TIOL-DDT 640 · the untouched capture
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<p align="justify"><font size="2"><b><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT 640</font></b><font face="Verdana, Arial, Helvetica, sans-serif"><b><br>
21.06.2007<br>
Thursday</b></font></font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Anti Dumping Duty on Acetone</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In the matter of import of Acetone falling under tariff item 2914 11 00 of the First Schedule to the Customs Tariff Act, originating in, or exported from, European Union, Chinese Taipei, Singapore, South Africa and the United States of America, the designated authority has come to the conclusion that- </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) the subject goods have been exported to <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> from the subject countries below its normal value; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) the domestic industry has suffered material injury; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) the injury has been caused by the dumped imports from subject countries</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now the Government has imposed Anti Dumping Duty on the goods. The anti-dumping duty imposed under this notification shall be effective up to and inclusive of the 18<sup>th</sup> December 2007 and shall be payable in Indian currency.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2007/ctariff07_077.htm" target="_blank">NOTIFICATION NO. 77 /2007-Customs, Dated: June 19,2007 </a></u></font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Accounting Codes for new services</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Principal Chief Controller of Accounts, Central Board of Excise and Customs, has notified the Accounting Codes for the new Services. </font></p>
<p align=center><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>HEADS OF ACCOUNTS FOR VARIOUS SERVICES UNDER SERVICE TAX</b></font></p>
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<td width="7%" valign=top>
<p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Sl</font></strong><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">No.</font></strong></p>
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<td width="40%" valign=top>
<p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Name of Service</font></strong></p></td>
<td width="52%" colspan=3 valign=top>
<p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> ACCOUNTING CODE</font></strong></p></td>
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<td width="7%" valign=top>
</td>
<td width="40%" valign=top>
</td>
<td width="17%" valign=top>
<p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tax Collection</font></strong></p></td>
<td width="16%" valign=top>
<p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Other Receipts</font></strong></p></td>
<td width="18%" valign=top>
<p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Deduct Refunds**</font></strong></p></td>
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<td width="7%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1.</font></p></td>
<td width="40%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Services provided by a Telegraph authority in relation to telecommunication services</font></p></td>
<td width="17%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440398</font></p></td>
<td width="16%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440399</font></p></td>
<td width="18%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440400</font></p></td>
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<td width="7%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2</font></p></td>
<td width="40%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Services provided in relation to mining of mineral, oil or gas</font></p></td>
<td width="17%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440402</font></p></td>
<td width="16%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440403</font></p></td>
<td width="18%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440404</font></p></td>
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<td width="7%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3.</font></p></td>
<td width="40%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Services provided in relation to renting of immovable property for use in course or furtherance of business or commerce </font></p></td>
<td width="17%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440406</font></p></td>
<td width="16%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440407</font></p></td>
<td width="18%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440408</font></p></td>
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<td width="7%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4.</font></p></td>
<td width="40%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Services provided in relation to execution of a works contract.</font></p></td>
<td width="17%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440410</font></p></td>
<td width="16%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440411</font></p></td>
<td width="18%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440412</font></p></td>
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<td width="7%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5</font></p></td>
<td width="40%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Services provided in relation to development and supply of content for use in telecom services, advertising agency services and on-line information and database assess or retrieval services.</font></p></td>
<td width="17%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440414</font></p></td>
<td width="16%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440415</font></p></td>
<td width="18%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440416</font></p></td>
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<td width="7%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6.</font></p></td>
<td width="40%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Services provided by any person, except a banking company or a financial institution including a non-banking financial company or any other body corporate or commercial concern, in relation to asset management including portfolio management and all forms of fund management.</font></p></td>
<td width="17%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440418</font></p></td>
<td width="16%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440419</font></p></td>
<td width="18%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440420</font></p></td>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7.</font></p></td>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Service provided in relation to design services </font></p></td>
<td width="17%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440422</font></p></td>
