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20 Lakh crore Financial package Phase 1 explained in details .

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Levy of and exemption from custom duty

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Levy of and exemption from custom duty: Dutiable goods. - Except as otherwise provided in this Act, or any other law for the time being in force, duties of customs shall be levied at such rates as may be specified under the Customs Tariff Act, 1975 (51 of 1975), or any other law for the time being in force, on goods imported into, or exported from, India. The provisions of sub-section (1) shall apply in respect of all goods belonging to Government as they apply in respect of goods not belonging to Government. Duty on pilfered goods. - If any imported goods are pilfered after the unloading thereof and before the proper officer has made an order for clearance for home consumption or deposit in a warehouse, the importer shall not be liable to pay the duty leviable on such goods except where such goods are restored to the importer after pilferage. Valuation of goods for purposes of assessment . - .For the purposes of the Customs Tariff Act, 1975 (51 of 1975), or any other la...
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CENTRAL BOARD OF DIRECT TAXES AND ITS POWERS

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Central Board of Direct Taxes is the highest authority in the administrative set of the Income tax department. It was constituted under the provision of Central Board of Revenue Act 1963. The board functions under the control of Ministry of Finance, Government of India. Its jurisdiction is whole of India.  POWERS OF CBDT: The whole of income tax department is to be looked after by the board. It has to perform the function of administration, supervision and control of entire income tax structure in India. The orders and directions issued by the board are to be compared with all the subordinate authorities. The income tax Act provides following specific powers to the board: 1. The board can declare any association whether incorporated or not and whether Indian, or Non Indian as company under the provision of Section 2(17) 2. The board has power to determine the jurisdiction of various authorities mentioned in this act. ( Section 118) 3. The board may issue directions fo...
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Power and functions of Income Tax Authorities

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THE POWER AND FUNCTIONS OF INCOME TAX AUTHORITIES: CBDT: 1. The board can declare any association whether incorporated or not and whether Indian, or Non Indian as company under the provision of Section 2(17) 2. The board has power to determine the jurisdiction of various authorities mentioned in this act. ( Section 118) 3. The board may issue directions for the exercise of powers and performance of the functions by all or any of these authorities. While issuing such direction the Board will keep in mind any of the following criteria such as: territorial area, persons or classes of person, incomes or classes of incomes and cases or classes of cases. (section 120(1) and (3) 4. The board may authorise by general or specific order, director general or director to perform the powers of any of the income tax authorities. (section 120) 5. The board may authorise any of the authorities to exercise its power concurrently with any pother authority. In case such notification is iss...
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