TIOL-DDT 2281 · the untouched capture
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><font color="#006600"><strong><strong><strong><strong><strong><strong><strong><strong><strong><img width="115" height="125" border="0" align="right" src="image/ddt/10yearsDDT.jpg" alt="" /></strong></strong></strong></strong></strong></strong></strong></strong></strong></font></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></font></strong></font></strong></font></strong></font></strong></font></strong></font></strong></font></strong></font></strong></font></strong></font></strong></font></strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><font color="#006600"><strong><strong><strong><strong><strong><strong><strong><strong><strong><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=17063"><img width="175" hspace="5" height="120" border="0" align="right" src="http://www.taxindiaonline.com/RC2/image/stories/limca_book2013.jpg" alt="DDT in Limca Book of Records" /></a></strong></strong></strong></strong></strong></strong></strong></strong></strong></font></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></font></font><font color="#663399" size="3">TIOL-DDT 2281 </font><br>
</strong></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>28.01.2014 <br>
Tuesday </strong></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBDT issues Explanatory Notes to provisions of Finance Act, 2013 </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBDT</strong> has issued Explanatory Notes to provisions of Finance Act, 2013<strong>. </strong></font></p>
<p align="center"><font color="#000000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>AMENDMENTS AT A GLANCE </strong></font></p>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><em>Section/Schedule </em></strong></font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Particulars/Paragraph number </em></font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Finance Act, 2013 </strong></font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">First Schedule </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Rate Structure, 3.1 - 3.4 </font></p></td>
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<td width="0" valign="top"> </td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Income-tax Act, 1961 </strong></font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2 </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Change in the definition of capital asset, <strong><em>4.1-4.5 </em></strong></font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">10 </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Change in the definition of keyman insurance policy, <strong><em>5.1-5.5 </em></strong>; exemption to income of investor Protection Fund of depositors, <strong><em>6.1-6.3; </em></strong>pass through status to certain Alternative Investment Funds, <strong><em>7.1-7.4; </em></strong>exemption of income received in India in Indian currency by a foreign company, <strong><em>8.1-8.4 </em></strong>; exemption to National Financial Holdings Company Limited, <strong><em>9.1-9.3. </em></strong></font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Insertion of new section 32AC </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Incentive for acquisition and installation of new plant or machinery by manufacturing company, <strong><em>10.1-10.4</em></strong>. </font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">36 </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Clarification for amount to be eligible for deduction as bad debts in case of banks, <strong><em>11.1-11.8. </em></strong></font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">40 </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Disallowance of certain fee, charge, etc. in case of State Government Undertakings, <strong><em>12.1-12.3. </em></strong></font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Insertion of new section 43CA </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Computation of income under the head -profits and gains of business or profession - for transfer of immovable property in certain cases, <strong><em>13.1-13.4. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">56 </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Taxability of immovable property received for inadequate consideration, <strong><em>14.1-14.4. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">80C </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Raising of limit of percentage of eligible premium for life insurance policies of persons with disability or disease, <strong><em>15.1-15.6. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">80CCG </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Expanding the scope and deduction and its eligibility under the section, <strong><em>16.1-16.5. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">80D </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Deduction for contribution to Health Schemes similar to Central Government Health Scheme (CGHS), <strong><em>17.1-17.3. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Insertion of new section 80EE </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Deduction in respect of interest on loan sanctioned during financial year 2013-14 for acquiring residential house property, <strong><em>18.1-18.4. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">80G </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">One hundred per cent deduction for donation to National Children‘s Fund, <strong><em>19.1-19.4. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">80GGB&80GGC </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Contribution not to be in cash for deduction under section 80GGB&80GGC, <strong><em>20.1-20.3 </em></strong>. </font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">80-IA </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Extension of the sunset date under the section for the power sector, <strong><em>21.1-21.3. