<DIRECT TAX LAWS>
n
Finance
Bill, 2008 
<CENTRAL EXCISE>
n
Notification No.
2/2008 - CE, dated 
1-3-2008
n
Notification No.
3/2008
- CE, dated 1-3-2008
n
Notification No.
4/2008
- CE, dated 1-3-2008
n
Notification No.
5/2008
- CE, dated 1-3-2008
n
Notification No.
6/2008
- CE, dated 1-3-2008
n
Notification No.
7/2008
- CE, dated 1-3-2008
n
Notification No.
8/2008
- CE, dated 1-3-2008
n
Notification 
No.
9/2008
- CE, dated 1-3-2008
n
Notification No.
10/2008
- CE, dated 1-3-2008
n
Notification No.
11/2008
- CE, dated 1-3-2008
n
Notification No.
12/2008
- CE, dated 1-3-2008
n
Notification No.
13/2008
- CE, dated 1-3-2008
n
Notification No.
14/2008
- CE, dated 1-3-2008
n
Notification No.
10/2008- CE(NT), dated 1-3-2008
n
Notification No.
11/2008
- CE(NT), dated 1-3-2008
n
Notification No.
12/2008
- CE(NT), dated 1-3-2008
n
Notification No.
13/2008
- CE(NT), dated 1-3-2008
n
Notification No.
14/2008
- CE(NT), dated 1-3-2008
<CUSTOMS>
n
Notification No.
20/2008 - Customs, dated 
1-3-2008
n
Notification No.
21/2008
- Customs, dated 1-3-2008
n
Notification No.
22/2008
- Customs, dated 1-3-2008
n
Notification No.
23/2008
- Customs, dated 1-3-2008
n
Notification No.
24/2008
- Customs, dated 1-3-2008
n
Notification No.
25/2008
- Customs, dated 1-3-2008
n
Notification 
No.
26/2008
- Customs, dated 1-3-2008
n
Notification No.
27/2008
- Customs, dated 1-3-2008
n
Notification No.
28/2008
- Customs, dated 1-3-2008
n
Notification No.
29/2008
- Customs, dated 1-3-2008
n
Notification No.
11/2008
- Customs(N.T.), dated 1-3-2008
<SERVICE TAX>
n
Notification No.
4/2008 - Service Tax, 
dated 1-3-2008
n
Notification No.
5/2008
- Service Tax, dated 1-3-2008
n
Notification No.
6/2008
- Service Tax, dated 1-3-2008
n
Notification No.
7/2008
- Service Tax, dated 1-3-2008
n
Notification No.
8/2008
- Service Tax, dated 1-3-2008
n
Notification No.
9/2008
- Service Tax, dated 1-3-2008
n
Notification No.
10/2008
- Service Tax, dated 1-3-2008
n
Notification No.
11/2008
- Service Tax, dated 1-3-2008
n
Notification No.
12/2008
- Service Tax, dated 1-3-2008
n
Notification No.
13/2008 - Service Tax, dated 1-3-2008
n
Notification No.
14/2008
- Service Tax, dated 1-3-2008
n
Notification No.
15/2008
- Service Tax, dated 1-3-2008
<DAILY CASE LAW REPORTER>
n Delhi
High Court on section 2(7A) of Income-tax Act, 1961 - Commissioner of
Income-tax v. Bindal Apparels [IT Appeal No. 1706 of 2006]
n Mumbai
ITAT on section 10B of Income-tax Act, 1961 - Enercon Wind Farms (Krishna)
Ltd. v. Assistant Commissioner of Income-tax [IT Appeal No. 6794 (Mum.) of
2004]
n Delhi
High Court on section 263 of Income-tax Act, 1961 - Commissioner of
Income-tax v. Jagson International Ltd. [IT APPEAL NO. 75 OF 2006]
n Mumbai
ITAT on section 154 of Income-tax Act 1961 - Joint Commissioner of
Income-tax v. 
