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In pursuance of the provisions of paragraph 2.4 of FTP, the Director General of Foreign Trade (DGFT) hereby notifies the compilation known as HBP v1, HBP v2 and Schedule of DEPB rates. These compilations, as amended from time to time, shall remain in force ‘until further amendments’ except DEPB Scheme which shall continue to be operative till 31st December, 2009.
The income tax department website which is used by lakhs of tax payers to file their returns online will soon be revamped along with a new website address or URL. The new online facility will host of several user-friendly features. The department’s Uniform Resource Locator (URL) – www.incometaxindia.gov.in – is undergoing pilot tests and would […]
The Reserve Bank on Friday announced steps to inject an additional Rs 20,000 crore (Rs 200 billion) into the system, a move that would pave the way for further cut in interest rates and more funds for credit disbursal. As part of decisions, forming the second stimulus package finalised jointly with the government, RBI announced […]
Government on Friday gave the economy a second stimulus by enabling the industry to borrow more from abroad and FIIs to invest more in the country, besides stepping up public spending. The package, the last for the current financial year and announced in tandem with rate cuts by RBI, aims at providing much higher and […]
With corporate accounting frauds on the rise, the ICAI has decided to promote forensic accounting to equip chartered accountants with adequate tools to detect white-collar crimes and identify malpractices like money laundering and routing terrorist funds.
Dismissing an appeal filed by the income-tax department recently, a bench headed by Justice S H Kapadia upheld the Delhi High Court judgement, which said the compensatory interest received as subsidy by the Punjab National Bank (PNB) from the RBI for giving concessional loans to exporters did not amount to interest tax chargeable under the Interest Tax Act, 1979.
The Securities and Exchange Board of India (Sebi) is conducting inspection of stockbrokers, who act as depository participants (DPs) and are also into margin-funding business, as there have been instances of client-account mismanagement. The Sebi move follows complaints from some retail investors about misuse of their shares by brokers. According to Sebi officials, a few […]
In a significant order, a division bench of the Bombay high court has ruled that foreign law firms, even though working as solicitors for multinational corporations with operations in India, will pay tax only in those countries where they give legal advice and not in India. The order came after legal eagle Harish Salve argued […]
The Supreme Court has held that only a court in whose jurisdiction an offence of cheque bounce was committed could try the offence under the Negotiable Instruments Act. The court set the guideline as it found that there were numerous instances where complaints were being filed at more than one place to harass the drawer […]
Amendments made in DEPB Rates vide Public Notice No. 102 dated 05.11.2008 in respect of products where DEPB rates were reduced, hereby stand withdrawn w.e.f. 5.11.2008 itself, thereby restoring the DEPB Rates notified prior to 5.11.2008, for the said items.
