TIOL-DDT 161 · the untouched capture
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399" size="3">TIOL-DDT
161<br>
</font></b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>20
07 2005<br>
</b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Wednesday</b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> </font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Exemption
to foodstuffs and provisions imported by foreigners- limit enhanced</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As
per Notification No. 207/89-Customs, dated the 17th July, 1989, foodstuffs
and provisions (excluding fruit products, alcohol and tobacco), when imported
into India by a person residing in India, not being a citizen of India are
exempted from Customs duty subject to a c.i.f value of Rs. 50,000/- per person
per year. Now this limit is enhanced to Rs. 100,000/-.</font></p>
<p align="justify"> <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2005/ctariff05_070.htm">Notification
No. 70 / 2005-Customs dated the 19th July, 2005</a></b></font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Anti
Dumping duty on steel billets, bars and rounds – withdrawn</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b> </b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Anti Dumping duty on certain types or grades of alloy and non alloy steel billets,
bars and rounds having 70mm to 250 mm diameter originating in, or exported from,
Russia, People’s Republic of China and Ukraine imposed by Notification No. No.65/2001-Customs
is to be discontinued. This notification is withdrawn. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2005/ctariff05_069.htm">Notification
No. 69 / 2005-Customs dated the 19th July, 2005</a></b></font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Anti
Dumping duty on vitrified and porcelain tiles</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Government had imposed anti dumping duty on vitrified and porcelain tiles, other
than vitrified industrial tiles from the People’s Republic of China and
United Arab Emirates by Notification No. 73/2003-Customs. Now the Government
has ordered provisional assessment of exports by certain parties.<br>
<b><br>
</b> <b><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2005/ctariff05_068.htm">Notification
No. 68 / 2005-Customs dated the 19th July, 2005</a></b></font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Anti
Dumping duty on Paracetamol</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Government had imposed anti dumping duty on import of Paracetamol originating
in, or exported from, the People’s Republic of China and Taiwan<i> vide</i>
notification No.29/2002-Customs, dated the 27<sup>th</sup> March, 2002. Now
based on the recommendation of the Designated Authority a definitive anti dumping
duty is imposed valid till 5<sup>th</sup> day of September 2006</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2005/ctariff05_067.htm">Notification
No. 67 / 2005-Customs dated the 19th July, 2005</a></b></font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><br>
<font color="#006633">No interest if first installment of Advance FBT paid by
15 August 2005</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Central Board of Direct Taxes (CBDT) has issued instructions that no interest
will be levied if the first instalment of Advance Fringe Benefit Tax (FBT),
for the quarter ended 30 June 2005 which was due by 15 July 2005 is paid by
15 August 2005.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">There
are no provisions in the Income-tax Act, for levy of penalty for delayed payment
of FBT.</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/itnot1.htm">F.
No. 142/24/2005-TPL Dated : July, 18, 2005</a></b></font>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b> </b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006633">Agreement
on Avoidance of Double Taxation with Singapore</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>
</b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Agreement
on Avoidance of Double Taxation and Prevention of Fiscal Evasion with Singapore
is to come into force from 1<sup>st</sup> August 2005. Indian software companies
rendering services in Singapore will be major gainers of the improved double
taxation avoidance agreement between the two countries. The effective tax liability
of these companies will drop as India and Singapore have agreed to lower the
withholding tax on royalties and fee for technical services (FTS) from 15 percent
to 10 percent in the revised DTAA.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2005/it05not185.htm">Notification
No 185/2005 Dated : July 18, 2005</a></b></font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006633"> </font></b></font><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>India's
voice must be heard: Dr. Manmohan Singh</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In
a speech lasting about 40 minutes to the US congress, Dr. Singh was applauded
more than thirty times and the loudest of them all was when he declared <b>that
India’s voice cannot be ignored</b>. A few quotes from the loud and clear
speech from the soft Prime Minister.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++
No grievance can justify resort to terror. US and India must work together. We cannot
be selective in this area. We must fight terrorism wherever it exists because
<b>terrorism anywhere threatens democracy everywhere</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++
We have an obligation to help other countries that aspire for fruits of democracy.
</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++
We have to assuage doubts and calm fears... to ensure sustainability. India’s economic reforms must be seen
in this light; they may appear slow, but I assure you they are durable and
irreversible</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
++ India
needs massive foreign direct investment, especially in infrastructure. I hope
American companies will participate in the opportunities we are creating
(400 of the Fortune 500 companies are in India)</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++
<b>Our educated young people are also English speaking. This makes us potentially
an attractive location for production of high-end services</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++
We need to make special efforts to bring our private sectors closer... To
this end, President Bush and I have constituted an India-US forum of chief
executive officers</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++
India,
as a responsible nuclear power, is fully conscious of immense responsibilities
that come with possession of advanced technologies... <b>We have never been,
and will never be, a source of proliferation</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++
The UN Security Council must be restructured as part of the reform process...
<b>the voice of the world’s largest democracy surely cannot be left unheard
on the Security Council</b></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#FF0000">Until
Tomorrow with more DDT<br>
<br>
</font> </b></font><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Have
a nice day. </b></font></p>
<p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Mail
your comments to</b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>
<a
href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com </a></b></font></p>
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