Whether profit from Duty Entitlement Passbook Scheme (DEPB) and Duty Drawback Scheme could be said to be profit derived from the business of the Industrial Undertaking eligible for deduction under Section 80-IB of the Income-tax Act, 1961.
India and Switzerland will soon start negotiations to enlarge the scope of their bilateral double taxation treaty to allow sharing of details of bank accounts of people accused of tax evasion, visiting Swiss Vice-President and Minister of Economic Affairs Doris Leuthard said on Thursday.
Press Note No. 6 (2009), dated 4-9-2009 1.0 FDI into SSIIMSE 1.1 A Small Scale industrial undertaking (SSI) was defined in terms of: (i) investment in fixed assets in plant and machinery and (ii) equity participation (both domestic and foreign) in the SSI, by other industrial undertakings prior to 2006.
Sub-brokers in the stock market are likely to be exempted from the requirement of registering with the capital market regulator before starting their operations as per a proposal under consideration of the finance ministry and the Securities and Exchange Board of India (SEBI). The move is to promote self-regulation through an industry body under the […]
The governments around the world may consider funding their increasing deficits by hiking personal income tax rates, though India may not be one among those, with the tax rates in the country nearly constant over the last seven years. The highest tax rate applicable on an income of over Rs 5,00,000 per annum stands at […]
The government is taking steps to rationalise various central and state level-taxes on auto fuels, a oil ministry spokesman said. Taxes and duties are as high as over 51% and 23% on petrol and diesel, respectively in Delhi. “As part of UPA government’s 100 days agenda, we have set up an expert panel, which will […]
In exercise of powers conferred under paragraph 2.4 of Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures Vol I.
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, 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.
Notification No. 66/2009 – Income Tax It is hereby notified for general information that the organization Thapar Centre for Industrial Research & Development, Patiala has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year
Your attention is invited to Policy Circular No. 2/2009-2014, dated 27.08.2009 on the subject mentioned above issued by this office. In this regard, it is stated that the expression sports weapons wherever occuring in the Policy Circular referred to above may be read as sports weapons and ammunitions for sports weapons.
