It has since been observed that some of Regional Authorities have been sending the request for extension of block of years to the Headquarters. In this regard, reference is invited to the provisions contained in Para 5.11 of HBP whereby Regional Authorities have been authorized for considering the request for extension in export obligation period. The issues relating to extension in Export Obligation period and extension in block of years are thus interlinked and hence have been re-examined.
In exercise of the powers conferred by Section 5 and Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes the following further addition with immediate effect at the end of Paragraph 2 of Notification No. 38(RE-2007)/2004-2009, dated 15.10.2007.
In light of the recent policy developments on account of waiver of load for direct applicants and removal of initial issue expense, format of the New Scheme Report has been revised. A copy of the revised format is enclosed.
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2004-2009, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures.
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures.
Due Date of Tax Audit Preponed to 30th September. No change in ceiling of Rs. 40 Lacs under section 44AB. DIRECT TAXES -No change in corporate income tax rate. Income Tax exemption rates raised from 1.1 lakhs to 1.5 lakhs across the board. Exemption limit for women raised to 1.8 lakhs and for senior citizen raised to 2.25 Lakh. Fresh Facilities, Encouragement To Sports And Guest Houses Exempted From Fringe Benefit Tax.
Trade Cir. No. 5 T of 2008 A Trade Circular No. 1T of 2008 dt. 25.1.2008 had been issued explaining the procedure for issuance of statutory forms under the Central Sales Tax Act, 1956. In that circular, a procedure had been set down for the use of applicants of declaration forms under the Central Sales Tax Act. As per that circular, the dealers were required to show proof of filing of returns and payments from 1.4.2005 onwards till the last return/payment due from them on the date of application. The dealers were also required to furnish information in the format provided for in the said circular.
Income generated from the business of stock-lending and sale-repurchase of shares by a borrower will be taxable. The Central Board of Direct Taxes (CBDT) has exempted stock lending/borrowing from the purview of securities transaction tax (STT) and capital gains tax Borrowers will make some payment to lenders of shares by way of interest or fees that will be income in the hands of the lender While selling the shares, borrower will not be paying any tax as the gain from such sale is not known.
INSTRUCTION NO-2/2008, Dated: February 22, 2008 A. The procedure will apply to assessees engaged in the business of manufacturing and/or trading of diamonds (referred to below as such business). B. If an assessee has shown a sum equal to or higher than 6% of his total turnover from such business as his income under the head ‘profits and gains of business or profession’ for a particular assessment year, the Assessing Officer shall accept his trading results.
communicate to SEBI the status of implementation of the provisions of this circular in the Monthly Development Report.
