In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes, with immediate effect, the following amendment to Notification No.38 (RE-2007)/2004-2009, dated 15.10.2007 read with Notification No. 93 (RE-2007)/2004-2009.
The quantity of organic wheat to be exported shall be monitored on a monthly basis both by the Customs Department as well as by DGCI&S, through monthly reports to be sent to the Department of Commerce / DGFT, as well as to the Department of Food & Public Distribution.
The results of CPT online examination held on 21st & 22nd November 2009 has been declared on 7th December 2009.
The ITAT dismissed the appeal of the Revenue and the assessee by holding that the discount on stock options was notional in nature and was not deductible either in the year of grant or in the year when the option is exercised by the employees. In reaching the conclusion, the main consideration by the ITAT was the argument that the difference between market price and grant price is only a notional expenditure. Where ESOPs are granted by overseas parent companies and the difference between market price and grant price is charged to the Indian subsidiary, the allowability of expenditure would require further evaluation.
Business Processing Outsourcing (BPO) centers in India would be subjected to taxation under the new proposed Direct Tax Code (DTC) but some clarifications, especially on double taxation, were still needed, an expert said. The (tax) exception given to BPOs has to be withdrawn under section 10 (A) of Income Tax Act. There is no provision in DTC for any such extension of benefits. The BPOs can be taxed on the basis of the profit they make in India and also overall profit.
The Enforcement Directorate(ED) on Friday claimed to have found evidence of “large-scale” violations of Foreign Direct Investment(FDI) guidelines by real-estate major Emaar MGF in purchase of land. During its searches carried out at 13 premises of the group on Thursday, ED also claimed to have recovered about Rs nine crore in cash, two kg of gold and foreign currency worth Rs 5 lakh.
Buying and selling mutual funds units on the recently opened trading facility on stock exchanges will not be tax-free. While equity schemes would attract securities transaction tax, debt and liquid funds would face capital gains tax. Capital gains in respect of transfer of units of ‘equity-oriented mutual fund’ held for a period of more than 12 months (long-term) would not be liable to income tax provided the transfer of unit is subject to STT. If the units are held for 12 months or less (short-term), the same would be liable to tax at the rate of 15% plus cess.
The Direct Taxes Code Bill, 2009 breaks away from its predecessor in many significant ways when it comes to treatment of losses. While losses from the head capital gains remain a taboo and will have to be set off only against positive income under the same head of income, long-term capital losses do not come for a harsher treatment vis-à-vis the short-term capital losses for the simple reason that no such distinction is contemplated in the entire discussion on capital gains except in the context of allowing the benefit of indexed cost on assets held for more than one year.
References have been received from field formations stating that as per Rule 3(5B) of CENVAT Credit Rules, 2004, if the value of inputs is fully written off, then the manufacture is required to pay an amount equal to cenvat credit taken. However, there is no provision to demand reversal of credit taken on inputs which have gone into manufacture of work in progress (WIP), semi finished goods and finished goods which have also been written off fully in the books of accounts.
the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance, Department of Revenue, No. 50/2003-Central Excise, dated the 10th June, 2003, which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 472(E), dated the 10th June, 2003, namely:-
