Apr 29, 2010

Custom department determines rate of foreign exchange effective from 01-05-2010

10:11 PM 0
Custom department determines rate of foreign exchange effective from 01-05-2010
Custom department detarmines the rate of foreign exchange for import and export business which will be effective from 1st of may 2010. Full notification is as under

TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB-SECTION (ii), EXTRAORDINARY]

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF EXCISE AND CUSTOMS

Notification No. 32/2010 – Customs (N.T.)

DATED THE 28 th   April, 2010
  Vaisakha, 1932(SAKA)

  S.O.          (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.26/2010-CUSTOMS (N.T.), dated the 29th March, 2010   vide   number S.O.704(E), dated the 29th  March, 2010,except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and  Schedule II annexed hereto into Indian currency or   vice versa   shall, with effect from 1st May, 2010  be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

SCHEDULE-I

S.No.
Foreign Currency
Rate of exchange of one unit of foreign currency equivalent to Indian rupees
(1)
(2)
(3)


(a)
(b)


(For Imported Goods)
    (For Export Goods)
1.
Australian Dollar
41.80
40.60
2.
Canadian Dollar                
45.05
43.80
3.
Danish Kroner
8.15
7.85
4.
EURO
60.30
58.65
5.
Hong Kong Dollar
5.80
5.65
6.
Norwegian Kroner
7.70
7.45
7.
Pound Sterling
69.65
67.80
8.
Swedish Kroner
6.30
6.10
9.
Swiss Franc
42.10
40.85
10.
Singapore Dollar
32.95
32.05
11.
US Dollar
44.90
44.00
                                                                    

  SCHEDULE-II
                    
S.No.
Foreign Currency
Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
(1)     
(2)
(3)


(a)
(b)


(For Imported Goods)
(For Export Goods)
1.
Japanese Yen
48.05
         46.70


[F.No.468/6/2010-Cus.V]

(VIKAS)
Under Secretary to the Govt. of India
Phone No. 2309 5551

E.S.I LIMIT INCREASED TO 15000

9:50 AM 0
E.S.I LIMIT INCREASED TO 15000
ESI department has increased the limit of salary of employees which must be covered under ESI Act. earlier the limit was 10000 but with a notification dated 20-4-2010 ESI department has increased its scope as well as power to increased it to 15000. This rule will come in effect from 01-05-2010.
Full Notification is as under

To be published in the Gazette of India. Part Il, Section 3, Sub-Section (i)]
GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
New Delhi, th~~ril, 2010
NOTIFICA TION
G.S.R. (E)- The following draft rules further to amend the Employees' State Insurance (Central) Rules, 1950 were published as required under sub-section(l) of section 95 of the Employees' State Insurance Act, 1948 (34 of 1948) in the notification of the Government of Indian in the Ministry of Labour & Employment vide No. G.S.R.164(E), dated the 26th February, 2010, in the Gazette of India, Part Il, Section 3, Sub-section (i), dated 27th February, 2010 for inviting objections and suggestions from all persons likely to be affected thereby till the expiry of the period of thirty days from the date on which the copies of the Gazette of India in which the said notification was published, were made available to the public;

And whereas the copies of the said Gazette were made available to the public on 27th February, 2010;

And whereas, objections and suggestions received from persons likely to be affected thereby have been considered by the Government;

Now, therefore, in exercise of powers conferred by section 95 of the Employees' State Insurance Act, 1948, the Central Government, after consultation with Employees' State Insurance Corporation, hereby makes the following rules further to amend the Employees' State Insurance (Central) Rules, 1950, namely:-

1. These Rules may be called the Employees' State Insurance (Central) Amendment Rules, 2010.
2. These shall come into force from the l " day of May, 2010.
3. In the Employees' State Insurance (Central) Rules, 1950, in Rule 50, for the words "ten thousand", wherever they occur, the words "fifteen thousand" shall be substituted.

[F. No. S-38025/04/2010 -SS-I]
~~
S.D. XAVIER
Under Secretary
~~_I.