<td width="16%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440423</font></p></td>
<td width="18%" valign=top>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">00440424</font></p></td>
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</table>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Note A : “The sub-head “Other Receipts” is meant for interest, penalty, leviable on delayed payment of Service Tax.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">**The Sub-head “Deduct Refunds” is not to be used by the Assessees.</font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Education Cess on all taxable services : 00440298</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Controller of Accounts seems to be ignorant about the Secondary and Higher Education Cess, for he has not allotted any code for that. Further, he states in his letter that enclose a list of new Heads of Accounts opened under the Major Head “ 0044 – Service Tax” in respect of 07 new services and Education Cess brought under the Service Tax with effect from 01-06-2007.</font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>May be he is not aware that SHE was effective from 11.5.2007 and not 1.6.2007!</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/tradenotice43.htm" target="_blank">MADURAI-02 Trade Notice No: 43 / 2007 : Dated: 12 -06-2007</a></u></font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Financial Intelligence Unit - what is it all about?</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Until I read Editor Shailendra’s column today Cob(web), I had no idea what this FIU was all about. Maybe I should share with you the little information I have. </font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>What is a Financial Intelligence Unit? </b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A financial intelligence unit (FIU) is a central agency of a government that receives financial information pursuant to country's anti-money laundering laws, analyzes and processes such information and disseminates the information to appropriate national and international authorities, to support anti-money laundering efforts. </font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>What is the main function of FIU-IND? </b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">FIU-IND is the central national agency of India responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions. FIU-IND is also responsible for coordinating and strengthening efforts of national and international intelligence, investigation and enforcement agencies in pursuing the global efforts against money laundering and related crimes.</font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Is FIU-IND another regulatory authority? </b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">No. FIU-IND is not a regulatory authority. Its prime responsibility is to gather and share financial intelligence in close cooperation with the regulatory authorities including RBI, SEBI and IRDA.</font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>What will FIU-IND do with the information received by it</b>? </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">FIU-IND will process and analyse received financial information disseminate actionable intelligence in appropriate cases to relevant enforcement agencies. </font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>How do FIUs exchange information with each other? </b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">FIUs exchange information with other FIUs on the basis of reciprocity or mutual agreement and consistent with procedures understood by the requested and requesting party. An FIU requesting information should disclose, to the FIU that will process the request, at a minimum the reason for the request, the purpose for which the information will be used and enough information to enable the receiving FIU to determine whether the request complies with its domestic law.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>See our</strong> <u><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=5653" target="_blank">THE COB(WEB)</a></u><strong> today for more details.</strong></font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>BEL, HAL and PFC to join the Navratna Club</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Bharat Electronics Ltd, Hindustan Aeronautics Ltd and Power Finance Corporation Ltd will be conferred the Navratna status given to state-run companies that have a good track record in terms of earning profits and productivity.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Finance Minister P Chidambaram would confer the honour on these companies tomorrow. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">National Aluminium Company, National Mineral Development Corporation, Power Grid Corporation and Rural Electrification Corporation were those who failed to make it to the list that boasts of names like ONGC, BHEL, MTNL, GAIL, IOC, HPCL, BPCL, NTPC and SAIL. </font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>From our Legal Corner – tomorrow’s cases</b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><b><b><b><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_31.gif" alt="Legal Corner Icon" width="191" height="160" hspace="5" border="0" align="left"></b></b></b></b></font></p>
<p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><u>Customs</u></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399">Detention under COFEPOSA, <i>ab initio</i> void if relied documents for grounds of detention are not served on detenu - If detention is void, action under SAFEMA cannot continue : Delhi High Court</font></b></font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Assessment order not given to importer - appeal dismissed on limitation - If Revenue wants to take advantage of electronic assessment to deny service of order on party, it has to amend law - As of now, method of serving orders has to be followed : Madras HC </b></font></p>
<p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Income Tax</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399">Re-assessment cannot be initiated based on mere change of opinion : <st1:place w:st="on"><st1:City w:st="on">Delhi</st1:City></st1:place> HC </font></b></font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>A firm and its partner are different entities under Income Tax Act and VDIS- Fraud vitiates all solemn acts – Supreme Court does not exercise its jurisdiction only because it is lawful to do so - while construing a statute granting immunity, it should not be construed in such a manner so as to frustrate its object – Supreme Court</b></font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><u>See our columns tomorrow for the judgements</u></b></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow 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></font></p>
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