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">80JJAA </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Deduction for additional wages in certain cases, 22.1 - 22.6. </font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">87 and Insertion of new section 87A </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Rebate of 2000 for individuals having total income up to Rs. 5 lakh, <strong><em>23.1-23.4. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">90 and 90A </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tax Residency Certificate, 24.1-24.5. </font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Omission of Chapter X-A relating to general Anti- Avoidance Rule and Insertion of new Chapter X-A, omission of section 144BA and insertion of new section 144BA, amendment of sections 144C, 153D, 245N, 245R, 246A, 253 and 295 </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">General Anti Avoidance Rule (GAAR), <strong><em>25.1-25.5. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">115A </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Taxation of income by way of Royalty or fees for technical services, <strong><em>26.1-26.4. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">115BBD </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Lower rate of tax on dividends received from foreign companies, <strong><em>27.1-27.3. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">115-O </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Removal of the cascading effect of Dividend Distribution Tax (DDT), <strong><em>28.1-28.5. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Insertion of new Chapter XII-DA </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Additional income-tax on distributed income by company for buy-back of unlisted shares, <strong><em>29.1-29.4. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">115R </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Rationalisation of tax on distributed income by the Mutual Funds, <strong><em>30.1-30.5. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Insertion of new Chapter XII-EA </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Taxation of securitisation trusts, 31.1 - 31.4. </font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">132B </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Application of seized assets, 32.1 - 32.3. </font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">138 </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Replacement of terms -Foreign Exchange Regulation Act, 1947 - and Foreign Exchange Regulation Act, 1973 'with -Foreign Exchange Management Act, 1999', <strong><em>33.1-33.4. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">139 </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Return of income filed without payment of self-assessment tax to be treated as defective return, <strong><em>34.1-34.3 </em></strong>. </font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">142 </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Direction of special audit under sub-section (2A) of the section, <strong><em>35.1-35.3. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">153 and 153B </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Exclusion of time I computing the period of limitation for completion of assessments and reassessments, <strong><em>36.1-36.6 </em></strong>; time limit for completion of assessment or reassessment where reference is made to the transfer pricing officer, <strong><em>37.1-37.6. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">167C and 179 </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Clarification of the phrase -tax due - for the purposes of recovery in certain cases, <strong><em>38.1-38.3. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Insertion of new section 194-IA </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tax Deduction at Source (TDS) on transfer of certain immovable properties (other than agricultural land), <strong><em>39.1-39.6. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Insertion of new section 194LD, amendment of sections 115AD, 195 and 196D </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Income by way of interest on certain bonds and Government securities, <strong><em>40.1-40.2.</em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">204 </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Meaning of person -responsible for paying - under Chapter XVII, <strong><em>41.1-41.4. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">206AA </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Exemption from requirement of furnishing PAN under section 206AA to certain non-resident bond holder, <strong><em>42.1-42.3. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">206C </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Removal of exemption from levy of Tax Collection at Source (TCS) to cash sale of any coin or any other article weighing 10 grams or less, <strong><em>43.1-43.2. </em></strong></font></p></td>
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<td width="26%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">252 </font></p></td>
<td width="74%" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Appointment of President of the Appellate Tribunal, 44.1 - 44.4.</font></p></td>
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<td width="183" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Substitution of new section for section 271FA </font></p></td>
<td width="403" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Penalty under section 271FA for non-filing of Annual Information Return, <strong><em>45.1-45.5. </em></strong></font></p></td>
