Credit shall be available against such export products and at such rates as may be specified by DGFT by way of public notice. Credit may be utilized for payment of customs duty on freely importable items and / or restricted items. DEPB scrips can also be utilized for payment of duty against imports under EPCG scheme.
The Sugar Cess Act, 1982 provides that There shall be levied and collected as a cess, for the purposes of the Sugar Development Fund Act, 1982, a duty of excise on all sugar produced by any sugar factory in India for the development of sugar industry. References have been received from some field formations that some manufacturers purchase sugar, on which central excise duty and sugar cess is paid by sugar manufacturers.
The Income Tax department is all set to move the Supreme Court for a final judgement on its tax claims of around Rs 2,000 crore (Rs 20 billion) in cases involving dividend stripping prior to 2002-03. The taxman had lost the case in the Bombay high court last year. Though the government in 2005 put […]
In this background the Commissioners of Customs/Customs & Central Excise, through whose jurisdiction exports under DFIA scheme have taken place, shall review all cases of such exports and take appropriate measures to recover duties wherever required in terms of these instructions
The amendment/corrections/modifications as mentioned in foot Note 6 vide Public Notice No. 50(RE-2006)2004-2009 dated 31.08.2006 annexed with SION C-525 to read as under.
The Guidelines for calculation of total foreign investment, both direct and indirect in an Indian company, at every stage of investment, including downstream investment, have been detailed in Press Note 2 of 2009 which enables determination of total foreign investment in any/all Indian Companies.
On paper, this tech park had 37 units functioning on its premises — all entitled to income tax concessions. What they turned out to be were nothing less than maintenance rooms located in the car park! And the tech park owner stashed away Rs 75.8 crore that he had claimed as tax concessions for three […]
Serious Fraud Investigation Office has invited applications from Chartered Accountants empanelled with the office of C&AG and who may like to be associated with SFIO for carrying out forensic examination of records of companies ordered for investigation by the government.
Apex body of CAs, the Institute of Chartered Accountants of India said severe punishment would be meted out to its member-accountants if they are found guilty in the Rs 7,800-crore accounting fraud at Satyam Computer Services. “If any of the CAs, who are the members of the institute, are found guilty in the auditing, exemplary […]
4.3 Both the authorities below have taken a view that though section 24(b) does not draw any distinction between a property that is self-occupied and one that is not, the assessee having not disclosed any income (annual value) there-against, and which can only be in respect of one house property, which stands already specified by him (the residential property at Shalimar Enclave, Agra), the assessee’s claim for deduction u/s. 24(b) is not maintainable.
