In an effort to prevent misuse of the tax benefits provided to special economic zones (SEZ) and increase clarity to the policy, commercial banks and their ATM units that are located within the non-processing zone of the SEZs would not be granted the status of an offshore banking unit (OBU). They will, therefore, not enjoy the incentives meant for OBUs.
In the case of M/s Galaxy Indo Fab. Limited Vs. Union of India and others since the appeal could not be decided within a period of 180 days, the M/s Galaxy Indo Fab. Limited (petitioner) moved a miscellaneous application for extension of the stay order. The Tribunal vide order dated 14.8.2008 extended the stay order, already granted, till the disposal of the appeal.
List of other States and Union Territories where online payment of stamp duty for formation of company is mandatory. Andaman and Nicobar Islands, Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Gujarat, Haryana, Jharkhand, Karnataka, Kerala, Lakshadweep, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Orissa, Punjab, Rajasthan, Tamil Nadu, Uttar Pradesh, Uttarakhand and West Bengal.
In our opinion, the Section 269SS and 271D are not applicable to the fact of the case since the assessee in this case received back the money in cash and not advanced money or accepted the loan in cash. The penalty In this case cannot be levied u/s 271D of the Act. for receiving the cash from the borrower, by the assessee.
rebate under Rule 18 is admissible when the supplies are made from DTA to SEZ. The Circular also lays down the procedure and the documentation for effecting supply of goods from DTA to SEZ, by modifying the procedure for normal export. Clearance of duty free material for authorised operation in the SEZ is admissible under Section 26 of the SEZ Act, 2005 and procedure under Rule 18 or Rule 19 of the Central Excise Rules is followed to give effect to this provision of the SEZ Act, as envisaged under Rule 30 of the SEZ Rules, 2006.
As a part of the calibrated exit strategy initiated in the Second Quarter Review in October 2009 and carried forward in the Third Quarter Review in January 2010, the Reserve Bank of India has decided to raise the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 4.75 per cent to 5.00 per cent and the reverse repo rate under the LAF by 25 basis points from 3.25 per cent to 3.50 per cent with immediate effect.
In exercise of the powers conferred by sub-section (1) of Section 13 of the Central Sales Tax Act, 1956 (74 of 1956), the Central Government hereby makes the following further amendments in the Central Sales Tax (Registration and Turnover) Rules, 1957, namely: –
The government is likely to provide more incentives to labour-intensive sectors such as textiles, leather and engineering goods that were affected badly by the global slump in demand. “I have taken it (for some more sops like interest subsidy) up with the Finance Minister… he (Pranab Mukherjee has shown great understanding and sensitivity in continuing support for some of the sectors.
Plans that return money during the policy tenure are money-back policies. These plans, usually, give a fixed percentage of the sum assured periodically. In a 15-year policy and sum assured of Rs 10 lakh cover, these plans could give 10 per cent of the sum assured on completion of three years, 15 per cent after six years and so on.
The Reserve bank of India has asked banks to reveal more information on their market operations, including data related to top 20 depositors, 20 largest borrowers, exposure to four largest non-performing accounts and special purpose vehicles sponsored by them, for the current fiscal.This, officials said, was to ensure the industry followed international best practices and to enhance transparency in banking operations. The disclosures are to be made part of the ‘Notes to Accounts’ in banks’ balance sheets.