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<td width="183" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Fourth Schedule </font></p></td>
<td width="403" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Extension of time for approval, 46.1 - 46.5. </font></p></td>
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<td colspan="2" valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Wealth-tax Act, 1957 </strong></font></p></td>
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<td width="183" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2 </font></p></td>
<td width="403" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Change in the definition of capital asset, ; exemption from wealth tax to agricultural land situated in urban area, <strong><em>47.1-47.3. </em></strong></font></p></td>
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<td width="183" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Insertions of new sections 14A and 14B and amendment of section 46 </font></p></td>
<td width="403" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Enabling provisions for facilitating electronic filing of annexure-less return of net wealth, <strong><em>48.1-48.4. </em></strong></font></p></td>
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<td colspan="2" valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Finance (No.2) Act, 2004 </strong></font></p></td>
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<td width="183" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Section 98 of the Finance (No.2) Act, 2004 </font></p></td>
<td width="403" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Rationalisation of securities transaction tax rates, <strong><em>49.1-49.3. </em></strong></font></p></td>
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<td colspan="2" valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Chapter VII, Finance Act, 2013 </strong></font></p></td>
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<td width="183" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Chapter VII of the Finance Act, 2013 and amendment in sections 36 and 43 of the Income-tax Act, 1961 </font></p></td>
<td width="403" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Commodities Transaction Tax, <strong><em>50.1-50.6.2. </em></strong></font></p></td>
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<p align="justify"><a href="http://www.taxindiaonline.com/RC2/pdfdocs/wnew/cbdt-releases-explanatory-notes-on-finance-act-2013.pdf"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBDT Circular No. 3/2014 in F. No. 142/24/2013-TPL ., Dated:January 24, 2014</strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC Celebrates International Customs Day </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <strong>THE</strong> CBEC yesterday celebrated International Customs Day, which was attended by the Finance Minister Chidambaram, MoS Namo Narain Meena & J D Seelam, Finance Secretary Sumit Bose apart from the top brass of CBEC. A short film, "Indian Customs: A Journey of Excellence” was screened and the <font color="#FF0000">Customs Manual 2014</font> was released by the Finance Minister. </font></p>
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<td><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><img src="http://www.taxindiaonline.com/RC2/image/ddt/International_cusday.jpg" alt="Parveen Talha" width="579" height="438" hspace="5" border="0" align="center"></font></strong></font></strong></font></strong></font></strong></font></div></td>
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<td><div align="center"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Neeta Lall Butalia</strong>, Commissioner of Customs (I & G), New Delhi receiving the WCO Certificate of Merit from the Finance Minister </font></div></td>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The FM said that Customs must master technology, a key driver for growth. In the post-GST revenue scenario, the relative contribution of the Customs to revenue would decline, but it would continue to perform a critical function as sentinels of our borders and facilitators of legitimate trade. He further said that India played an important role in the WTO Ministerial Meet in Bali reaching a Trade Facilitation Agreement, which will have long-term relevance for Customs functioning. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Finance Minister presented WCO certificates of merit to 16 Customs officers. </font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Import of Float Glass - Anti Dumping Duty - Resurrection - Notification No. 7/2014 made available</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE </strong>Anti Dumping Duty on Float Glass of thickness 2 mm to 12 mm (both inclusive) of clear as well as tinted variety (other than green glass) but not including processed glass meant for decorative, industrial or automotive purposes, originating in, or exported from, the Peoples' Republic of China and Indonesia, and imported into India, was imposed<em>vide </em>Notification No. 165/2003-Customs, dated the 12th November, 2003. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">By Notification No. 4/2008-Customs, dated the 4th January, 2008, this was extended till 6th January 2009. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Come 6th January, 2009 and this time around they had not forgotten this.The Notification No. 165/2003-Customs was superseded and the Anti Dumping duty was re-imposed with renewed vigour for another five years with effect from 06.01.2009 by Notification No. 4/2009 - Cus dated 06.01.2009, which expired on 05.01.2014. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now they have resurrected it and extended its life till 05.01.2015 and this is the missing notification DDT mentioned yesterday. (<strong>What happened to Anti Dumping Notification No. 7/2014?