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As on 30th June, 2010, an investment of Rs. 1,66,526 crores has been made in SEZs and direct employment for 5,50,323 persons have been generated. The total physical Exports of Rs. 2,20,711.39 crore approximately have been made from SEZs during the year 2009-10 registering a growth of about 121.40% over the exports for the previous financial year. The exports in the first quarter of financial year 2010-11, has been to the tune of Rs. 58,685.46 crores approximately registering a growth of 68% over the exports of corresponding period of the previous financial year.
The results of the latest CA Final Examination (May, 2010) and Common Proficiency Test-Paper Pencil Mode (June, 2010) are out. Overall, the results have been a mixed bag. While the results of CA Final Examination are disappointing, the results for CPT are satisfying. Nevertheless, we heartily congratulate all those who have passed the examinations. Our special compliments to the rank holders.
Units located in special economic zones (SEZ) are likely to retain the income tax concessions even after introduction of the Direct Taxes Code. A compromise is being worked out by the commerce and revenue departments, though a continuation of the tax dispensation will come with certain riders for units in the duty-free enclaves as well as SEZ developers.
On 22 July the Organisation for Economic Co-operation and Development (OECD) released major revisions of its transfer pricing guidelines. Please read on for brief details of these recent developments. Chapters I, II and III of the OECD Guidelines (revised TPG) have been re-worked to reflect practical tax administration experience gained over the past 15 years since the guidelines were last issued.
No separate database regarding the outstanding demand against Multi-National Company (MNCs) as a separate category or class is maintained. However, the total outstanding demand against companies as on 1.4.2009 was Rs. 75,509 crore out of which Rs. 9748 core was recovered during F.Y. 2009-10. The balance demand includes demand locked-up in appeals before CITs (Appeal), ITATs, High Courts and Supreme Courts.
After a meeting of its Working Committee at the Cricket Centre here, the BCCI said it would not be able to extend financial help to the October 3 to 14 event, the build-up to which has been marred by construction delays and now allegations of money laundering.