GTC Industries Ltd. [IT Appeal No. 3607 (Mum) of 2000]
n Rajasthan
High Court on section 133A of Income-tax Act, 1961 - Commissioner of
Income-tax v. Kamal & Co. [IT REFERENCE NO. 67 OF 1999]
n Pune
ITAT on section 158BD of Income-tax Act, 1961 - Lunawat Jayant Maniklal v.
Deputy Commissioner of Income-tax [IT Appeal No
1667 (PUNE) of 2005]
n Mumbai
ITAT on section 14A of Income-tax Act, 1961 - Shree Shyamkamal Finance &
Leasing Co. (P.) Ltd. v. Income-tax Officer [IT Appeal No. 15 (Mum.) of 2006]
n Hyderabad
ITAT on sections 10(23C), 11 and 143 of Income-tax Act, 1961 - Vodithala
Education Society v. Assistant Director of Income tax [INCOME TAX APPEAL NO.
1138 (Hyd) OF 2006]
n Delhi
High Court on section 27 of securities and Exchange Board of India Act, 1992 -
Offences by Companies
- Sushila Devi v. SEBI [Crl. M.C. No. 5638-44 of 2005]
n Chennai
CESTAT on rule 3 of Cenvat Credit Rules, 2001 - K.G. DENIM LTD. v.
Commissioner of Central Excise [Appeal No. E/1467 of 2004]
n Chennai
CESTAT on section 11A of Central Excise Act, 1944 - K.G. DENIM LTD. v.
Commissioner of Central Excise [Appeal No. E/1467 of 2004]
n Mumbai
CESTAT on section 65 of Finance Act, 1994 - Maersk
India (P) Ltd. v. Commissioner of Central Excise [In Appeal No. ST/191 of 2007]
<NEWS>
n The threshold limit of exemption raised. In the case of all assessees, from Rs. 110,000 to Rs. 150,000. In the case of a women assessees, from Rs.145,000 to Rs. 180,000; In the case of senior citizen, from Rs. 195,000 to Rs. 225,000; The four slabs and rates will be as follows : Up to Rs. 150,000 Nil; Rs.150,001 to Rs. 300,000 10 per cent; Rs. 300,001 to Rs. 500,000 20 per cent; Rs. 500,001and above 30 per cent.
n No change in the corporate income-tax rates.
n No change is proposed in the rate of surcharge.
n The Senior Citizens Savings Scheme, 2004 and the Post Office Time Deposit Account added to the basket of saving instruments under Section 80-C.
n Additional deduction of Rs. 15,000 under section 80D to an individual who pays medical insurance premium for his/her parent or parents.
n Reverse mortgage would not amount to "transfer", and the stream of revenue received by the senior citizen would not be income.
n Weighted deduction of 125 per cent on any payment made to companies engaged in research and development.
n Creche facilities, sponsorship of an employee-sportsperson, organizing sports events for employees, and guest houses will be excluded from the purview of FBT.
n Section 35D benefit extended to any unit.
n Section 40A(3) modified to cover all transactions within a day to the same party.
n Amount of deferred tax and the provision thereof, interest charged under the Income-tax Act will be added in the net profit to find out book profit for minimum alternate tax with retrospective effect from the assessment year 2001-02.
n Due date of submission of return of income and fringe benefit tax has been changed from October 31 to September 30 with effect from the assessment year 2008-09.
n TDS certificate in paper format will continue till March 31, 2010.
n Parent company allowed to set off dividend received from its subsidiary company against dividend distributed by parent company.
n The rate of tax on short term capital gains under section 111A and section 115AD raised to 15 per cent.
n STT paid will be treated like any other deductible expenditure against business income.
n Commodities Transaction Tax (CTT) introduced on the same lines as STT.
n Banking Cash Transaction Tax (BCTT) withdrawn.
n Threshold limit of exemption for small service providers will be increased from Rs. 8 lakhs to Rs. 10 lakhs.
n Four new services brought under service tax net.