In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy –2009-2014, the Central Government hereby amends Schedule – I (Imports) of the ITC (HS) Classifications of Export and Import Items as under.
Income Tax (I-T) officials today carried out search operations at the offices of infrastructure major Gammon India in four cities. A company spokesperson told PTI that some officials had visited the premises but “we do not know what is happening”According to sources, I-T officials have been carrying out the search in four offices of the company in Delhi, Mumbai, Nagpur and Vadodara. “The search started in the morning and is going on,” a source said.
A plain reading of Section 76 of the Act indicates that a person who is liable to pay service tax and who has failed to pay such tax is under an obligation to pay, in addition to the tax so payable and interest on such tax, a penalty for such failure. The quantum of penalty has been specified in the provision by laying down the minimum and the maximum limits with a further cap in so far as the maximum limit is concerned.
BHEL bags 7 awards while LG electronics wins the first award in Private Manufacturing (Large) Category-Shri Salman Khurshid, Minister of Corporate Affairs, here today presented the 7th National Award for Excellence in Cost Management- 2009. BHEL bagged 7 awards in different Categories while LG Electronics won the First Award in Private Manufacturing (Large) category. Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs also graced the occasion as Guest of Honour.
The Supreme Court remanded the income tax department’s plea back to the Bombay High Court that had allowed Essar Shipping to claim depreciation on foreign exchange loans taken for ship purchase. A bench headed by Chief Justice SH Kapadia while disposing of the department’s plea observed that after the high court dismissed the department’s plea on the ground of delay, Parliament had amended the law vide Finance Act No.14 of 2010.
IT firm Mahindra Satyam (erstwhile Satyam Computer) said that the Company Law Board has given it time till September 30 to publish various mandatory documents. The Hon’ble Board (Company Law Board) has permitted extension of time up to September 30, 2010, for publication of financial results for the years ended March 31, 2009, and March 31, 2010, Mahindra Satyam said in a filing to the Bombay Stock Exchange .
SEBI has revised exposure margin requirements for exchange traded equity derivatives. The regulator, based on market feed back, has decided that the exposure margin shall be in excess of five per cent or 1.5 times, which ever is higher. The earlier exposure margin requirement was 10 per cent or 1.5 times the standard deviation of daily logarithmic returns of the stock price. This circular shall come into force from July 15.
Chief Ministers of the Congress-ruled states on Wednesday asked the Centre to protect states against any loss of revenue from the switchover to goods and services tax (GST). “The general feeling (among the states) is that there should not be any loss (to states),” Maharashtra Chief Minister Ashok Chavan told reporters after the meeting of Congress CMs with the Union Finance Minister Pranab Mukherjee.
The draft constitutional amendments, vital for the introduction of the proposed Goods and Services Tax (GST), have proposed the setting up of a tribunal to resolve the disputes arising between the Centre and states in the proposed GST council.
Cooperative sugar factories in Maharashtra have heaved a sigh of relief as the Supreme Court, in its recent order, has asked the Commissioner of Income Tax (Appeals) to re-look on the issue of income-tax claims of Rs 2,500 crore made on the mills since 1992-93. In view of the apex court order, the mills have got further time to argue their cases before the Commissioner of Income Tax (Appeals).