</strong>) </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=337&filename=notification/custom/2014/ctariffadd14_007.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Notification No. 07/2014-CUSTOMS (ADD), Dated: January 23, 2014 </strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Export Duty Imposed on Iron Ore Pellets - Notification Missing </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>YESTERDAY</strong> as the Finance Minister was patting the Customs officers in the International Customs Day function, the Board manufactured (but forgot to release) a Notification No. 3/2014 - Cus dated 27.01.2014 to impose an export duty of 5 per cent on iron ore pellets. Iron ore pellets were exempted from export duty till yesterday. There has been a sharp increase in the export of iron ore last year, causing an apprehension about shortage of iron ore in the country. Iron ore is a critical raw material required for production of steel. It is supposedly to protect the domestic Steel Industry that the export duty is imposed on iron ore pellets. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">For love or money, the notification was not available yesterday. We hope it would be made available today. <font color="#FF0000">A Law is a Law only when you make it known to the public.</font> </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Notification No. 03/2014-CUSTOMS, Dated: January 27, 2014 - </strong><font color="#FF0000">(Don't Click - the Notification is not yet in public domain) </font></font></p>
<p align="justify"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">Finally, the notification could break free from the Board file and has now been made available. <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2014/ctariff14_003.htm" target="_blank">Please click here</a>. </font></strong></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Revision of rate of duty on pan masala and gutkha - CBEC Writes to Chief Commissioners </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>PAN</strong> masala, pan masala containing tobacco (gutkha), chewing tobacco, unmanufactured tobacco and filter khaini packed in pouches with the aid of packaging machines are leviable to excise duty in terms of section 3A of the Central Excise Act. The rates of duty applicable to all these goods under the compounded levy scheme have been increased. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Board invites the attention of the field to: </font></p>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) Notifications <strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=30&filename=notification/excise/2014/exnt14_03.htm">No.3/2014-Central Excise </a></strong>(NT) and <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=30&filename=notification/excise/2014/exnt14_04.htm"><strong>No.4/2014-Central Excise </strong></a>(NT) both dated 24.01.2014, which seek to amend the Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008 and the Chewing Tobacco and Unmanufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty) Rules, 2010 respectively, in order to specify the amended deemed production of these goods in pouches of various retail sale price specified there under; and </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) Notifications <strong>No.1/2014-Central Excise </strong> and <strong>No.2/2014-Central Excise </strong>, both dated 24.01.2014, which seek to specify the duty payable in respect of these goods in pouches of various retail sale price specified there under, in view of the amended deemed production of such goods. </font></p>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Board wants <em>difficulties faced, if any, in implementation of the said notifications </em> to be brought to its notice. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=31&filename=notification/excise/2014/ex_letter_272014.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC Letter in F. No. 354/120/2011-TRU., Dated: January 27, 2014 </strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Relieve Transferred Officers - CBEC Requests Chief Commissioners </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IT</strong> has come to the not ice of the CBEC that posting and transfer orders issued by Order No. 264/2013 dated 12.12.2013 and Order No. 1/2014 dated 01.01.2014 in the grade of Commissioner and Joint Commissioner respectively have not been complied with. These orders were to be complied with by 23.12.2013 and 10.01.2014. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC now <strong>directs </strong> the Chief Commissioners and DGs to relieve the <strong>concerned </strong>officers immediately, and not later than 30.01.2014, if not already relieved. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The compliance reports regarding relieving and joining of the officers may be sent to the Board through FAX. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This is a regular feature with both the Revenue Boards. Their transfer orders are disobeyed with predictable routine regularity. One reason is that everybody knows that the transfer orders of the Board are not final - you can get them stayed/annulled/modified/cancelled - depending on your pulls - no wonder they cannot take the transferred officers or their bosses to task for wilful disobedience. They can only ‘view' the blatant violation ‘seriously' and everybody knows that they are not seriously serious. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=70&filename=pitara/sernews/order/office_order_22011_2014.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC Letter in F.No. A.22011/10/2013-Ad.II., Dated:January 27, 2014 </strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>US Customs Clearance at Abu Dhabi </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>PASSENGERS </strong>travelling from UAE to USA can now avoid long U.S. Customs lines as a pre-clearance facility is opened in Abu Dhabi's airport, though it has attracted criticism from US pilots and members of Congress. