CBEC allows sale of excise duty-free goods manufactured in India through Duty-free shops at airports

IN a major shift in its Customs Policy, the Government today notified a new policy allowing excise duty-free sale of goods manufactured in India to international passengers or members of crew arriving from abroad at the Duty Free Shops (DFSs) located in the arrival halls of international airports and to passengers going out of India at the DFSs located in the departure halls of international airports in the country. Directions have also been issued to specify the procedure for removal of the goods from the factory of production without payment of duty to go downs or retail outlets of DFSs and related matters.

 

Passengers or members of crew coming from aboard are entitled to a duty-free baggage allowance subject to the conditions specified in the Baggage Rules, 1998. DFSs located in the arrival halls sell duty-free imported goods. Indigenous goods are also being sold in the arrival halls, but they are not duty free. Passengers going out of India are permitted to purchase duty-free imported goods from DFSs located in the departure halls of international airports. However, excise duty-free indigenous goods are not available for sale in such DFSs. It is in this context that representations were received requesting to permit excise duty-free sale of goods manufactured in India both on the arrival side as well as the departure side so as to ensure parity with the imported goods and to promote brand INDIA.

The Government held discussions with the different stake-holders and decided to permit excise duty-free sale of indigenous goods to passengers or members of crew arriving from abroad within the overall permissible baggage allowance under the Baggage Rules, 1998 and to permit excise duty-free sale of indigenous goods to passengers going abroad. Now, a passenger arriving from abroad shall have the choice to buy either duty-free imported goods or duty-free indigenous goods within his overall permissible baggage allowance.

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Industry: Banking / Financial Services / Broking
Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
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Education:(UG – Any Graduate – Any Specialization, Graduation Not Required) AND (PG – Any Postgraduate – Any Specialization, Post Graduation Not Required) AND ( Doctorate – Any Doctorate – Any Specialization, Doctorate Not Required)
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Punjab National Bank: Empanellment for Concurrent Audit & Revenue Audit

Please find herein below the details of Professional Opportunity  available

www.pnbindia.in
Punjab National Bank

Description :Empanellment For Concurrent  Audit

Last Date : 10/06/2013 

Address :Punjab National Bank
Head Office, Inspection & Audit Division, Revenue Audit Cell, 2nd Floor Rajendra Bhawan, Rajendra Place, New Delhi -110008
Phone :011-25744351
E-Mail :iadrevaudit@pnb.co.in

Description :Empanellment For Revenue Audit
Last Date : 10/06/2013

Address :Head Office, Inspection & Audit Division, Revenue Audit Cell, 2nd Floor Rajendra Bhawan, Rajendra Place, New Delhi -110008
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E-Mail :iadrevaudit@pnb.co.in

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SEBi warns India Infoline to be careful and cautious in conduct of its stock broking activity

apital market regulator Securities and Exchange Board of India (SEBI) today charged India Infoline of having violated stock brokerage regulations with various lapses in its client dealings, but let it off with a stern warning without any monetary penalty.

Finding India Infoline guilty of certain irregularities and deficiencies in its functioning as stock broker, the SEBI warned the company “to be careful and cautious in the conduct of its stock broking activity and to adhere to and comply with all the statutory provisions while carrying out its activities in the securities market.

“Any such lapses in future will be viewed seriously.”

The lapses were found in the brokerage’s client dealings and other activities for a period prior to April 2008, but necessary steps were taken by it for most of the non-compliances at a later stage, the SEBI said in an order, which did not impose any monetary penalty.

“…the Noticee, being a stock broker and supposedly having professional competence, should take due care and be more vigilant while executing trades on behalf of its clients in future,” the regulator said.

The SEBI had conducted an inspection of books of accounts, and records of India Infoline, a member of BSE and NSE, for the period April 1, 2007 to June 1, 2009.

The inspection revealed various irregularities by the stock broker including delay in providing certain inspection data to the inspection team, non-delivery of contract notes, execution of unauthorised trades, deficiencies in the investor grievance handling mechanism and non-issuance of receipts.

“Some violations have been observed to be have been committed by the noticee,” the SEBI said.

However the regulator said all the alleged violations are stated to have been rectified by India Infoline.

“There is evidence to indicate that the noticee has taken steps to resolve most of the non-compliances,” it noted.

Tax: The Only Constituent in the Budget 2013 for Common Man

Every year the Finance Minister of India tables his/her budget for the coming fiscal year where he lays out his plans and policies to accomplish the given expenditure by creating the correct sources of revenue. This year also the Finance Minister, P. Chidambaram, presented the budget in the parliament and every common man was waiting to get some piece of cake the time of inflation. The Budget as presented in the parliament did not live up to the expectations of the common though it even did not create any havoc.

The part of the Union Budget which directly affects the common man is Income tax. The Finance Minister this year did not play with the tax slabs and left it untouched. The most important part in this category was the implementation of 10% surcharge for those whose taxable income exceeded the amount of Rs. 1 crore. This provision will directly affect the richer section of the society as they would now have to shell out more in the form of tax. This category included HUF’s, Individual, firms and all other entities. But the relief was there for the richer section as this provision will only be applicable for a period of one year. Moreover domestic companies will now have to shell out more money in the form of tax as they would have to pay surcharge @ 10% from the previous rate of 5%, whereas foreign companies too were levied with a 5% surcharge from the earlier rate of 2%. But still the Finance Minister tried to give some relief to the common man by giving tax credits of Rs. 2000 to those whose taxable income did not exceed Rs. 5 lakh.

There were no changes in the rate of education cess but the government in order to garner more revenue announced the disbursement of Rs. 50000 crore tax-free bonds. The Budget also gave benefits, to those who took loan for the first time to buy home, in the form of additional deduction of Rs. 1 lakh over and above the deduction of Rs. 1.5 lakh available on self occupied properties. In case of transfer of properties over Rs. 50 lakh then Tax Deduction at Source (TDS) would apply at the rate of 1%.

Indian Companies will continue to pay taxes at concessional rate of 15% on dividend received from its foreign subsidiary. Moreover such Indian Companies would also be not liable to Dividend Distribution Tax for payment of dividend to its shareholders of dividend received from such foreign companies. In case of Securitisation Trust Companies will now have to pay tax at the rate of 30% and individual and HUF will pay tax at the rate of 25% only when such income will be distributed.

The profits made on buyback of shares by companies would now attract tax at the rate of 20%. On the other hand tax on fees for technical services or royalty has been augmented from the previous rate of 10% to 25%. There has been a reduction in the rate of Securities Transaction tax (STT) for different categories like for equity futures the rate is now 0.01% from 0.017%. The government has also introduced the Commodities Transaction Tax (CTT) but in a narrow way which would apply to Non-agricultural commodities futures contracts at the rate of 0.01%.

In case of deductions available under section 80D, schemes of Central and State government which are similar to that of Central Government Health schemes now come under the purview of Section 80D and can be claimed for deduction by assessors. On the other hand donations that are made to the National children’s fund are now fully exempted and money spent on educational institutions and Research & Development will now be available for tax deduction purpose. Moreover an Investment Allowance at the rate of 15% has been granted to manufacturing concern provided they have spent more Rs 100 crore on plant and machinery. The permissible rate of premium has also been increased from the earlier 10% to now 15% for people suffering from some disability or any other type of ailments.

Source: www.lessmytax.com