Fluctuation in the exchange rate would mean appreciation in the value of rupee at times or depreciation in its value some other times. Recently, due to continuous appreciation of Indian Rupee vis a vis major currencies, it is possible that the rate notified by Ministry of Finance may exceed the rate which export proceeds were actually realised. The matter has been represented to us.
However such extensions would not be permitted in the case of the erstwhile Value Based Advance Licences (VABALs). Additionally, no extension in export obligation would be allowed in respect of licences where misrepresentation/ fraud has come to the notice of the licencing authorities. Further, in respect of licences where adjudication orders have already been passed, no extension in export obligation period shall be admissible.
DGFT amends Export-Import Policy for easier imports/exports of goods under specific conditions.
However, it has come to the notice of the Department that an interpretation is being made that cost auditor can be a member of audit committee. It is reiterated that the cost auditor cannot become a member of audit committee and wherever
Taking into consideration the requests from eligible entities, the Directorate General of Foreign Trade in exercise of powers conferred under Paragraph 2.4 of the Export and Import Policy 2002-2007, as notified in the Gazette of India extraordinary, Part-II Section 3, sub Section (ii) vide S.O. No. 349(E) dated 31.03.2002 as amended from time to time and as per provisions at condition no. 1 of the annexure to notification no. 21/2002-customs dated 1.3.2002.
Notification No.10 – Income Tax In exercise of the powers conferred by sub-section (6) of section 120 of the makes the following amendments in the notification of the Government of India, Ministry of Finance, (Department of Revenue), Central Board of Direct Taxes, number S.O. 883(E) dated 14th September, 2001, namely
I am directed to say that doubts have been raised regarding classification of certain services which appear to fall under two or more categories simultaneously. Some instances where such problems have arisen relate to Management Consultants vs. Manpower Recruitment Services, Mandap Keepers vs. Convention Services, Rent-A-Cab Scheme vs. Tour Operators, Cargo Handling Services vs. Storage And Warehousing Services, Architect vs. Interior Decorator, Scientific And Technical Consulting Services vs. Consulting Engineer, Practicing Chartered Accountants vs. Management Consultants, etc
this notification, will not apply in relation to, any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of accounts are maintained in respect of such business
this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of accounts are maintained in respect of such business
this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of accounts are maintained in respect of such business
