A dozen IRS Officers resign for Packages of Rs. 1 Crore

Exchange Rate for imported goods is Rs 74.03 Per Pound Sterling and Rs 51.22 Per Yen-Exchange Rate for export is Rs 72.45 Per Pound Sterling and Rs 49.94 Per Yen-Customs Non-Tariff Notification No.128 Sensex slips further and closes at 8773 100 per cent EOUs allowed to export non-basmati rice-DGFT Notification No.59 Customs duty of 5 per cent imposed on import of Pig Iron, spiegeleisen, semi-finished products, flat products & long products Import of Crude Soyabean Oil subjected to 20 per cent customs duty- no change in import duty on refined soyabean oil-Customs Tariff Notification No.122 Time-limit for filing refund of service tax extended to 6 months-Service Tax Notification No.32 Rahul Bajaj asks Industry to prepare for the worst Tariff Value for import of Brass Scrap is 3525 and for poppy seeds 5206-Customs Non-Tariff Notification No. 127 CBEC clarifies the entire amount of duty paid by the manufacturer, as shown in the invoice would be available as credit irrespective of the fact that subsequent to clearance of the goods, the price is reduced by way of discount or otherwise-Central Excise Circular No.877 Mandavariya (Kishangarh), District Ajmer notified for Unloading of imported goods and loading of export goods-Customs Non-Tariff Notification No.117 SC Ruling-the entitlement of benefit in terms of Section 32AB, Section 80HH and Section 80I of the Income Tax Act- conversion of Jumbo rolls of photographic films into small flats and rolls in the desired sizes amounted to manufacture/production-AIT-2008-413-SC SC Ruling-Whether any "gift" arose in terms of Section 2(xii) of the Gift-tax Act, 1958 on the allotment of rights issue by the appellant company to its shareholders vide Board's Resolution- Whether there was any element of "gift" as defined under Section 2(xii) in the appellant issuing Bonus shares in the ratio of 1:23-AIT-2008-412-SC DEPB benefit allowed on export of cement and steel-DGFT PN 108 exports of cement in all types and forms and primary steel products eligible for export incentives under Focus Market Scheme-DGFT Notification No.58 Import of Marble Tiles-DGFT Notification No.57 Clarification on setting up Duty Free Shops approved by FIPB-Customs Circular No.19 HC Ruling-Income Tax-"reserves" arising out of the acquisition of the business of Tata Cellular Limited could never have the character of "income" in the hands of the petitioners-pre-requisite condition contained in proviso to section 147 to enable the re-assessment to be opened after period of 4 years have elapsed have not been met-AIT-2008-410-HC HC Ruling-Central Excise- valuation of the goods for the purpose of excise duty and whether excise duty was chargeable under Section 4 or Section 4A of the Central Excise Act 1944-while construing rule 3, who are excluded are only the institutional or industrial consumers as explained in Rule 2A and the industrial or institutional consumers in terms of the proviso to rule 2(p) for the purpose of chapter-II are the same-If the person who purchase the prepacked commodity not directly from the manufacturer or packers, they are consumers and the declaration will be of no effect-AIT-2008-408-HC Government considering imposition of import duty on steel Bad News for Consulting Engineers- whether turnkey contract can be vivisected?- The conclusion in Daelim case on the point, prima facie, being not in accordance with law, matter goes to Larger Bench-AIT-2008-405-CESTAT Larger Bench of CESTAT rules Credit is admissible on an input service relating to the business-AIT-2008-407-CESTAT credit of the service tax paid on the outdoor catering (canteen) service is admissible as input service under Rule 2(l) of the Cenvat Credit Rules, 2004-AIT-2008-406-CESTAT The payment for use of "services for MTNL/other companies via the interconnect/port/access/toll by the assessee would not fall within the purview of payments as provided for under section 194J of the Act, so as to be eligible for tax deduction at source-The interconnect charges/port access charges cannot be regarded as fees for technical services-AIT-2008-404-HC Computation of Value under Section 14 for Levy of Export Duty - Customs Circular No. 18 Advance Ruling- Whether the service fee paid by the applicant to Intertek Testing Management Limited UK under Global Management Service Agreement is taxable as "Royalties & Fee for Technical Services" as per the provisions of Article 13 of DTAA between India & UK? Whether the applicant is required to deduct tax at source on the service fee paid to Intertek Testing Management Limited, UK, at the rate of 10% plus applicable surcharge and cess as per the provisions of section 115A(1)(b)(BB) of the Income-tax Act-AIT-2008-401-AAR Larger Bench of SC Ruling-whether the revenue can be precluded from filing an appeal even though in respect of some other years involving identical dispute no appeal is filed -AIT-2008-403-SC SC Ruling-whether transfer of Banking Undertaking gave rise to taxable capital gains under Section 45 of the 1961 Act-it was not possible to compute capital gains and, therefore, the said amount of Rs. 10.20 cr. was not taxable under Section 45 of Income Tax Act-AIT-2008-400-SC Export duty of 8 per cent notified in place of earlier rate of Rs. 200 per tonne on export of iron ore fines-Customs Tariff Notification No.121 Pan Masala Packing Machines (Capacity Determination And Collection of Duty) Second Amendment Rules, 2008-Central Excise Non-Tariff Notification No.45 SC rules Ethylene and propylene manufactured by the assessee and used in its factory in the further manufacture of the same goods would be entitled to the benefit of exemption contained in notification no.217/86-AIT-2008-398-SC New DEPB Rates on export of all products notified–DGFT PN 102 service tax paid under Section 66A is available as 'input credit' under Cenvat Credit Rules, 2004 provided the said services are used as input services by the manufacturer or producer of final products or a provider of output taxable service-Service Tax Trade Notice No.43/2008 Anti-dumping duty imposed on import of cable ties from China & Taiwan-Customs Tariff Notification No.118 Definitive Anti-dumping duty imposed on import of Phenol from Singapore, South Africa & European Union-Customs Tariff Notification No.114 High-tech products entitled to benefits under High-Tech Products Export Promotion Scheme –DGFT PN 101

