TIOL-DDT 327 · 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
327</font><br>
22 03 2006<br>
Wednesday</b></font></p>
<p align="center"><b><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Candles
exempted – Notification issued</font></b></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">After
we reported yesterday that candles were exempted, a doubt has been expressed
whether it was exempted by a notification or in the Finance Bill. It was indeed
exempted by a notification. The Notification also exempted</font></p>
<div align="center">
<table width="450" border="1" cellspacing="0" cellpadding="5">
<tr>
<td width="44"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">S
No </font></div></td>
<td width="286"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Product</font></div></td>
<td width="82"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Exemption</font></div></td>
</tr>
<tr>
<td><div align="center">1</div></td>
<td><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Scented
supari, where the MRP is not more than 50 paise</font></td>
<td><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Full</font></td>
</tr>
<tr>
<td><div align="center">2</div></td>
<td><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Scented
supari, where the MRP is more than 50 paise but not more than one rupee</font></td>
<td><font size="2" face="Verdana, Arial, Helvetica, sans-serif">8%</font></td>
</tr>
<tr>
<td><div align="center">3</div></td>
<td><font size="2" face="Verdana, Arial, Helvetica, sans-serif">building
bricks </font></td>
<td><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Full</font></td>
</tr>
<tr>
<td><div align="center">4</div></td>
<td><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Manually
operated rubber roller machines</font></td>
<td><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Full</font></td>
</tr>
<tr>
<td><div align="center">5</div></td>
<td><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Manually
operated copra dryers</font></td>
<td><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Full</font></td>
</tr>
<tr>
<td><div align="center">6</div></td>
<td><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Coronary
stents and coronary stent systems for use with cardiac catheders</font></td>
<td><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Full</font></td>
</tr>
</table>
<p align="left"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=30&filename=notification/excise/2006/etariff06_025.htm">NOTIFICATION
NO. 25 /2006-Central Excise, Dated: March 20, 2006</a></font></p>
<span style='font-size:10.0pt;
font-family:Verdana'><o:p></o:p></span></div>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Customs
duty on carbon black reduced</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
customs duty on carbon black and polyester chips reduced from 12.5% TO 10%.
And Coronary stents and coronary stent systems for use with cardiac catheters
fully exempted.<br>
<br>
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2006/ctariff06_028.htm">NOTIFICATION
NO. 28/2006-Cus., Dated: March 20, 2006</a></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Onions
– Export policy</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Onions
are capable of bringing down governments and we often find a shortage of them.
The policy of the government is to allow export of onions only through certain
agencies and subject to conditions. The ITC(HS) classification for onions in
the policy was – “Onion (all varieties) including Bangalore Rose
Onions and Krishnapuram Onions.” Now this is changed to ''Onion (all varieties)
including Bangalore rose onions and Krishnapuram onions <b>fresh or chilled,
frozen, provisionally prepared or dried but excluding onions cut, sliced or
broken in powder form.”</b><br>
<br>
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2005/dgft05not053.htm">DGFT
NOTIFICATION NO. 53 (RE-05)/2005-2009, Dated : March 17, 2006</a></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Deemed
exports – supply to projects under International Competitive Bidding –
scope widened</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As
per para 8.2(d) of the Foreign Trade Policy,<br>
<br>
“Supply of goods to projects financed by multilateral or bilateral agencies/funds
as notified by the Department of Economic Affairs, Ministry of Finance under
International Competitive Bidding in accordance with the procedures of those
agencies/funds, where the legal agreements provide for tender evaluation without
including the customs duty”<br>
<br>
will be treated as deemed exports.<br>
<br>
Now<br>
<br>
“Supply and installation of goods and equipment (single responsibility
of turnkey contracts) to projects financed by multilateral or bilateral agencies/funds
as notified by Department of Economic Affairs, Ministry of Finance under International
Competitive Bidding in accordance with the procedures of those agencies/funds,
which the bids may have been invited and evaluated on the basis of Delivered
Duty Paid (DDP) prices for the goods manufactured abroad”.<br>
<br>
will also be treated as deemed exports.<br>
<br>
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2005/dgft05not054.htm">DGFT
NOTIFICATION NO. 54 (RE-05)/2005-2009, Dated : March 17, 2006</a></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Consequent
to the above, the Appendix 22 C and Appendix 27 C are amended to add,</b><br>
<br>
“Supply and installation of goods and equipment (single responsibility
of turnkey contracts) to projects financed by multilateral or bilateral
agencies/funds as notified by Deptt. of Economic Affairs, Ministry of Finance
under International Competitive Bidding in
accordance with the procedures of those agencies/funds, which the bids may have
been invited and evaluated on the basis of Delivered</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Duty
Paid (DDP) prices for the goods manufactured abroad”.<br>
<br>
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=47&filename=notification/dgft/2005/dgft05pn093.htm">DGFT
PUBLIC NOTICE NO. 93 (RE-2005) /2004-2009, Dated: March 17, 2006</a></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Income
Tax – Interest on time deposits – banks to maintain records</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Income Tax Rules have been amended to prescribe that:-</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. Every
bank branch required to file a return in respect of interest on time deposits
without deduction of tax at source, shall keep and maintain the particulars
of such time deposits in Form No. 26QA.<br>
<br>
2. Every branch maintaining its daily accounts on computer media, shall keep
and maintain the particulars in Form No. 26QA on computer readable media.<br>
<br>
3. The quarterly return to be furnished by a banking company in respect
of time deposits shall be in Form No. 26QAA<br>
<br>
4. The quarterly return shall be furnished on or before the 31st July, the 31st
October, the 31st January and the 30th June following the respective quarter
of the financial year.<br>
<br>
5. where the data relating to the return is copied using data compression or
backup software utility, the corresponding software utility or procedure for
its decompression or restoration shall also be furnished along with the return
made on computer readable media<br>
<br>
6. The return is accompanied with a certificate regarding clean and virus free
data. (<b>What will happen if a virus is detected later?</b>)<br>
<br>
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2006/it06not071.htm">NOTIFICATION
NO. 71/2006, Dated : March 17, 2006</a></font></p>
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<TD><IMG height=67 hspace=5 src="http://www.taxindiaonline.com/RC2/image/ddt/gnl_word.jpg" width=67 align=absMiddle vspace=5><B><I> Res
integra </I></B></TD>
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<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>A
point not governed by an earlier decision, or by a rule of law. It therefore
needs to be decided, on general principle, for the first time</b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><br>
<br>
“On a careful consideration, I notice that the issue is no longer
res integra and the activity of the assessee in transferring technical know
how would not come within the ambit of consulting engineering services and the
ratio of the cited judgments clearly apply to the facts of the case”<br>
<br>
<b>Nihil est incertius vulgo, nihil obscurius voluntate hominum, nihil fallacius
ratione tota comitiorum</b> - <font color="#663399"><b>Nothing is
more unpredictable than the mob, nothing more obscure than public opinion, nothing
more deceptive than the whole political system.</b></font> –
<i>Cicero</i></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#FF6666">Until
Tomorrow with more DDT</font></b></font></p>
<p align="justify"><font color="#FF6666"><b><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Have
a nice Day.</font></b></font></p>
<p align="justify"><font color="#FF6666"><b><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail
your comments to</font></b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
<a href="vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com </a></font></p>
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