Apr 26, 2010

NEW SARAL II FOR INCOME TAX RETURN ASSESSMENT YEAR 2010-11

8:15 PM 0
Income tax department has issued a new saral 2 form for income tax return for the assessment year 2010-11. CBDT notifies New Income Tax Return Form SARAL II (ITR 1) for Assessment Year 2010-11 for Individuals having income from Salary/Pension/Income from One House Property (Excluding loss brought forward from previous years) / Income from Other Sources (Excluding winning from Lottery and Income from Race Horses). CBDT also notifies Income Tax Return Verification Form ITR-V for Assessment Year 2010-11 for SARAL II (ITR-1) ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature.
Full notification go to this link


Apr 25, 2010

EXCISE NOTIFICATION NO. 18/2010 ABOUT TOBACCO PACKING MACHINE

10:17 AM 0
EXCISE NOTIFICATION NO. 18/2010 ABOUT TOBACCO PACKING MACHINE
Central excise department has issued a notification about tobacco products and its packing machinery products excise rates and catagorized. Full notification link

EXCISE NOTIFICATION NO. 17/2010 ABOUT TOBACCO PACKING MACHINE

10:07 AM 0
EXCISE NOTIFICATION NO. 17/2010 ABOUT TOBACCO PACKING MACHINE
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] 

Government of India 
Ministry of Finance
 (Department of Revenue)
 New Delhi,the 13th April, 2010
 Notification No. 17/2010 – Central Excise (N.T.) 
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 3A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby specifies,

- (i) Jarda scented Tobacco falling under Tariff item 2403 99 30 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), 
manufactured with the aid of packing machine and packed in pouches as notified goods, on which there shall be levied and collected duty of excise in accordance with the provisions of the said section 3A.

 2. This notification shall come into force on the 13th April, 2010. Explanation. - For the purposes of this notification, - 
(a) “packing machine” includes all types of Form, Fill and Seal (FFS) machines and Profile Pouch Making Machine, by whatever names called, whether vertical or horizontal, with or without collar, single-track or multi-track and any other type of packing machine used for packing of pouches of notified goods; and 
(b) „brand name‟ means a brand name, whether registered or not, that is to say, a name or a mark, such as a symbol, monogram, label, signature or invented words or any writing which is used in relation to a product, for the purpose of indicating or so as to indicate, a connection in the course of trade between the product and a person using such name or mark with or without any indication of the identity of that person.
 [F. No. 334/1/2010-TRU] (Prashant Kumar) 
Under Secretary to the Government of India

SEBI ISSUED MARCH BULLETIN WITH ALL THE RECORDS OF MARCH

9:59 AM 0
SEBI ISSUED MARCH BULLETIN WITH ALL THE RECORDS OF MARCH
SEBI  has issued march bulletin voloum 8 for the investors as well as commen people. view MARCH BULLETIN OF SEBI

Apr 23, 2010

Central Excise notification about the rates of excise on tobacco products

10:01 PM 0
Central Excise notification about the rates of excise on tobacco products
Central excise department vide notification no. 19/2010 issued a notification about the rates of excise on tobacco products. full notification is as under.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
Government of India
Ministry of Finance
(Department of Revenue)
New Delhi, the 13th April, 2010

Notification No. 19/2010 – Central Excise

  G.S.R.      (E).- In exercise of the powers conferred by sub-section (3) of section 3A of the Central Excise Act, 1944, the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 16/2010-Central Excise, dated the 27th February, 2010, published in the Gazette of India Extraordinary, vide number G.S.R. 118 (E) dated the 27th February, 2010, namely :-

In the said notification,
A.  In the opening paragraph, -
(a)        in clause (i), the word “and” wherever it occurs shall be omitted;
(b)        for clause (ii), the following shall be substituted, namely:-
“(ii) chewing tobacco falling under tariff item 2403 99 10 of the said Tariff Act; and
             (iii) Jarda scented Tobacco falling under tariff  item 2403 99 30 of the said Tariff Act,”
(c)        for the words, brackets and figure “column (6)”, the words, brackets and figures “column (6) or column (7)” shall be substituted;

