TIOL-DDT 555 · the untouched capture
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<html> <head> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <title>Taxindiaonline's DDT 402</title> </head> <body > <p><b><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT 555</font></b><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><br> 20.02.2007<br> Tuesday</b></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Loni notified as ICD</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Loni in Ghaziabad District in Uttar Pradesh has been notified as an ICD for "Unloading of imported goods and loading of export goods”.</font></p> <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2007/cnt07_011.htm">NOTIFICATION NO. 11/2007-Cus.,(N.T.), Dated: February 15, 2007</a></u></b></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>India shining</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As per the Quick Estimates released by the Central Statistical Organisation, the economic growth is estimated at 9.0 per cent. The overall growth of GDP during 2006-07 (as per the Advance Estimates of CSO) has been placed 9.2 per cent. At disaggregated level the growth during 2006-07 was 2.7 per cent in Agriculture, 10.0 per cent in Industry and 11.2 per cent in Services as compared 6.0 per cent, 9.6 per cent and 9.8 per cent respectively during 2005-06. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ The overall growth of GDP during 2006-07 (as per the Advance Estimates of CSO) has been placed 9.2 per cent. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Food grain stocks were 17.65 million tonnes as on December 1, 2006.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Overall industrial growth was 10.8 per cent during April-December, 2006 as compared with 8.0 per cent in April-December, 2005.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Core infrastructure sectors achieved an average growth rate of 8.3 per cent during April-December, 2006 as compared with 5.5 per cent in April-December, 2005.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Exports grew by 36.27 per cent in dollar terms during April-December, 2006. Imports increased by 36.30 per cent in April-December, 2006.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Forex reserves (excluding Gold and SDRs) stood at $173.08 billion at the end of January, 2007. <b>[This is a whopping 8 Lakh Crores of rupees]</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Rupee appreciated against US Dollar, Pound Sterling, Japanese Yen and Euro in January, 2007.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Tax revenue (net to Centre) during April-December, 2006 was higher by 37.6 per cent compared with an increase of 19.4 per cent in corresponding period last year.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ In terms of value, Fiscal deficit during April-December, 2006 was lower by 12.4 per cent over corresponding period last year.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ In terms of value, Revenue deficit during April-December, 2006 was lower by 16.2 per cent over corresponding period last year. </font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Tax on talk – US IRS to refund tax collected illegally – biggest refund in IRS history</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Last year, the U.S. Treasury Department announced that the 3% Federal Excise Tax (FET) would no longer be applied to long-distance telephone service, including wireless. This is a huge win for wireless consumers who will no longer be forced to pay this outdated and unfair tax! Additionally, the Internal Revenue Service (IRS) will be issuing refunds on long-distance services, including wireless, for the past three years. According to the Treasury Department’s announcement, eligible taxpayers will be able to apply for this refund with the IRS during the 2006 federal tax form filing season. The official start of the tax season began on Tuesday, January 2, 2007, with electronic filing beginning on Friday, January 12, 2007. The official deadline for the tax season will fall on Monday, April 16, 2007. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Telephone Excise Tax Refund (TETR) is a one-time payment available on the 2006 federal income tax return. It is designed to refund previously collected long distance telephone taxes. Individuals, businesses and tax-exempt organizations are eligible to request it. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Refunds will be a part of 2006 tax returns filed in 2007 – claims will cover all excise taxes paid on long-distance services over the last three years </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The IRS has completed a simplified method for individuals to claim a refund on their 2006 tax returns. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Interest will be paid on such refunds. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Refunds will not include tax paid on local telephone service, which was not part of the litigation.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Initially imposed by President William McKinley in 1898 to help fund the Spanish-American War, the Federal Excise Tax (FET) was originally a luxury tax, at a time when only wealthy Americans had telephones. The war lasted only four months, but unfortunately the “Tax on Talk” remained for 108 years. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Prior to this pro-consumer decision made by the U.S. Treasury Department, every person in the <st1:country-region><st1:place>United States</st1:place></st1:country-region> who made a phone call paid an extra 3% for this outdated tax. Unlike other excise taxes, the money raised through the “Tax on Talk” was not “earmarked” for any specific purpose – not even to improve service or support for the very telecom services that were being singled out for this discriminatory tax! In fact, the “Tax on Talk” made access to wireless services less affordable for many Americans.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The refund amount could be between 10 to 15 billion dollars.</font></p> <p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow with more DDT </font></p> <p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice week end. </font></p> <p><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> </body> </html>