TIOL-DDT 503 · 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
503</font><br>
01 12 2006<br>
Friday</b></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Rotary
printing machines – customs and excise exemption </font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">High
speed <b>Heat-set</b> web offset rotary printing machines with a minimum speed
of 70,000 copies per hour will now attract a Central Excise duty of 8% and customs
duty of 5%. High speed <b>cold-set</b> web offset rotary double width four plate
wide printing machines with a minimum speed of 70,000 copies per hour already
attracts only 5% customs duty. But strangely the cold set printers attract nil
rate of duty while the heat set ones will now be charged to 8%. </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=30&filename=notification/excise/2006/etariff06_046.htm">NOTIFICATION
No.46/2006-Cex., Dated: November 28, 2006</a> <b>and </b><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2006/ctariff06_114.htm">114/2006
-Cus., Dated: November 28, 2006</a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Exchange
Earner's Foreign Currency (EEFC) Account- RBI Liberalisation</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As
per Regulation 4 of Foreign Exchange Management (Foreign Currency Accounts by
a person resident in India) Regulations, 2000, a person resident in India is
permitted to open and maintain with an authorized dealer in India a Foreign
Currency Account known as Exchange Earner's Foreign Currency (EEFC) Account.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">With
a view to liberalising the procedure further and providing greater flexibility,
it has been decided to allow all categories of foreign exchange earners to credit
up to 100 per cent of their foreign exchange earnings, to their EEFC Account
with immediate effect</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Necessary
amendments to the Foreign Exchange Management (Foreign Currency Accounts by
a person resident in India) Regulations, 2000 are being issued separately. </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=49&filename=notification/rbi/2006/rbi06cir015.htm">CIRCULAR
NO. 15/RBI., Dated: November 30, 2006 </a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">one</font></b><font color="#006600"><b>
assessee one PAN one return - <strong>NRIs – no e returns this year</strong></b></font></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Central Board of Direct Taxes, vide Notification S.O. No. 1163(E), dated 24-7-2006,
notified a new return from (Form No. 1) for companies for assessment year 2006-07.
It was provided in the Form, and later explained in the Circular No. 9/2006
dated 10-10-2006 that it is mandatory for all corporate taxpayers to electronically
furnish the return for assessment year 2006-07 after 24-7-2006.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It
has been brought to the notice of the Board that the agents of non-residents,
are facing difficulties in electronically furnishing the returns of non-residents.
This is because </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1.
there may be more than one agent for a non-resident in <st1:country-region><st1:place>India</st1:place></st1:country-region>
for different transactions or</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2.
a person in <st1:place><st1:country-region>India</st1:country-region></st1:place>
may be an agent of more than one non-resident.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3.
Such situations are not covered by the existing software which functions on
the principle of one assessee one PAN one return.</font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">So
the Board has decided that it will not be mandatory for agents of non-residents,
to electronically furnish the returns of non-residents in Form No. 1 for assessment
year 2006-07</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=36&filename=notification/cbdt/2006/it06cir012.htm">CIRCULAR
NO. 12/2006, Dated: November 27, 2006</a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Who
Owns CBI: The Naked Truth</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">former
Chief Election Commissioner J M Lyngdoh yesterday released a book by BR Lal,
a former senior officer of the Central Bureau of Investigation (CBI),(who later
retired as the DG, Police of Haryana) “Who Owns CBI: The Naked Truth”, </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In
his book, Lal claims that the CBI was gagged to cover the infamous Jain hawala
scam. Lal, a former CBI joint director who investigated the hawala scam of channelling
money to Kashmiri militants, said that huge pay-offs were also made through
the same channel to clinch contracts for foreign companies for the Uri Civil
and DulHasti power projects on Jhelum and Chenab rivers in Jammu and Kashmir.
<br>
<br>
Lal’s book reveals how the much-discussed Jain hawala case was manipulated to
save several top politicians and some people who are still close to the ruling
party’s senior leaders. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
former CBI JD accused the then CBI director K Vijaya Rama Rao of thwarting the
investigation. Lal also has some bad words for the former CBI chief Joginder
Singh’s actions dictated by political equations.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">NDA
Convener George Fernandes, facing a CBI case in the Barak deal, was present
at the function.</font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">CBI
registers Corruption Case against its own officials</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">When
it comes to “catch” anyone, CBI is not partial to its own staff. Yesterday they
carried carried out searches at 11 places in Mumbai, Ahmedabad and Surat after
registering a Regular Case for criminal conspiracy, abuse of official position
and taking illegal gratification against an Additional Superintendent of Police
(ASP), a Sub-Inspector and two Constables posted with the CBI Special Crime
Branch, Mumbai. The FIR also alleges that the accused in the CBI case was also
helped through two private persons who functioned as touts between the ASP and
his staff. Searches were conducted today to collect further evidence at the
residence of the ASP at Mumbai and Ahmedabd, residences of the Sub-Inspector
and the two Constables at Mumbai, the office and residence of the accused in
the CBI case at Suratand also the residences of the two private (touts) at Ahmedabad.</font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until
Monday with more DDT </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have
a nice day. </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail
your comments to</font> <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a
href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></span></font></p>
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