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A dozen IRS Officers resign for Packages of Rs. 1 Crore

AIT News Network

New Delhi. Poor Packages of IRS Officers in Revenue Department has taken its toll with a dozen IRS Officers from Customs & Excise and Income Tax Department resigning from the Government for greener pastures having offers from the Corporate World.

A Commissioner of Customs posted in New Delhi has already resigned. He is said to be having an offer of Rs. 1 Crore per annum from a big company having stake in Financial and Infrastructure Sector.
A Commissioner of Central Excise posted in Karnataka has also resigned. Further, an Additional Commissioner of Central Excise posted in NCR has also resigned.
Several more IRS Officers have got their resignation letters typed and are waiting for advice of their astrologers for putting auspicious date and signature. Those opting for voluntary retirement will also get the benefit of Pay Commission’s recommendation which will be effective from 1^st January 2006 as far as Pension and other benefits are concerned.
There has been a wide gap in the packages offered by the Government and the packages being offered by MNCs and Indian Corporates. Even a CA with one year of experience is offered a package of Rs. 10 lakh which is much more than the salary package of the Chairman of Central Board of Direct Taxes or Central Board of Excise & Customs.
An ex-IRS Officer who is now with a Big Consulting company is already getting a package of Rs. 1.5 Crore per annum. Even an Inspector of Central Excise Department has been hired by a Big Consulting Company as Manager on an annual package of Rs. 24 lakh.
CAs with 8 to 10 years experience are hired by Consulting Companies as Director for their Tax Advisory Practice on Packages ranging from Rs 50 Lakh to Rs 80 Lakh Per Annum. Those having over 10 years experience are hired as Partners on Packages ranging from Rs 1 Crore to Rs 2 Crore.
When some candidates without any Professional Degree are anointed as Country Head with package of Rs 2 Crore per annum by some Companies; IRS Officers having wide exposure and expertise deserve and can expect much better Positions and Packages. Several SEZs are already looking for CEOs on Packages of Rs 1 to Rs 1.5 Crore and an IRS Officer is their first choice considering his rich experience in Export-Import regulations and procedures.
Those joining Consulting Companies are gainers in short term but are losers in long term. An IRS Officer who resigned in Eighties and floated his firm is said to be having annual billing of over Rs 100 Crore. An Inspector of Central Excise who resigned couple of years ago now has a billing of Rs 5 Crore. Those joining the Companies have also to retire on turning 60 ; but in your own once you create your name in the market; the name sells and the sky is the limit even if the work is handled by the juniors. An employee gets a hike of 15 to 20 per cent per annum ; while an Independent Professional can grow by 50 to 100 per cent per annum if he can market himself.
It is always a better option to make Rs 10 Lakh of your own as an entrepreneur rather than getting Rs 50 Lakh as an employee. If you set up a Company; the fruits go to generations and with PE money flowing and floating in India; you can also sell a small stake of your Company for few Crores after running it for few years.

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