"April, 2009" Archive - Page 22

Public Notice No. 169 (RE-2008)/2004-2009, Dated: 01.04.2009

Public Notice No. 169 (RE-2008)/2004-2009 (01/04/2009)

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 Appendix 2 (List of Export Promotion Councils/ Commodity Board) of the Handbook of Procedures....

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Terms and conditions to govern EPCG Authorizations issued to DTA unit after conversion from EOU unit

Policy Circular No. 79 (RE-20008)/2004-09 (01/04/2009)

The export obligation period for a unit which converts from EOU / SEZ Scheme to EPCG Scheme would be the same as is available to a direct EPCG Authorization Holder i.e. 8/12 years from issue date of EPCG authorization as per Para 5.1 of Foreign Trade Policy (FTP)....

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Import of waste paper

Policy Circular No. 78 (RE-2008)/2004-2009 (01/04/2009)

Accordingly, it is clarified that the importers of waste paper, till the matter is suitably resolved, may make an import licence application to the concerned Regional Authority of DGFT for issue of an import licence. The import licence shall be issued by the concerned Regional Authority based on a ‘No Objection Certificate’ obtained ...

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Exemption of income of Agricultural Produce Marketing Committee/Board & Coir Board

7. Exemption of income of Agricultural Produce Marketing Committee or Board 7.1 Clause (26AAB) has been inserted in section 10 to provide for tax exemption with respect to the income of an Agricultural Produce Marketing Committee or Board which has been constituted under any law for the purpose of regulating the marketing of agricultural ...

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Posted Under: DGFT |

Deduction under section 10A and 10B is available till assessment year 2010-11

EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2008 CIRCULAR NO. 1/ 2009, DATED 27th MAR, 2009 9. Extension of time limit for availing deduction under section 10A and 10B 9.1 100% deduction on exports profits is allowed to an undertaking, if- (i) the undertaking is set up in a free trade zone, Software […]...

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Posted Under: DGFT |

Income of Sikkemese individual is exempt from Income Tax w.e.f. A.Y. 1990.91

CIRCULAR NO. 1/2009 (27/03/2009)

6.1 Section 10 of Income-tax Act relates to incomes which do not form part of total income. As a measure to promote socio-economic development, a new clause (26AAA) in section 10 has been inserted to provide exemption from income-tax to the following income, which accrues or arises to a Sikkemese individual –...

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Posted Under: DGFT |

Tax department started providing your tax payment & TDS details like a bank statement

Just as your savings account, you can now check your income tax status online. In a move that will help an individual keep abreast with his tax details, the income tax (I-T) department has started furnishing annual tax statements directly to taxpayers. One can also view tax details online by going through a one-time registration […...

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Posted Under: DGFT |

Cost Audit may cover more industries in Private Sector specially all petroleum, power firms

The government may rectify the present system of selective cost audit that covers only a few companies while many others, mainly those in the private sector, are left out, according to a senior official in the Ministry of Corporate Affairs (MCA). For instance, in the petroleum sector, only the public sector companies are covered, leaving ...

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Posted Under: DGFT |

Can department file an appeal against its own circular?

A very piquant situation has arisen after the judgement of the Supreme Court in the Ratan Melting case. One of my ex-colleagues who is known to be as knowledgeable as he is serious, rang me up with a lot of concern that this judgement now authorises the CBEC to file appeal in the Supreme Court […]...

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Posted Under: DGFT |