B. For Table-1and illustration, the following shall be substituted, namely:-

“Table-1
Sl. No.
Retail sale price (per pouch)
Rate of duty per packing machine per month
(Rs. in Lacs)


Chewing Tobacco (other than filter khaini)
Unmanufactured Tobacco
Chewing tobacco commonly known as filter khaini
Without
lime tube/lime pouches
With
lime tube/lime pouches
Without
lime tube/lime pouches
With
lime tube/lime pouches
(1)
(2)
(3)
(4)
(5)
(6)
(7)
1.
Upto Re.1
8.00
7.75
5.75
5.50
5.50
2.
FromRe.1 to  Rs. 1.50
12.00
11.50
8.50
8.00
8.00
3.
From Rs. 1.51 to Rs. 2.00
14.25
13.50
10.25
9.75
10.00
4.
From Rs. 2.01 to Rs. 3.00
21.50
20.25
15.25
14.50
14.25
5.
From Rs. 3.01 to Rs. 4.00
26.75
25.00
19.00
17.75
18.00
6.
From Rs. 4.01 to Rs. 5.00
33.50
31.25
23.75
22.25
21.00
7.
From Rs. 5.01 to Rs. 6.00
40.00
37.50
28.50
26.75
24.25
8.
From Rs. 6.01 to Rs. 7.00
63.25
59.75
45.25
42.75
27.00
9
From Rs. 7.01 to Rs. 8.00
63.25
59.75
45.25
42.75
29.50
10
From Rs. 8.01 to Rs. 9.00
63.25
59.75
45.25
42.75
31.50
11
From Rs. 9.01 to Rs. 10.00
63.25
59.75
45.25
42.75
33.50
12
From Rs. 10.01 to Rs. 15.00
89.75
84.5
64
60.25
33.5 + 5 * (P-10)
13
From Rs. 15.01 to Rs. 20.00
112.50
107.25
80.25
76.50

14
From Rs. 20.01 to Rs. 25.00
132
125.25
94
89.25
15
From Rs. 25.01 to Rs. 30.00
150.25
142.50
107.25
101.50
16
From Rs. 30.01 to Rs. 35.00
163
153.75
116.25
109.75
17
From Rs. 35.01 to Rs. 40.00
175.75
165.25
125.50
118
18
From Rs. 40.01 to Rs. 45.00
186
178
132.5
127
19
From Rs. 45.01 to Rs. 50.00
197.75
189
141
135
20
Rs.50.01 and above

197.75 + 3.96 * (P-50)
189 + 3.78 * (P-50)
141 + 2.82 * (P-50)
135 + 2.70 * (P-50)
Where ‘P’ above represents RSP of the pouch for which duty rate is to be determined

Provided that in respect of Filter khaini, the entry in column no.(2) of S.No.12 the table shall be read as “ Rs. 10.01 and above”.

 Illustration1:- The rate of duty per packing machine per month for a chewing tobacco (other than filter khaini) pouch not containing lime tube and having retail sale price of Rs.55.00 (i.e. ‘P’) shall be = Rs. 197.75 + 3.96*(55-50) lakhs =   Rs. 217.55 lakhs

Illustration 2:- The rate of duty per packing machine per month for a Filter Khaini  pouch having retail sale price of Rs.15.00 (i.e. ‘P’) shall be = Rs. 33.5 + 5*(15-10) lakhs =  Rs. 58.50 lakhs”; and

C.         After Explanation 4, the following shall be inserted, namely:-
“ Explanation 5.- For the purposes of this notification, “filter khaini” means chewing  tobacco which is packed in sachets of filter paper or fabric before being packed in pouches  with the aid of a packing machine”.

[F. No. 334/1/2010-TRU ]

(Prashant Kumar)
Under Secretary to the Government of India

Note:- The principal notification no. 16/2010-Central Excise, dated the 27th February, 2010 was published vide number G.S.R. 118 (E) dated the 27th February, 2010.