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">They say the decision to open the facility was made mainly on the basis of funding offered by the UAE, which pays 85% of the costs associated with the operation, including the salaries of U.S. Customs and Border Protection officials. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">What does Abu Dhabi get out of this? Travellers may be lured to fly from Abu Dhabi direct to the USA on Etihad Airways, the UAE's national carrier and sole airline flying non-stop between the two countries. USA already has this kind of facility in Canada and Ireland. The facility in Abu Dhabi, which allows passengers to complete U.S. customs and immigration before boarding flights to the USA, is the first in the Middle East. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Abu Dhabi is not really the busiest boarding point for US bound passengers - in fact the largest and the busiest airport is nearby Dubai which does not have a US Customs pre-clearance facility. </font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Thus spoke the President </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>ELECTIONS do not give any person the licence to flirt with illusions. Those who seek the trust of voters must promise only what is possible. Government is not a charity shop. Populist anarchy cannot be a substitute for governance. False promises lead to disillusionment, which gives birth to rage, and that rage has one legitimate target: those in power. </strong></font></font></p>
<p align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">From President Pranab Mukherjee's Republic Day Message</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong> </strong></font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Jurispruden</font><font color="#FF6633" size="5">tiol</font><font color="#006600"> - Wednesday's cases</font></strong></font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_hammer.jpg" alt="Legal Corner Icon" width="100" height="84" hspace="5" border="0" align="left"></font></strong></font></strong></font></strong></font><font color="#663399">Service Tax </font></strong></font></p>
<p align="justify"><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Appellant providing premises, infrastructure, electricity, water and manpower supply to conduct business - consideration received not chargeable to ST under BAS - <em>Prima facie</em> activity undertaken by appellant is one of renting of immovable property - matter remanded: CESTAT</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE </strong>appellant entered into an agreement with M/s Amalgamated Bean Coffee Trading Co. Ltd., which envisages providing premises, infrastructure, electricity, water and manpower supply for the labour to conduct their business. As consideration for the services rendered, they were liable to get minimum guaranteed amount of Rs.47,000/- or 12% of the total monthly turnover, whichever is higher. The department was of the view that the services provided by the appellant is classifiable under ‘Business Auxiliary Services' and accordingly confirmed a demand of Rs.61,800/-. </font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Income Tax </font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Whether when unremitted export sales is excluded from export turnover, same should also be excluded from total turnover for purpose of Sec 10A benefits - NO: Madras HC </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> issues before the Bench are - Whether when unremitted export sales was excluded from the export turnover, the same should also have been excluded from the total turnover while computing deduction u/s 10A; Whether parity must be maintained between the numerator and denominator for computing deduction u/s 10A, although the assessee has sought an extension from RBI for receiving the exports proceeds; Whether unrealized export sales can be considered as business loss merely on the score of the amount not having been realized in the particular year and Whether further such unrealized sales from export can be claimed as business loss and considered for computing deduction u/s 10A, although it was written off only against share premium account through a shareholders resolution passed after the completion of the assessment order. And the verdict favours the Revenue. </font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Central Excise </font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Assembly of duty paid parts of furniture, whether amounts to manufacture of furniture - no manufacture involved - order of Commissioner(A) upheld & Revenue appeal dismissed: CESTAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THIS</strong> is a Revenue appeal filed in the year 2004 against an order passed by the Commissioner(Appeals), but obviously, in favour of the assessee. The facts of the case are that a SCN was issued to the assessee respondent on the ground that they are engaged in the manufacture of office furniture system falling under Chapter Heading 9403 of the Tariff. Inasmuch as the respondents were receiving parts of the furniture and assembling the same at site, which according to Revenue amounts to manufacture.The adjudicating authority confirmed the demand and imposed penalty. </font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>See our Columns Tomorrow for the judgements </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#FF6666">Until Tomorrow with more DDT </font></strong></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Have a nice day. </strong></font></p>
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