Public Notice No.57/ (RE-2010)/2009-2014 – Earlier export item was ‘without handle’. Now, those with handles (either of fibre glass or wood) are also permitted. Hence, necessary changes are made under SION C-390 and SION C- 1538.
While the future growth outlook of the Indian economy looks promising, the challenge is to make it more inclusive. At the grassroots level, India continues to be a poor and less developed country in spite of years of financial and other support provided by the Government to equity enhancing distributional programmes and the spectacular turnaround in investment and growth. According to a Planning Commission Report on the methodology of estimation of poverty issued in 2009, the all India poverty head count ratio was at 37.2 per cent in 2004-05 compared to 45.3 per cent in 1993-94. Prima facie, while the slow pace of reduction in poverty due to high population growth rate, large workforce still dependent on agriculture and illiteracy continue to obstruct the growth potential, the paradigm that these disabilities can be nevertheless be turned around into a winning proposition is also surely within the realm of possibility.
Public Notice No.56/ (RE-2010)/2009-2014 This will facilitate import of raw materials for plain as well as printed Lug Caps.
This appeal is filed by the revenue being aggrieved by the order dated 3-4-2009 passed by the Income-tax Appellate Tribunal, Bangalore Bench ‘A’ (hereinafter called as ‘Tribunal’ for brevity) bearing 1TA No. 1020/Bang/08 for the assessment year 2005- 06.
In a major relief to employees, the Government has said they would no longer have to pay income tax on money drawn from welfare funds for annual medical check-ups. The Central Board of Direct Taxes ( CBDT )) has issued a notification in this regard. As per the notification, no income tax will be levied ‘to meet the cost of annual medical tests or medical check-ups of the member, his spouse and dependent children’ if money is drawn from the welfare fund to meet the expenses.
Leaving no stone unturned to check tax evasion, the Income Tax department has begun a countrywide investigation of charitable and religious trusts that have been found violating tax exemption rules and are using donation funds for business purposes. A classified report prepared by the department has found that “a large number” of trusts and societies are violating I-T exemption laws and are conducting “business, commerce and trade” instead of charity.
The foreign assets kept with Swiss banks came down by about Rs 5,00,000 crore last year, amid a global outcry against the alleged practice of providing secret accounts for black money from different countries, including India. The securities kept by foreign entities in Swiss banks were valued at 2.39 trillion Swiss francs at the end of 2010 (about Rs 12,600,000 crore at the current exchange rates), down from 2.49 trillion Swiss francs (about Rs 13,00,000 crore) a year ago.
In what could be a dampener to the global retail chains, the Centre is considering allowing 51% FDI in the politically sensitive sector with a rider that permission of the states would be a must to open stores, sources said. ‘The states’ permission would be required, since the trade is a state subject,’ an official said.
Cotton exporters, who fail to ship the quantity allocated to them within the stipulatedperiod, will be debarred from future allocations, according to tough norms of the commerce ministry. The Directorate General of Foreign Trade (DGFT) has said it would also initiate penal action against the defaulting exporters.
PSU banks should be made to bid for surplus funds with the state-owned firms, rather than getting them through a common rate of interest, the Department of Public Enterprises (DPE) has said. In a communication to the Finance Ministry, the DPE has written to the Finance Ministry arguing that these banks must compete among themselves for deposits of the PSU firms, which had a surplus of about Rs 2.50 lakh crore at the end of March, 2010.
