In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of the Handbook of Procedures (Vol.I), the Director General of Foreign Trade hereby makes the following additions/amendments in the Schedule of DEPB Rates (as amended from time to time) with immediate effect.
Representations have now been received stating that RAs are taking the view that the clarification of 11.4.08 can have only prospective effect. The matter has been considered. It is clarified that the letter dated 11.4.2008 issued to all RAs was clarificatory in nature and therefore claims filed before that date for refund of Secondary & Higher education cess are also eligible for refund.
The Principal notification No.105/2004-CUSTOMS, dated the 8th October, 2004, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.663(E), dated the 8th October, 2004.
The government is working to bring limited liability partnerships (LLPs) within the scope of foreign direct investment guidelines, a move which will facilitate the inflow of overseas capital through a corporate structure that has just recently been allowed in India.
In a ruling that might make settlement of a disputed will easier, the Delhi high court on Friday admitted video recording of a will as legally admissible evidence.
Institute of Chartered Accountants of India has sought broad-ranging information about the association of its member institutions with foreign auditing firms. The move assumes significance following the accountancy fraud by the promoters of Satyam Computers that brought the role of auditors under scrutiny.
The Government is planning to establish a regulator for the growing tribe of insolvency professionals, who specialise in rehabilitation or winding up of sick companies. The Companies Bill, 2009 has given formal recognition to insolvency experts as professionals for the first time. It was felt that there should be a regulator for insolvency professionals, they […]
A 46-year-old senior official of Institute of Chartered Accountants of India (ICAI) allegedly committed suicide by jumping from his sixth floor residence in east Delhi this morning apparently due to depression, police said.
The assessee claimed deduction u/s 80-IB (10) which was rejected by the AO but allowed by the CIT (A). On appeal by the department, the Tribunal ruled against the assessee and held that it was not eligible for deduction. The assessee filed a MA u/s 254 (2) pointing out that it had cited a judgement of the Kolkota Bench of the Tribunal (which had been considered by the CIT (A)) and a judgement of the Kolkota High Court which had not been considered by the Tribunal when deciding the appeal and the same was a ‘mistake apparent from the record’.
S. 54 provides that if an assessee has LTCG on transfer of a residential house and he purchases or constructs a residential house within the specified period then the amount appropriated towards the new house shall be deducted from the LTCG.
