TIOL-DDT 58 · the untouched capture
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#0000FF" size="3">TIOL-DDT
58</font><br>
21 2 2005<br>
Monday</b> </font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Income
Tax Rules amended to insert Rule 18DD - exemption to rural hospitals</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
A new Section 80IB (11B) was added to the Income Tax Act by the Finance Act
2004 with effect from 1.4.2005 to provide for a 100% deduction in case of hospitals
subject to the conditions that</font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) such hospital is constructed at any time during the period beginning on
the 1st day of October, 2004 and ending on the 31st day of March, 2008;<br>
<br>
(ii) the hospital has at least one hundred beds for patients;<br>
<br>
(iii) the construction of the hospital is in accordance with the regulations,
for the time being in force, of the local authority; and<br>
<br>
(iv) the assessee furnishes along with the return of income, the report of an
audit <b>in such</b> form and containing such particulars as may be prescribed,
and duly signed and verified by an accountant, as defined in the Explanation
below sub-section (2) of section 288, certifying that the deduction has been
correctly claimed.</font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now the Government has prescribed form 10CCBC as the form in which the report
is to be furnished.<br>
<b>Also see our edit on exemption to hospitals.</b> <br>
<br>
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2005/it05not058.htm">NOTIFICATION
NO.58/2005 Income Tax, Dated : February, 17, 2005</a><br>
<br>
<font color="#006633"><b>Import of metal scrap - Inclusion of branch offices
of certifying agencies</b></font><br>
<br>
As per Para 2.32(I) of the Handbook of Procedures for the Foreign Trade Policy
2004-09, importers of metal scrap originating from war affected countries shall
furnish the following documents to the Customs at the time of clearance of goods:</font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(I) Pre-shipment inspection certificate as per the format in Annexure I to Appendix
8 from any of the Inspection & <b>Certification agencies given in Appendix-28</b> to the effect that:</font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">a) The consignment does not contain any type of arms, ammunition, mines, shells,
cartridges, radio active contaminated or any other explosive material in any
form either used or otherwise.<br>
<br>
b) the imported item(s) is actually a metallic waste/scrap/ seconds/defective
as per the internationally accepted parameters for such a classification.</font></p>
</blockquote>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> Requests have been received for including branch offices of Inspection agencies
which are already registered under Appendix 28 of the Handbook of Procedures
as inspection agencies for issuing pre-shipment inspection certificate for import
of metal scrap.<br>
<br>
Now the DGFT clarifies that only if the registered office gives an undertaking
that the branch office has the requisite testing / inspection facilities to
issue such a certificate for metallic scrap, will such branch offices be considered
for inclusion in Appendix 28.<br>
<br>
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=46&filename=notification/dgft/2004/dgft04cir019.htm">POLICY
CIRCULAR NO. 19/2004-09, Dated: February 18, 2005</a></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Pepsi
wins huge excise case</b><br>
<br>
A Division Bench of the High Court allowed a petition by Pepsi and 7 Up beverage
companies against the extra 9 paise per bottle excise duty as the definition
of retail price of any product was defined as fixed by the manufactures, inclusive
of charges and taxes, under sub-section 11 of section 4 of the Central Excise
Act an the extra 9 paise amounted to double taxation. The High Court order would
result in refund of millions of rupees to the Cola giant. <br>
<br>
Confused? This is in Pakistan and the High Court is Lahore - a report
fro Daily Times of Pakistan.</font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><em>"Why we have failed in our quest for justice in court is because the
most frequent litigant is the Government - Central & State -
and this litigant (generally) is not imbued with a sense of fair dealing with
citizens, nor with an abiding sense of justice."</em></b> - Fali S.Nariman</font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <b>Until tomorrow with more of DDT<br>
<br>
Have a Nice Day<br>
<br>
Mail your comments to</b> <font color="#FF0000"><b>vijaywrite@taxindiaonline.com</b></font>
</font></p>
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