Union Finance Minister, Shri Pranab Mukherjee has said that development of adequate and quality infrastructure is a major priority for Government to achieve sustainable and inclusive economic growth and make India a globally competitive economy. Shri
Purpose of the amendment is to describe the product better and make a distinction between “live or chilled form” (with no value cap) and “dried form” for which same value cap would continue. There is no change in the DEPB rate.
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the following amendments are hereby made in the Handbook of Procedures, vol.1.
The above are specified in exercise of the powers conferred under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992.
S. 234D inserted by the FA 2003 w.e.f. 1.6.2003 is in the nature of a substantive provision and applies only for the AY 2004-05 and onwards and is not retrospective. A provision by which an authority is empowered to levy and collect interest, even if construed as forming part of the machinery provisions, is substantive law for the simple reason that in the absence of contract or usage interest can be levied under law and it cannot be recovered by way of damages for wrongful detention of the amount. ITO vs. Ekta Promoters 305 ITR 1 (SB) (Del) approved)
Article 26(3) of the India-USA DTAA protects the interest of non residents vis-a-vis residents. Article 26(3) provides that payment made to a non-resident will be deductible under the same conditions as if the payment were made to a resident. The exceptions provided in Article 26(3) are not applicable on facts. As per s. 40(a)(i), no disallowance can be made in respect of payments to residents on the ground of non-deduction of tax at source. Therefore, in view of Article 26(3), no disallowance can be made even in case of payments to non-residents even if the amount is found taxable in India in their hands. Herbal Life International 101 ITD 450 (Del) followed.
In answer to the question raised by the department as whether interest u/s 234D can be charged in respect of refunds granted prior to 1.6.2003 it was held that as s. 234D came on the statute w.e.f. 1.6.2003, it did not have retrospective effect.
The Supreme Court on Friday asked the government to respond to the CAG report pointing out largescale irregularities and favoritism allegedly by telecom minister A Raja in the Rs 70,000-crore 2G spectrum allocation scam in 2008.
In exercise of the powers conferred by section 30 of the Securities and Exchange’ Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Employees’ Service) Regulations, 2001, namely
The empowered group of state finance ministers will discuss the constitution of goods and services tax (GST) Council and dispute settlement mechanism at its meeting on October 30. Earlier, Finance Minister Pranab Mukherjee had said the proposed GST C
