The eligibility for the claim of deduction u/s 80-IA by applying the restraints of Sec. 80-IA(3) cannot be considered for every year of the claim of deduction u/s 80-IA but can be considered only in the year of formation of the business.
The performance of EOUs would be reviewed by the Unit Approval Committee on six monthly basis i.e. April-September each year to be completed in the following quarter on the basis of QPRs/APR to be furnished by the EOUs. The formats of QPR/APR have been prescribed in the LUT at Appendix 14-I-F.
here the self-assessment tax paid by the assessee under Section 140A is refunded, the assessee should be, on principle entitled to interest thereon since the self-assessment tax falls within the expression “refund of any amount”. The computation of interest on self-assessment tax has to be in terms of Section 244A(1)(b), i.e., from the date of payment of such amount up to the date on which refund is actually granted.
Sl No. 4C related to Chartered Engineer’s certificate on import requirement for 4.7 cases, under the “Guidelines for the Applicants” in ANF 4A (Application form for Advance Authorisation) stands deleted and consequently Sl No. 4(d) shall become 4(c).
The Representation of the People (Amendment) Bill 2010, which seeks to give voting rights to NRIs, was moved in the Rajya Sabha Saturday. Law and Justice Minister M. Veerappa Moily moved the bill after withdrawing its earlier version, the Representation of the People (Amendment) Bill, 2006. The older version of the bill was withdrawn on the recommendations of a parliamentary standing committee which examined the legislation.
The Government-appointed panel to look into the problems of the rubber industry has recommended that the Customs duty on natural rubber imports be brought down to either Rs 20.46 for a kg or 20 per cent, whichever is lower. This comes as a major relief to the consuming industry which has seen a widening divide between the Indian and international price of natural rubber.
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures Vol.1 (Appendices and Aayat Niryat Forms) 2009-2014:-
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby notifies the Handbook of Procedures (Volume 1) incorporating Annual Supplement as updated on 23rd August, 2010 as contained in Annexure to this Public Notice. This shall come into force from 23rd August, 2010.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,1992 (No.22 of 1992) read with paragraph 1.2 of the Foreign Trade Policy, 2009-2014, the Central Government hereby notifies the Foreign Trade Policy, 2009-2014 incorporating the Annual Supplement as updated on 23rd August, 2010 and contained in Annexure to this notification. The policy shall come into force w.e.f. 23rd August, 2010.
Companies into hydrocarbon exploration and production business have asked the Government to remove uncertainties over tax and marketing regime before the ninth round of bidding for oil and gas areas is launched later this year.
