Title : Amendment of First Schedule
State : Central
Year : 2004
In the First Schedule to the Customs Tariff Act,-- (i) in Chapter 11, in tariff items 1108 1200, 1108 1400, 1108 19 10 and 1108 19 90, for the entry in column (4) occurring against each of them, the entry "50%" shall be substituted; (ii) in Chapter 19, in tariff item 1903 00 00, for the entry in column (4), the entry "50%" shall be substituted; (iii) in Chapter 29, in tariff item 2922 42 20, for the entry in column (2), the entry "--Monosodium glutamate" shall be substituted; (iv) in Chapter 35, in tariff items 3505 10 10 and 3505 10 90, for the entry in column (4) occurring against each of them, the entry "50%" shall be substituted. View Complete Act List Judgments citing this sectionTitle : Education Cess on Taxable Services
State : Central
Year : 2004
(1) The Education Cess levied under section 91, in the case of all services which are taxable services, shall be a tax (in this section referred to as the Education Cess on taxable services) at the rate of two per cent, calculated on the tax which is levied and collected under section 66 of the Finance Act, 1994(32 of 1994). (2) The Education Cess on taxable services shall be in addition to the tax chargeable on such taxable services, under Chapter V of the Finance Act, 1994(32 of 1994). (3) The provisions of Chapter V of the Finance Act, 1994(32 of 1994) and the rules made thereunder, including those relating to refunds and exemptions from tax and imposition of penalty shall, as far as may be, apply in relation to the levy and collection of the Education Cess on taxable services,..... View Complete Act List Judgments citing this sectionTitle : Charge of Securities Transaction Tax
State : Central
Year : 2004
On and from the commencement of this Chapter, there shall be charged a securities transaction tax in respect of the taxable securities transaction specified in column (2) of the Table below, at the rate specified in the corresponding entry in column (3) of the said table, on the value of such transaction and such tax, shall be payable by the purchaser or the seller, specified in the corresponding entry in column (4) of the said Table: TABLE Sl. No. Taxable securities transaction Rate Payable by (1) (2) (3) (4) 1 Purchase of an equity share in a company or a unit of an equity oriented fund, where -- (a) the transaction of such purchase is entered into in a recognised stock..... View Complete Act List Judgments citing this sectionTitle : The Value of Taxable Securities Transactions
State : Central
Year : 2004
1[(a) in the case of a taxable securities transaction relating to an option in securities, shall be-- (i) the option premium, in respect of transaction at item (a) of serial number 4 of the Table in section 98; (ii) the settlement price, in respect of transaction at item {b) of serial number 4 of the Table in section 98;] (b) in the case of a taxable securities transaction relating to a derivative, being "futures", shall be the price at which such "futures" is traded; and (c) in the case of any other taxable securities transaction, shall be the price at which such securities are purchased or sold: Provided that the Board may, having regard to the manner in which taxable securities transactions are settled in a recognised stock exchange or such other factors which may be..... View Complete Act List Judgments citing this sectionTitle : Recognised Stock Exchange to Furnish Prescribed Return
State : Central
Year : 2004
(1) Every recognised stock exchange or the prescribed person in the case of every Mutual Fund (hereafter in this Chapter referred to as assessee) shall, within the prescribed time after the end of each financial year, prepare and deliver or cause to be delivered to the Assessing Officer or to any other authority or agency authorised by the Board in this behalf, a return in such form and verified in such manner and setting forth such particulars as may be prescribed, in respect of all taxable securities transactions entered into during such financial year in the stock exchange or, as the case may be, in respect of all taxable securities transactions, being sale of units to such Mutual Fund during such financial year. (2) Where any assessee fails to furnish the return under sub-section..... View Complete Act List Judgments citing this sectionTitle : Assessment
State : Central
Year : 2004
(1) For the purposes of making an assessment under this Chapter, the Assessing Officer may serve on any assessee, who has furnished a return under section 101 or upon whom a notice has been served under sub-section (2) of section 101 (whether a return has been furnished or not), a notice requiring him to produce or cause to be produced on a date to be specified therein such accounts or documents or other evidence as the Assessing Officer may require for the purposes of this Chapter and may, from time to time, serve further notices requiring the production of such further accounts or documents or other evidence as he may require. (2) The Assessing Officer, after considering such accounts, documents or other evidence, if any, as he has obtained under sub-section (1) and after taking..... View Complete Act List Judgments citing this sectionTitle : Rectification of Mistake
State : Central
Year : 2004
(1) With a view to rectifying any mistake apparent from the record, the Assessing Officer may amend any order passed by him under the provisions of this Chapter within one year from the end of the financial year in which the order sought to be amended was passed. (2) Where any matter has been considered and decided in any proceeding by way of appeal relating to an order referred to in sub-section (1), the Assessing Officer passing such order may, notwithstanding anything contained in any law for the time being in force, amend the order under that sub-section in relation to any matter other than the matter which has been so considered and decided. (3) Subject to the other provisions of this section, the Assessing officer may-- (a) make an amendment under sub-section (1) of his own..... View Complete Act List Judgments citing this sectionTitle : Penalty for Failure to Furnish Prescribed Return
State : Central
Year : 2004
If an assessee fails to furnish in due time the return which it is required to furnish under sub-section (1) of section 101 or by notice given under sub-section (2) of that section, it shall be liable to pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues. View Complete Act List Judgments citing this sectionTitle : Penalty for Failure to Comply with Notice
State : Central
Year : 2004
If the Assessing Officer in the course of any proceedings under this Chapter is satisfied that any person has failed to comply with a notice under sub-section (1) of section 102, he may direct that such person shall pay, by way of penalty, in addition to any securities transaction tax and interest, if any, payable by him, a sum of ten thousand rupees for each such failure. View Complete Act List Judgments citing this sectionTitle : Penalty Not to Be Imposed in Certain Cases
State : Central
Year : 2004
Notwithstanding anything contained in the provisions of section 105 or section 106 or section 107, no penalty shall be imposable for any failure referred to in the said provisions if the assessee proves that there was reasonable cause for the said failure: Provided that no order imposing a penalty under this Chapter shall be made unless the assessee has been given a reasonable opportunity of being heard. View Complete Act List Judgments citing this section