contractor's turnover for that period of the contract
term.</font></p>
<p align="center"><strong><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Electronic
filing makes system transparent – FM</font></strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Finance Minister, Shri P. Chidambaram, informed the Parliamentary Consultative
Committee attached to his Ministry here today </font></p>
<ul>
<li><font size="2" face="Verdana, Arial, Helvetica, sans-serif" align="justify">that
electronic filing and processing of tax returns has made the system more transparent
which in turn will help in widening the tax base. </font></li>
<li><font size="2" face="Verdana, Arial, Helvetica, sans-serif" align="justify">that
the cost of tax collection in India is less than one per cent in the case
of Direct Taxes as well as Indirect Taxes which is one of the lowest in the
world.</font></li>
<li><font size="2" face="Verdana, Arial, Helvetica, sans-serif" align="justify">that
while the traditional methods like search and seizure have a role and have
a demonstration effect, their effectiveness in terms of detecting concealed
income or evasion of tax is limited. These methods should be substituted by
the intelligent use of information. </font></li>
<li><font size="2" face="Verdana, Arial, Helvetica, sans-serif" align="justify">that
various methods are being adopted to ensure that the number of appeals filed
is reduced and the total amount of litigation is reduced. </font></li>
<li><font size="2" face="Verdana, Arial, Helvetica, sans-serif" align="justify">that
the refund is credited in the bank accounts mentioned in the returns to avoid
any delay and this facility is operational in 12 major cities at present.</font></li>
</ul>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
<strong>Outcome budget</strong>, aimed at gauging the effectiveness of money
spent on various heads by different ministries will be released by the FM in
a couple of days. The outcome budget, to be presented for the first time, is
to discipline ministries in their spending by ensuring that they do not save
now and spend in March. The FM had given strict instructions that 66 per cent
of the budgeted expenditure has to be spent in the first three quarters and
not more than 33 per cent in the last quarter. There is a March spending spree
in government offices when expenditure was incurred for the sake of it and there
were no means of gauging whether it translated into physical targets. </font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>From
Pakistan with love</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Addressing
the conference of Commissioners of Income Tax, Central Board of Revenue Chairman
Abdullah Yousuf said, “<strong>We must educate, facilitate, and convince
people to become contributors in the national development</strong>" </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Incidentally
the Commissioners of Income Tax in Pakistan have decided 55,021 pending appeals
out of 58,000 during the financial year 2004-05 leaving behind a normal balance
of 3,123 appeals. Why can’t we learn from Pakistan and decide those pending
appeals?</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#FF6666">Until
Tomorrow with more DDT</font></strong></font></p>
<p><font color="#FF6666"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Have
a nice day. </font></strong></font></p>
<p><font color="#FF6666"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail
your comments to</font></strong></font><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
<a href="vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></font></strong></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> </font></p>
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